I&M Bank has been recognized as the leading customer-favorite banking brand on social media in Kenya, as revealed by the 3rd annual Kenyan Banking Sentiment Index by DataEQ. The bank achieved an outstanding 45.8pp net sentiment score, surpassing NCBA Group, which secured the second position.
Conducted from March 2023 to February 2024, the study aimed to assess consumer sentiment towards Kenya’s major retail banks on social media. During this period, over 500,000 social media posts about various leading retail banks were examined.
The banks analyzed in the study included Absa Bank Kenya, Co-operative Bank of Kenya, Diamond Trust Bank, Equity Bank Limited, I&M Bank Ltd, KCB Bank Group, NCBA Group, Stanbic Bank Kenya, and Standard Chartered.
This year, the overall industry net sentiment was recorded at 16.3%, while the industry operational net sentiment was -31%. Remarkably, for the second consecutive year, the industry’s overall Net Sentiment showed improvement, rising by 7.8 percentage points.
The report covered various aspects such as Net Sentiment brand ranking (overall, reputational, and operational), customer experience and service analysis, product and pricing deep dive, and environmental, social, and governance (ESG) influences.
Consumer sentiment on social media captures the overall attitudes, feelings, and opinions of consumers towards a brand, product, or service, as expressed on social media platforms. It reflects the collective mood of consumers through their online interactions.
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A bank achieving the highest consumer sentiment on social media, like I&M Bank, demonstrates a strong positive perception among its customers. This indicates that customers are largely satisfied with the bank’s services, products, and customer support, underscoring the bank’s success in meeting customer expectations and building trust.
The results from the Kenya Banking Sentiment Index are more than just statistics; they embody the voice of consumers and hint at the future direction of banking in Kenya. As the banking sector continues to evolve, these insights emphasize the importance for financial institutions to focus on customer experience and invest in technology to fulfill the demands of a digitally proficient clientele.