Posts Tagged ‘American Express’
Tuesday, January 29th, 2013
Technology companies claimed half the slots on Ponemon Institute’s annual top 10 list of the most trusted companies for privacy. Hewlett Packard ranked second, Amazon, third, IBM, fourth, eBay ninth and Intuit tenth.
American Express (AMEX) continued to reign as the most trusted company among the 217 orgazations rated.
New tech entries on Ponmon’s top 20 most trusted list included Microsoft at 17, and Mozilla at 20.
In addition to ranking the most trusted companies, the Ponemon study reported that only 41 percent of consumers feel they have control over their personal information, down from 45 last year and an overall drop from 56 percent in 2006.
Identity theft a top concern
The survey also noted that identity theft is a top area of concern among consumers with fifty-nine percent of the respondents indicating that fear of identity theft was a major factor in brand trust diminishment, while 50 percent said notice of a data breach was a factor.
That could give impetus to the changes in U.S. immigration law proposed by a bipartisan group of Senators this week, although it’s identity card idea is already meeting with opposition from some.
The Ponemon rankings were derived from a survey of more than 100,000 adult-aged consumers who were asked to name up to five companies they believe to be the most trusted for protecting the privacy of their personal information.
Consumer responses were gathered over a 15-week period concluding in December 2012 and resulted in a final sample of 6,704 respondents who, on average, provided 5.4 discernible company ratings that represent 25 different industries.
Thursday, November 29th, 2012
A first-of-its-kind study of the customer experience of mobile apps and websites of 17 major financial services companies shows little difference between them and a lot of opportunity, says experience analytics firm ForeSee.
Only credit unions, measured in aggregate, meet the threshold for excellence with a score 80 on the 100-point scale of the ForeSee Mobile Satisfaction Index: Financial Services Edition, which measured satisfaction of the customer experience with banks, credit unions, credit cards, and brokerage companies.
American Express and Wells Fargo follow credit unions in the banking industry category at 79, while American Express and Discover top the credit card industry with the same score. Charles Schwab is alone on top of the brokerage industry, also scoring 79. The aggregate score for the financial services Index is 77. Banks and credit unions (78), credit cards (76), and brokerages (77) are tightly grouped.
Future of customer engagement is mobile
ForeSee’s research shows that apps provide a superior experience to mobile websites and may be the key to competitive differentiation and growth. However, all companies measured have a ways to go to provide a compelling mobile experience: traditional websites (as experienced on personal computers) still provide the best customer experience for financial services companies.
“As consumers put the power of the Internet in their pockets and purses in record numbers, there is no doubt that the future of customer engagement is mobile,” said Eric Feinberg, ForeSee’s director of mobile, media, and entertainment.
“The mobile experience represents the biggest opportunity—and the biggest challenge—for financial services companies because consumers are getting more comfortable managing their finances via mobile devices. The company that can best understand how to meet the needs of the mobile consumer is going to succeed, and that’s going to require the right kind of insight. Right now it’s anyone’s game.”
Thus far, there is little differentiation between competitors, since satisfaction with all measured companies’ mobile experiences range between 73 and 79. A full set of scores is below:
|Customer Satisfaction with Mobile Experiences: Financial Services
|Aggregate: All Financial Services Mobile Experiences
|Mobile Banks and Credit Unions: Aggregate
|Any Credit Union
|American Express (Bank)
|Bank of America (Bank)
|Mobile Credit Cards: Aggregate
|American Express (Credit Card)
|Capitol One (Credit Card)
|Citibank (Credit Card)
|Mobile Brokerage: Aggregate
Mobile website more important than apps
When comparing highly satisfied users of mobile websites and apps to less satisfied users (consumers who scored their experience 80 or higher compared to those scoring 69 or lower), the study found that highly satisfied visitors are more likely to prefer the brand, recommend the mobile channel, use the channel again, or use the mobile channel before any other information resource.
