For the first time, DataEQ has collaborated with PwC to benchmark consumer sentiment on social media towards the UK’s major banks.

The UK Banking Sentiment and Fraud Index, a collaboration between PwC and DataEQ, analyses consumer sentiment towards 18 of the country’s banks, building societies and payment firms through the lens of consumers and their social media posts. The analysis is based on 1.5 million social media mentions about these firms between May 2022 and April 2023, focusing on the conversations within that population relating to fraud.

Key findings

• Fraud conversation within UK banks’ social media has grown YoY
• Consumers hold banks accountable for fraud
• Call centres face challenges in effectively managing fraud reporting
• There is a risk that fraudsters may take advantage of banks’ silence on social media
• Fraud experiences shared on social media undermine bank’s reputations
• Strategies to mitigate and efficiently handle fraud can drive positive sentiment