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The role of social media in influencing consumer opinions and preferences in the fintech industry

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Content The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
THE ROLE OF SOCIAL MEDIA IN INFLUENCING CONSUMER OPINIONS AND
PREFERENCES IN THE FINTECH INDUSTRY
by
Miaomiao Gao
A Dissertation Presented to the
FACULTY OF THE USC GRADUATE SCHOOL
UNIVERSITY OF SOUTHERN CALIFORNIA
In Partial Fulfillment of the
Requirements for the Degree
MASTER OF ARTS
(PUBLIC RELATIONS AND ADVERTISING)
May 2024
Copyright 2024 Miaomiao Gao

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
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Table of Contents
List of Figures............................................................................................................................................... iii
Abstract.........................................................................................................................................................iv
Chapter 1: Introduction..................................................................................................................................1
Chapter 2: Purpose of Thesis.........................................................................................................................3
Chapter 3: Problem Statement and Relevance...............................................................................................4
Chapter 4: Research Questions......................................................................................................................5
Chapter 5: Methodology ................................................................................................................................6
Chapter 6: Literature Review.........................................................................................................................8
Scope of Fintech......................................................................................................................................8
Changing Environment of Fintech ..........................................................................................................8
Fintech Market Size and Major Fintech Brands......................................................................................9
Chapter 7: Social Media Usage ...................................................................................................................11
The Role of Social Media......................................................................................................................11
Importance of Knowing Consumer Behaviors on Social Media...........................................................12
Major Social Media Platforms ..............................................................................................................12
Chapter 8: Data Collection ..........................................................................................................................14
Approach ...............................................................................................................................................14
Source....................................................................................................................................................14
Chapter 9: Data Analysis and Interpretation................................................................................................16
Dataset 1 - General financial technology ..............................................................................................16
Dataset 2 - Financial technology, real estate, investment, and advice ..................................................20
Dataset 3 - Online banking, mobile payments, and personal finance ...................................................21
Dataset 4 - Crypto, cryptocurrency, trading, investment, advice, stock, and invest.............................23
Dataset 5 - fintech brands, influencers, and online payment. ...............................................................24
Chapter 10: Findings....................................................................................................................................30
Major Topics in Fintech-related Discussions........................................................................................30
Sentiment and Core Values...................................................................................................................30
Role of Social Media as a Multimedia Source......................................................................................30
Influencer of Factors on Consumer Preferences...................................................................................31
Role of Influencers in Shaping Opinions..............................................................................................31
Chapter 11: Conclusion, Recommendations, and Further Research ...........................................................33
References....................................................................................................................................................36

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
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List of Figures
Figure 1: Methodology Flow Chart of the Thesis ......................................................................................... 7
Figure 2: Leading Social Media Platforms in the United States (Jo Dixon, 2023) ..................................... 13
Figure 3: Data Collection Process with 5 Datasets and Corresponding Keywords Used............................15
Figure 4: Word Cloud Analysis Graphic for Dataset 1 on Geneal Financial Technology ..........................16
Figure 5: Topic Modeling Analysis Results for Dataset 1 on General Financial Technology....................17
Figure 6: Sentiment Analysis Graphic for Dataset 1 on General Financial Technology ............................19
Figure 7: Word Cloud Analysis Graphic for Dataset 2 on Financial Technology, Real Estate,
Investment and Advice .................................................................................................................. 20
Figure 8: Sentiment Analysis Graphic for Dataset 2 on Financial Technology, Real Estate,
Investment and Advice................................................................................................................................ 21
Figure 9: Word Cloud Analysis Graphic for Dataset 3 on Online Banking, Mobile Payments,
and Personal Finance................................................................................................................................... 21
Figure 10: Sentiment Analysis Graphic for Dataset 3 on Online Banking, Mobile Payments,
and Personal Finance...................................................................................................................................22
Figure 11: Word Cloud Analysis Graphic for Dataset 4 on Crypto, Cryptocurrency, Trading,
Investment, Advice, Stock and Invest .........................................................................................................23
Figure 12: Sentiment Analysis Graphic for Dataset 4 on Crypto, Cryptocurrency, Trading,
Investment, Advice, Stock and Invest ........................................................................................................ 24
Figure 13: Word Cloud Analysis Graphic for Dataset 5 on Fintech Brands, Influencers,
and Online Payment ....................................................................................................................................24
Figure 14: Sentiment Analysis Graphic for Dataset 5 on Fintech Brands, Influencers,
and Online Payment ....................................................................................................................................25
Figure 15: Pythagorean Tree Graphic for Dataset 5 on Fintech Brands, Influencers,
and Online Payment..................................................................................................................................... 26
Figure 16: Decision Tree Analysis Graphic for Dataset 5 on Fintech Brands, Influencers,
and Online Payment ....................................................................................................................................26
Figure 17: Model Performance Graphic for Dataset 5 on Fintech Brands, Influencers,
and Online Payment .................................................................................................................................... 28