“Apps are an important tool for serving financial services customers, but the mobile website is going to be more important as a mobile channel for serving prospective customers,” said Larry Freed, president and CEO of ForeSee.
“This underlies the importance of measuring customer satisfaction, which can help a company improve its customer experience. App store customer ratings and 5-star scale reviews might be interesting and entertaining, but they don’t provide the kind of insights necessary for companies to distinguish useful feedback from the squeaky wheel.”
The study is based on 4,500 customer surveys collected in October 2012.
PR Newswire (http://s.tt/1vgGc)
Monday, October 22nd, 2012
Business leaders admire Warren Buffett by a wide margin in Speakeasy Trust Survey.
Business people tend to trust the news media more than politicians, according to the 2012 Speakeasy Trust Survey, and that’s saying something, considering that news media only scored 3 percent of the votes.
Politicians? No one voted for them.
The survey showed that the most trusted business leader is Warren Buffet, no surprise there, considering his public candor, and the most trusted company is Google.
Speakeasy, Inc., a nearly 40-year old executive communication consultancy that helps business leaders to develop more powerful and strategic communication, conducted the 2012 Trust Survey among business people at varying levels of responsibility within a broad range of industries, in September 2012.
asked to select who they trust most when receiving communication, respondents were given a choice between business associates, politicians, salespeople, celebrities or news media. The most votes were received for people we know personally, with 97 percent of respondents selecting business associates.
“Given the choices, it stands to reason that people would most trust the coworkers they see and interact with on a daily basis,” said Scott Weiss, CEO, Speakeasy.
“The real surprise is that politicians scored no votes while the news media scored three percent of the vote. What this says to me is that politicians need to take a good look at what they really represent in the public eye. Exacerbating the issue is the disturbing need to run every word uttered by a politician through a fact-checking process in order to validate their honesty.”
Buffett top business leader
Asked to provide a write-in answer for which business leader they trust most and why. Warren Buffett was the overwhelming winner, with 14 percent of respondents writing in his name. Among the reasons: “he is plain spoken,” “he is authentic,” and “it’s clear that his motivation is not just about money.
Other business leaders named in the survey include S. Truett Cathy (Chick-Fil-A), Bill Gates (Microsoft, The Bill and Melinda Gates Foundation) and Richard Branson (Virgin), each of whom earned six percent of votes. Regardless of the leader who was named, the reasons why didn’t differ much. The most common themes, says Speakeasy, were the leaders’ abilities to inspire people, their authenticity, their transparency, and their abilities to connect on a human level.
asked to provide a write-in answer for which company they trust most and why. Google, scoring eight percent of votes, edged out Starbucks, which was named six percent of the time. A common theme around Google was its customer focus. Google is “motivated to create useful products,” “is focused on the customer” and “values honesty.”
“Delivering consistently high quality products and customer service is the hallmark of a successful company, but in order to build enough equity to be named the most trustworthy, companies must bring something more to the equation,” added Weiss.
“Google and Starbucks are ubiquitous and reliable, and both have very public social programs with which people like to align themselves.”
Other companies that received multiple write-in votes in the survey were American Express, Target, State Farm, Chick-Fil-A and Amazon.
Tuesday, April 17th, 2012
Within the next decade, smart-device swiping will have gained mainstream acceptance as a method of payment and could largely replace cash and credit cards for most online and in-store purchases by smartphone and tablet owners, according to a new survey of technology experts and stakeholders.
Many of the people surveyed by Elon University’s Imagining the Internet Center and the Pew Research Center’s Internet & American Life Project said that the security, convenience and other benefits of “mobile wallet” systems will lead to widespread adoption of these technologies for everyday purchases by 2020.
Others—including some who are generally positive about the future of mobile payments—expect this process to unfold relatively slowly due to a combination of privacy fears, a desire for anonymous payments, demographic inertia, a lack of infrastructure to support widespread adoption, and resistance from those with a financial stake in the existing payment structure.
