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In response, Discovery said that no one would believe that its ad implied that someone would get a free iPhone just for becoming a Discovery Bank customer, and that it was irrelevant that one of the terms of the offer was that customers had to pay for the iPhone first. .
The regulator disagreed.
While Discovery Bank customers were the least likely to receive a response from their bank on Twitter, they only responded to about one in 19 “priority interactions,” said BrandsEye, Nedbank and African Bank were ranked as the two most responsive banks in social networks. However, Nedbank’s sentiment fell 32.9 percentage points to a six-year low.
Many of the negative posts in mid-2020 were related to Covid-19 offers of help from banks.
Driving the negative sentiment was the fact that customers’ increased reliance on digital channels meant that any system downtime had a much greater impact on customer frustration than in previous years, BrandsEye said.
By doing better than its competitors, Africa Bank received nearly four times as many purchase inquiries from potential customers, relative to the industry average.
“More than half of these requests arose as a result of the bank’s successful advertising, particularly for loans that offered small amounts for settlement purposes. [consumers] in tough times, ”said BrandsEye.
On the other hand, Discovery Bank customers reported having to contact multiple contacts at the bank for a response and waiting long periods for assistance.
“This led to the bank having the worst response rate to social media inquiries, suggesting that it lacks the necessary capacity to serve its customers,” BrandsEye said.
“As a result, Discovery Bank had the highest proportion of cancellation threats as part of its priority conversation: 76.7% of customers who threatened to leave the bank mentioned its slow response time.”
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