iv
Abstract
The rapid evolution of the financial industry, driven by digital transformation and the
proliferation of fintech-interested consumers on social media platforms, presents both challenges
and opportunities for the fintech sector. This thesis investigates the role of social media in
influencing consumer opinions and preferences within the fintech landscape. This research aims
to discern social media's impact on the fintech industry, explore evolving trends, and elucidate
the fundamental values guiding fintech-interested consumers' evaluation processes. Adopting a
comprehensive research methodology integrating literature review, social media listening,
empirical and sentiment analysis, this study identifies the prevalent topics, examines consumer
sentiment, uncovers the core factors, and evaluates the prominent social media influencers. The
results unveil the significant role of social media in brand-building, customer engagement, and
brand promotion within the fintech sector, alongside the challenges posed by misinformation and
the impact of social media influencers. The study underscores the importance of adopting
effective marketing strategies tailored to fintech-interested consumers' preferences and
behaviors, offering actionable insights to empower fintech brands in leveraging social media as a
strategic asset for brand growth and customer acquisition in the digital age.
The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry

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Chapter 1: Introduction
In 1780, the first bank of the United States was established by Treasury Secretary Alexander Hamilton
to regulate the nation’s currency and help finance the government (History of Federal Banking, n.d.).
Over the last twenty decades, traditional banking has had a long-standing history with characteristics
deeply rooted in physical branches, in-person interactions, and lengthy processes (Chiorazzo et al., 2018).
However, the advent of the digital age marked a turning point in the financial industry, giving rise to
financial technology. Many technologies, including the Internet of Things, mobile payment systems,
and cloud computing, have revolutionized how financial services are delivered and facilitated the
financial technology industry. Since its inception, financial technology has continually evolved,
offering innovative solutions that cater to the needs and expectations of modern consumers.
From mobile payment apps to robo-advisory platforms, fintech has ushered in a new era of
financial services, requiring companies to continuously adapt to a changing environment.
As advanced technology continues to influence the industry, a pivotal force has started to impact
its future trajectory - social media. Over the last decade, social media platforms have become
integral to the daily lives of billions of people worldwide (Shewale, 2023). As of 2022, there are
over 302 million social media users in the United States at a social networking penetration rate of
90 percent (Topic: Social Media Usage in the United States, 2023). Social media is altering the
way fintech-interested consumers interact with information, make decisions, and connect with
the world (Fraccastoro et al., 2021). The increasing proliferation of social media users has
redefined communication, information dissemination, and consumer engagement on an
unprecedented scale (Barrett-Maitland & Lynch, 2020).
Furthermore, the significance of social media extends beyond personal connections; it assumes

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paramount importance for fintech businesses. It is a direct avenue for fintech companies to
interact with customers, build brand awareness, deliver services, and establish long-term
relationships (Vardar, 2023). The pervasive nature of social media has propelled it into a
powerful hub, offering businesses and customers the opportunity for discussions, conversations,
and opinion exchanges, influencing consumer behaviors and driving trends. Given the intense
competition in the fintech sector, companies proactively utilize social media to establish close
relationships with their future customers. In light of the existing and upcoming technologies,
social media will play an essential role in shaping consumer opinions and preferences in the
future of the fintech industry.

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Chapter 2: Purpose of Thesis
This thesis delves into the complex interplay between fintech’s technological progression, the
burgeoning community of social media users, and fintech-interested consumers. The primary
objective of this research is to demonstrate how social media has influenced the finance industry
and how evolving trends and lifestyles have shifted consumers’ expectations. By investigating
the dynamic role of social media in shaping consumer behaviors and preferences, the thesis aims
to uncover the fundamental values and factors that guide fintech-interested consumers’
evaluation and selection processes and explore the potential of social media within the fintech
landscape. Within this exploration, the thesis outlines the influential figures in the fintech sector,
analyzing how prominent social media influencers impact consumers’ opinions.
Furthermore, this thesis endeavors to offer insights into social media marketing strategies,
equipping fintech companies to effectively use social media as a means to connect with their
prospective customers, establish brand awareness, and drive consumer engagement. Through this
research, the goal is to provide actionable recommendations to help fintech businesses leverage
the power of social media.

