Bank Of America Vs. Wells Fargo bank
Winning the retail customers
Bank of American and Wells Fargo banks are leading consumer banks in United States. Bank of America has been recovering its image from mortgage mess create due to foreclosures.
Wells Fargo bank has been steadily growing in personal, small business and commercial markets.
I used Topsy, socialmention and followerwonk, as social media analytics tool.
Customer service accounts: @Ask_WellsFargo, @BofA_Help. I am trying to find how actively these 2 banks use twitter for customer service and how much the users and banks are involved.
Analyzing the activities, BOA is certainly ahead of the Wells Fargo. The data shows that BOA users are actively using twitter for customer support and BOA is actively addressing it. Wells Fargo has relatively lower number of tweets.
Data from socialmention
Comparing the sentiments of BOA and Wells Fargo, it is 3:1 for BOA, where it is 2:1 for Wells Fargo, whereas based on Passion, Wells Fargo in ahead of BOA 35% vs. 26%.
Looking at the top hash tags – BOA has iwillexposeyou, which denotes the users’ resentment. People might be still upset with BOA, due to the mortgage crisis. Similarly Wells Fargo top hash tags are not related to wells fargo, but occupy Wall street. All these hash tags denotes people’s opposition to the big Wall Street companies. May be these topics are highlighted because the users opposing these big banks are more active.
From followerwonk: Comparison of followers of BofA_Help & Ask_WellsFargo
The data shows that BOA has greater number of followers than Wells Fargo. Both of them have high user engagement, but BOA is ahead in Average followers per day and total tweets.
BOA has been utilizing social media for customer service and awareness. This might be due to their efforts towards regaining customer confidence and rebuilding their image. We see some resentment from users against these big Wall Street companies. It seems like BOA is working in the right direction and utilizing the social media to connect with the consumers and provide them help as needed. Wells Fargo has been doing well, but need to increase the customer engagement.