Here at the TechJournal, we recently interviewed an e-commerce expert for a top firm and he said once mobile payments are the norm, digital commerce will explode. So this is probably the next crucial step in the increasingly important world of e-commerce and mobile commerce.
As always with these Pew reports, the full text is worth reading. Here are a few excerpts:
A number of financial services and technology firms have set their sights on integrating mobile devices into the broader, multi-trillion-dollar retail economy. As a result, the infrastructure and tools for safe, reliable mobile purchasing has been advancing rapidly in recent years.
These mobile payment and transaction solutions currently take a number of forms. Some allow merchants and businesses to accept “on the go” credit card payments from customers using a special card reader that plugs into a smartphone or tablet computer.
Others facilitate direct person-to-person financial transfers using mobile devices—either by physically touching phones or exchanging electronic credentials such as a phone number or email address.
Other solutions go even further, placing mobile phones at the center of users’ financial lives as an all-in-one payment device, identification system, coupon book and financial planner. In late 2011, Google launched Google Wallet in partnership with Citibank and MasterCard. Based on a technology known as near-field communication (NFC), Google Wallet allows users to store payment information in the cloud and pay for goods at participating retailers by tapping their phone at the point of purchase.
Another consortium (including Verizon, AT&T, T-Mobile, Visa, American Express, Discover and MasterCard) will be piloting a similar NFC-based mobile payment system known as ISIS starting in select cities in mid-2012. PayPal and Visa have also announced plans for mobile wallet systems, and many analysts predict that Apple will announce its own virtual wallet service in the near future.
Thursday, December 1st, 2011
The way we shop is rapidly being influenced by scores of innovative young companies who are helping retailers, brands and consumers fundamentally reshape how goods and services are bought and sold. A new report says mobile, online and in-store shopping are quickly converging and startups are disrupting the traditional retail ecosystem.
Architect Partners, the M&A advisory firm exclusively focused on Internet, mobile and digital media clients, today published “The Evolution of Shopping“. ”Shopping is at the early stages of profound change,” according to Eric Risley, managing partner of Architect Partners.
“Our newest report, The Evolution of Shopping, highlights why this evolution is happening, offers a framework to describe a very complicated ecosystem and features some of the most innovative companies making things happen.”
Consumer centric strategies emerging
“Retailers and brands are leveraging these changes to devise and implement strategies that are more consumer-centric. An entire infrastructure is emerging to support their efforts,” according to Dr. Phil Hendrix, Director of IMMR, a research consultancy and contributor to The Evolution of Shopping.
“We stepped back to the fundamentals to help us understand the innovation we’re seeing,” explained Steve Payne, Partner with Architect Partners. “We crafted a seven step framework describing how products are bought and sold. We then mapped over 300 companies against this framework.”
According to the U.S. Census Bureau, U.S. retail sales exceeds $4 trillion annually. Much of this spending is likely to be influenced by this evolution.
Incumbent suppliers to retailers and brands such as SAP, Oracle, IBM, Microsoft, NCR, Epicor, Visa, Mastercard, American Express and many others have major stakes in the outcome.
Disruption is emerging from a new set of competitors such as eBay, Amazon, Salesforce.com, Google and Apple. Many emerging companies will also be important disrupters.
“Marquee M&A transactions have already occurred within this area, according to Tom Brehme, principal with Architect Partners. “I’d highlight eBay’s M&A appetite which has included the acquisitions of Hunch, Zong, Magento, WHERE and GSI Commerce for a total of over $3 billion just in the past year.
“We’re aware of over 75 significant M&A transactions under the theme, evolution of shopping, announced since the beginning of 2010.”
Entering the holiday shopping season tangible signs of this evolution are clear. IBM’s Cyber Monday Report 2011, demonstrated online shopping continues to register strong growth, up 33% from 2010. Also, mobile device initiated purchases are beginning to become meaningful, representing 6.6% of Cyber Monday 2011 sales.
Access to The Evolution of Shopping presentation is available on Architect Partners’ website.