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Chapter 3: Problem Statement and Relevance
In the rapidly evolving financial industry landscape, fintech has undergone a significant
transformation driven by the digital era and the emergence of fintech-interested consumers on
social media. These consumers, deeply entrenched in various social media platforms, now
constitute a pivotal demographic with distinctive consumption patterns. The influence of social
media on their financial behaviors and preferences presents both a challenge and an opportunity
for the fintech industry. Since 2018, the number of fintech companies has grown by 57% in the
United States (Number of Fintech Startups Globally by Region 2023 | Statista, 2023). With the
increasing competition in the fintech industry, many companies are exploring new opportunities
to connect with their target customers. As the competition escalates, the role of social media as a
transformative tool gains prominent attention for building brand images, maintaining
relationships, and advertising new services (Vardar, 2023b). Furthermore, the influence of
influencers in the digital era adds an additional layer of complexity to influence fintechinterested choices. As more consumers use social media on a daily basis, there is increasing
importance in understanding the role of social media and what customers value and care about
when discussing fintech-related topics, their sentiment towards disparate fintech sectors, and
potential factors to utilize social media as a strategic tool for fintech companies to acquire
potential fintech-interested customers.

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Chapter 4: Research Questions
Based on the research objectives, the following research questions are formulated:
RQ1: What are the core values and factors that fintech-interested consumers consider
when evaluating and selecting fintech products?
RQ2: What are the prominent topics and sentiments of fintech-interested consumers
across fintech-related discussions?
RQ3: What are the criteria for prominent influencers in the fintech industry on social
media, and how do they contribute to shaping consumer opinions?

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Chapter 5: Methodology
First, a thorough literature review was conducted to gather information on the changing
environment of fintech, the scope of fintech, the role of social media, and consumer behaviors in
the fintech landscape to establish a theoretical foundation. Potential research questions were
drafted for this thesis study. After that, a quantitative analysis approach was employed to analyze
the data collected from social media listening. Five datasets were collected during the time
period of May to September 2023. The information collected from social media listening was
then processed and analyzed using different analyses, including text mining, topic modeling,
word cloud, content, sentiment analysis, decision tree, and random forest analysis. A detailed
data analysis and interpretation will be explained. By synthesizing these insights, this thesis
offers a series of conclusions and actionable recommendations tailored to fintech marketing and
public relations practitioners. Furthermore, the study identifies avenues for future research,
suggesting areas ripe for exploration and expansion. The thesis aims to contribute to ongoing
discourse and advancement within the fintech landscape by charting a course for future inquiry.
The detailed methodology flow chart is illustrated in Figure 1.

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Figure 1: Methodology Flow Chart of the Thesis

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Chapter 6: Literature Review
Scope of Fintech
Financial technology, or fintech, refers to software, mobile applications, and other technologies
created to improve and automate traditional forms of finance for businesses and consumers alike
(Anoriega, 2022). Traditional forms of finance involve traditional banking, stock market, bond
market, real estate investment, venture capital, and hedge funds (Hedera, 2023). When fintech
first arose in the 21st century, it was used to refer to the technology used in the backend system
of financial institutions, such as banks. There was a shift toward consumer-oriented services
between 2018 and 2022 (Kagan, 2023). With technology advancements such as the Internet of
Things and artificial intelligence, finance has evolved with technology applications ever since
(“Building the AI Bank of the Future,” 2021). Examples include the online trading market,
mobile payment, robo-advisors, peer-to-peer lending apps, investment apps, and crypto apps.
Based on EY’s 2019 Global Fintech Adoption Index, two-thirds of consumers use at least two or
more fintech services, and those consumers are increasingly aware of fintech as a part of their
daily lives (EY Global FinTech Adoption Index 2019, n.d.).
Changing Environment of Fintech
Traditionally, people would go to the bank for money-related services, such as depositing and
withdrawing money, lending loans, and transferring money. With the ongoing digital
transformation, the fintech business has undergone a massive technological development that has
significantly impacted the financial services industry. Major areas include payments and money
transfers, lending, personal finance, blockchain and cryptocurrencies, and real estate investment.
As of 2020, 40% of U.S. financial decision-makers have a fintech account (Krivkovich et al.,

