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Banks Get Double the WOM of Other Financial Services

Banks get twice as much buzz as any other financial services category, according to a Keller Fay Group TalkTrack survey released last month. Findings from the survey indicate that on a typical day 35% of Americans have conversations about financial services products or brands. Banks account for 44% of financial brand-specific conversations, while financial conglomerates make up 18%, investment firms 14%, general "stock talk" 10%, and credit cards 8%. Of the bank-related conversations, however, 36% contained no recommendation and only 26% contained a strong use or purchase recommendation.

Other findings:

* Word of mouth about banks is 56% more likely to be positive and only 10% more likely to be negative.

* 70% of word of mouth about financial services happens face-to-face and 23% takes place over the phone.

* Six in 10 of those who receive bank recommendations rate them as highly credible and approximately half are highly likely to pass the information along and make a buying decision based on the recommendation.

Learn more (PR Newswire)

Posted by WOMMA Editor on April 27, 2007 9:01 AM

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