Thursday, October 20th, 2011
Coke is it! Especially on Facebook says Covario Inc., the nation’s largest independent provider of global search marketing services and technology solutions, in a just released white paper reporting on how leading global advertisers are faring with their fans on the world’s largest social media platform.
With the number of global Facebook users exceeding 750 million, its importance as an advertising medium is undeniable and growing fast. In a Covario study focusing on the Facebook health of 100 leading advertisers, Coca-Cola ranked the world’s No. 1 brand.
Coke has a huge following on Facebook of more than 34 million fans, which is growing at a monthly rate of nearly 3 percent. The leading beverage brand also has strong fan engagement, typically seven posts a month that each garners more than 235 comments and nearly 1,750 “likes.”
Coke came out on top
Coca-Cola came out on top, slightly ahead of second-place Hyundai. Rounding out the top five brands were MTV (Viacom), Disney and Bayer. The study included the top 100 spending advertisers as reported in Advertising Age magazine.
The study broke out Facebook leaders by vertical industry segments, including automotive, consumer packaged goods — sundries (Johnson & Johnson), consumer packaged goods — food and beverage (Coca-Cola), entertainment and media (MTV/Viacom), financial services/insurance (American Express), pharmaceuticals (Bayer), restaurants (Wendy’s), retailers (Victoria’s Secret), technology (Hewlett Packard), and telecommunications (DirecTV).
Covario used a proprietary, weighted model to profile each brand’s reach (number/ growth of followers), engagement (monthly posts, likes, comments and applications), technical aspects of its Facebook page (brand name usage, linkage to a brand’s website, use of the word “official,” etc.), and reputation (particularly negative, user-generated Facebook sites about a brand).
“Reach and engagement are particularly revealing,” said study co-author Craig Macdonald, senior vice president and chief marketing officer of Covario. “Several advertisers — Bayer and SC Johnson — have built followers, but their engagement statistics are relatively low. This is a huge branding opportunity for the firms.”
“There is another situation with advertisers like AT&T, Wal-Mart, Dr. Pepper and, surprisingly — given their business — Fox, where they have excellent engagement, but lower than expected reach statistics,” Macdonald continued. “This is a content generation opportunity.”
Wal-Mart ranked on top for overall engagement. The nation’s largest retailer has huge engagement with its Facebook fans. Wal-Mart receives an average of 7,390 comments and 726 “likes” on every post, which far exceeds all of the other advertisers in the study.
Interestingly, Apple is the only company among the nation’s top 100 advertisers that does not have an official Facebook page. The top Apple listing is a user page with 188,000 followers.
The white paper concludes with insights for driving Facebook interaction and engagement.
- Having many outbound posts is not an optimization factor. Less is more with Facebook. Quality is what counts.
- Quality is measured by the number of “likes” and comments received per post. The best brands at engagement obtain upwards of 750 comments and 1,500 “likes” per post.
- There is no magic to the type of posts being run by successful brand advertisers. While promotions are rampant in advertiser posts, often posting generalized questions is more successful than hard promotions.
Monday, August 22nd, 2011
DigitalMR analysed thousands of customer comments about high street banks for the month of June 2011. Over half of these customer views are negative, compared with 45% being about positive customer experiences. Citibank fared particularly poorly, mostly due to being hacked in June, while American Express posted the highest net sentiment score.
The four most mentioned banking brands, with the highest number of consumer comments were: CitiBank (32%), Bank of America (23.50%) followed by American Express and Wells Fargo (both 17%).
There was, however, a large difference between the positive and negative mentions that these banks generated. American Express (30%) and Bank of America (23%) attracted the largest proportion of positive posts but Bank of America also attracted the second highest number of negative comments (24%). By comparison the bank that had the highest proportion of negative posts was Citibank (44%).
Taking the difference in positive and negative posts into consideration the clear winner for June was American Express with a Net Sentiment Score (NSS) of 58% followed by Capital One with 19%. The high NSS score for American Express shows an overall high satisfaction level for users of this service.