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2020). Since the start of COVID-19 in the US, Black financial decision-makers have been
opening fintech accounts at an accelerated pace and are more satisfied with fintech than with
traditional financial services providers (EY Global FinTech Adoption Index 2019, n.d.-b). As of
2022, 78% of adults in the U.S. prefer to bank via a mobile app or website (Underwood, 2023).
While the fintech is arising, social media has become the major communication platform and
news source for many consumers. As of 2023, three in ten U.S. adults say they regularly get
news on social media (Social Media and News Fact Sheet | Pew Research Center, 2023). Social
media has become consumers' primary source of information (Embracing Change: How Fintech
Reshapes the Financial Industry, n.d.). It has transformed how banks and other businesses
interact with customers (J. Hamilton, 2023). It allows businesses to engage with customers in
real-time. Additionally, customer service has experienced a massive transformation because of
social media. Before, it was emails, phone calls, or in-person communication between customers
and businesses. Now, fintech businesses can interact with their customers on different platforms,
answer questions, and gather feedback, which allows customers to feel more connected to the
brands. Social media also helps businesses and banks to build a strong brand presence and reach
a wider audience. With the increasing importance of social media, fintech companies can create
relevant and engaging content that showcases their innovation and value proposition to their
target audience to stand out from their competitors (Hossain, 2023).
Fintech Market Size and Major Fintech Brands
The fintech market has witnessed substantial growth. As of 2023, the global fintech industry is
estimated to be at $305.7 billion at a CAGR of 6%, compared to $133.85 billion in 2022
(Spencer, 2023). The fintech market is rapidly evolving, with digital payments, investment,
digital capital raising, digital assets, and neo-banking emerging as some of the most significant

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trends (Statista, n.d.). Amidst this fast-growing market, there is increasing competition between
fintech companies. According to Forage’s latest ranking, prominent players in the U.S. fintech
sector include Visa, Paypal, Coinbase, Chime, Sofi, Affirm, Robinhood, etc (Girardin, 2023).
Alongside these relatively new online payment network companies, traditional banking giants,
such as Chase, Bank of America, Citibank, Wells Fargo, and U.S.Bank, continue to navigate the
evolving financial technology environment (Horton, 2023). Additionally, credit cards, a pivotal
component of the fintech sector, see influential participation from major networks such as Visa,
Mastercard, American Express, and Discover (Sherman et al., 2023).

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Chapter 7: Social Media Usage
The Role of Social Media
Social media comprises the applications and websites that allow interaction with other users,
businesses, communities, and content (What Is Social Media?, 2023). The rise of social media
has changed how people get information and interact with each other and how businesses
connect with their consumers. It serves as an important channel for businesses to raise
awareness, increase exposure, engage with customers, and solve problems through customer
support (Vardar, 2023c). Engaging in social media applications can also help fintech businesses
create new opportunities to acquire customers, retain current customers, and establish a loyal
customer base. LinkedIn’s research report shows that approximately 77% of businesses use
social media to reach customers (Dayal, 2023). As the shift turns to consumer-based services,
social media stands as a powerful and influential gateway to communicate with target customers.
They purchase products and services not only because social media sounds simple and
fashionable at the moment but based on their feelings and experiences. According to
Evolutionary Psychology, 90% or more of purchasing decisions are made subconsciously
(Purchasing Decisions and Our Subconscious | Handy Labels, n.d.). In order for fintech
companies to increase competitive advantage and acquire more customers, it is essential to
understand what customers value and care about when making fintech-related decisions, their
sentiment towards different fintech sectors, and potential factors that guide their decisions.
Knowing what customers value helps fintech companies tailor their offerings and messages to
meet fintech-interested consumers' specific needs and preferences. It also helps align products
with customers’ priorities or concerns, enhance user experience, satisfaction, and loyalty. In
addition, knowing what resonates with customers on social media allows fintech companies to

