S.A's banking sector social media sentiment

The banking sector in South Africa has been undergoing significant changes and challenges, ranging from detailed IT changes to extensive campaign roll-outs in an effort to win favor with the South African consumer. To understand how these efforts translate into social media sentiment and ultimately market share, CNBC Africa sat down with JP Kloppers, CEO of BrandsEye. Kloppers highlighted the importance of measuring sentiment on social media platforms, emphasizing how it reflects the relationship between a brand and its customers. By analyzing the positive and negative sentiment towards various banking brands, BrandsEye discovered a trend that revealed insights into customer service performance. One of the surprising findings was that Capitec, once seen as a leader in social media engagement, faced fluctuating sentiment levels similar to FNB. Despite this, Capitec stood out for its exceptional customer service, which translated into a high number of customer acquisitions each month. Kloppers explained that social media sentiment provided a real-time view of customer experiences, allowing banks to address issues of over-promising and under-delivering. By aligning customer expectations with service delivery, brands like Capitec were able to attract and retain a significant number of customers. Moreover, the discussion delved into the 'Fees Must Fall' campaign, which has been a prominent social issue in South Africa. Kloppers noted a decline in the campaign's social media traction compared to previous years, indicating a potential shift in public interest. While the campaign still resonates within the student community, its broader impact on the public and policymakers remains to be seen. In conclusion, BrandsEye's analysis showcased the power of social media sentiment as a key indicator of market share and customer satisfaction within the banking sector. By leveraging these insights, banks can adapt their strategies to meet customer expectations and drive business growth in a competitive market landscape.