The two banks with the lowest net-sentiment score were CitiBank (unsurprising, perhaps, given its proportion the total negative posts) with a NSS of -52% and US Bank which achieved a score of -59%.
CitiBank’s higher rating is attributed to the fact that although they were the subject of the highest amount of negative comments they also were the subject of 17% of all positive comments about financial service providers. Much of the negative commentary was related to the June revelation that hackers had accessed 200,000 Citibank account holders’ details.
The banks with the highest and lowest rated NSS scores remain unchanged from April, the date of our last syndicated report, when American Express led the group, and US Bank brought up the rear.
Majority use social media to criticize banks
The US Banking Sector should take note that of the ten banks we analysed conversations about, seven have either a neutral or negative NSS. This means that overall the majority of people were using social media far more to criticize than compliment their banking service.
DigitalMR’s report (powered by SocialNuggets) analyses thousands of customer comments posted via a range of relevant finance related websites and open access social media platforms. It measures not only the number of comments posted by consumers on the internet, but also sentiment – whether these posts are positive or negative.
Results are based on comments posted by consumers on the major US banks: CitiBank, Bank of America, Wells Fargo, US Bank, American Express, HSBC, Capital One, Barclays, JP Morgan Chase Manhattan and US Bancorp.
Ryan Rutan, President of DigitalMR USA commented: “the findings indicate that American consumers who utilize social media platforms are voicing frustrations about their banking experience at a higher rate than positive experiences, but that certain brands are achieving a net positive sentiment”. This tells us that although the balance of comments are on the negative side, it is not strictly an outlet for dissatisfaction. This is easily seen in the divergence of the findings related to CitiBank and American Express.
While conversations about CitiBank accounted for nearly a third of all mentions of companies in the sector (suggesting a wide exposure), they were negative 76% of the time. By contrast American Express should be pleased to see while they accounted for a lower total volume of posts, that 79% of comments about their bank were positive. Amex has, for the second time this year, the highest net sentiment score of all banks we monitored.”
1) Net Sentiment Score (NSS)
Most of the banks we measured, achieve a negative Net Sentiment Score (NSS) for June. NSS provides an overall percentage score of net positive posts. A positive score means a bank attracts more positive than negative posts, while a negative score suggests a higher proportion of negative posts.
The average NSS taken across all banks measured is -10%, which shows that US consumers continue to see social media as a space to share experiences of frustration and unhappiness with the service they had experienced. This is a lower NSS however than the results from our December 2010 analysis which showed in the four months from July – October the cumulative NSS for US banks was -28%.
Net Sentiment Score ranking
1st American Express (Amex): 58%
2nd Capital One: 19%
3rd US Bancorp: 7%
4th JP Morgan Chase Manhattan: 0%
5th Wells Fargo: -2%
6th Barclays: -11%
7th Bank of America: -12%
8th HSBC: -34%
9th Citibank: -15%
10th US Bank: -51%
2) Features and Services
DigitalMR measured thousands of customer posts across June regarding the services and features that banks offer. Services attracting a much higher proportion of positive mentions to negative ones were: Credit Card Incentives (18% positive vs 1% negative).
The service attracting a higher proportion of negative comments was Credit Cards with (26% positive vs 19% negative) This was followed by conversations about mortgages which displayed a negative sentiment being 17% of all negative conversations regarding a particular service.
3) Click here to view customer comments in their own words
Wednesday, April 20th, 2011
WASHINGTON, DC – Google Inc. (Nasdaq: GOOG), Cisco Systems Inc. (Nasdaq: CSCO) and American Express Co. (NYSE: AXP) are among companies joining Startup Amerca.
Google will contribute $100 million in advertising services to startups. American Express is contributing $125 million in purchasing discounts and business services. Cisco offers training for 6,000 entrepreneurs.
Steve Case, chair of Startup America, the Obama Administration’s attempt to focus attention and some resources on entrepreneurship, offers a video update on the program, citing new partners, hiring Scott Case as CEO, and more.