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create effective marketing communications strategies, communicating in ways that appeal to
customers’ value and increasing the likelihood of attracting and retaining the target customers.
Importance of Knowing Consumer Behaviors on Social Media
Consumers’ behavior on social media ranges from researching a product or service, selecting and
purchasing products, commenting or sharing customer experiences, engaging with brands,
following trends, and seeking recommendations. Seeing others share positive experiences, attend
events, or make purchases can influence consumer behavior and drive them to engage with
brands or participate in limited-time offers (Marroquin, 2023). According to GlobalWebIndex,
54% of social media users use social media to research products, and 71% are more likely to
purchase products and services based on social media referrals (Beer, 2021). The influence of
social media is not one-sided; however, as negative experiences are also sharable, 62% of
customers say they share bad customer experiences with other people (Barysevich, 2020). In the
fintech sector, understanding and leveraging these diverse consumers’ behaviors on social media
is crucial for fintech companies aiming to navigate and influence consumer preferences within
this dynamic digital landscape.
Major Social Media Platforms
According to Statista’s 2023 social media usage report, the top social media platforms in the U.S.
include Facebook, Instagram, YouTube, TikTok, and Twitter (Jo Dixon, 2023). The following
figure 2 shows Statista’s data for the most popular social media platforms as of April 2023.
Facebook, with its broad appeal, serves as a comprehensive social networking platform.
Instagram focuses on visual content and lifestyle sharing, while YouTube offers an extensive

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range of video content. TikTok, with its short video format, is used as a short video-based
content-sharing platform, whereas Twitter, a real-time microblogging platform, remains a crucial
source for information and discussion.
Figure 2: Leading Social Media Platforms in the United States (Jo Dixon, 2023)

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Chapter 8: Data Collection
Approach
The goal of this data collection is to investigate the values and topics in consumers’ perspectives
on fintech-related keywords, explore consumers’ opinions and sentiments on fintech products
and services, and identify the prominent influencers in the fintech sector. The data collection
process follows a systematic approach, initially focusing on gathering information related to
general fintech keywords, such as finance, banking, blockchain, and technology. This broad
exploration provides a comprehensive foundation by capturing various topics and trends within
the fintech industry. Subsequently, a more targeted series of data collection is collected with
more specific fintech area topics. This involves fintech and investment, online banking and
mobile payment, cryptocurrency and trading, and fintech brands and influencers. The timeframe
for the data collection spans from the beginning of July to the end of September. This temporal
scope allows for a comprehensive analysis of social media discussions and trends within the
fintech industry during this three-month period.
Source
The data collection is conducted through social media listening on the major social media used in
the U.S.: Facebook, Instagram, YouTube, TikTok, and Twitter. Based on the scope of Fintech
analysis from the literature review, five datasets were collected, and the keywords used in this
data collection process are illustrated in Figure 3.

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Figure 3: Data Collection Process with 5 Datasets and Corresponding Keywords Used

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Chapter 9: Data Analysis and Interpretation
Dataset 1 - General financial technology
Figure 4: Word Cloud Analysis Graphic for Dataset 1 on Geneal Financial Technology
In the word cloud analysis, larger words in the cloud indicate a higher frequency (Word Cloud
Widget, 2023). The word cloud analysis for dataset 1 illustrates that in the general financial
technology data, the prevalence of words such as “investment,” “financial,” “finance,” and
“money” suggests a strong focus on financial matters, reflecting the customers’ interest in
investment-related discussions. The inclusion of terms like “advice,” “advisor,” and “trading”
indicates that users on social media are actively participating in conversations seeking and
providing financial guidance and investment strategies. The appearance of “http” and “com” may
suggest the sharing of external links on social media, possibly leading to financial news,
analysis, or other news or information sources. In addition, words related to “video” and
“channel” imply that multimedia content may play a significant role in sharing financial advice
or insight. Furthermore, the occurrence of “business” and “purposes” may suggest that customer
discussion involves financial purposes and business-related discussion.

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Figure 5: Topic Modeling Analysis Results for Dataset 1 on General Financial Technology
Topic modeling is a natural language processing technique that uncovers latent topics within a
collection of text content (Peddireddi, 2023). This analysis can discover the topics related to
general financial technology within the social media discussions. Latent Dirichlet Allocation is a
widespread technique in natural language processing and machine learning used for topic
modeling (GeeksforGeeks, 2021). It assumes that documents with similar topics will use similar
words. The algorithm's goal is to uncover the hidden topics over words, where each topic is
characterized by a set of words frequently occurring within the documents discussing the topic.
In different tests, eight topics are the most optimal topics covered in this General Financial
Technology data based on the log perplexity and topic coherence measures. Log perplexity
measures how well a probability model predicts a sample (Perplexity of Fixed-length Models,
n.d.). Topic coherence measures the interpretability and semantic coherence of topics generated
by a topic model (Pedro, 2022). With this number, the model can effectively capture the diverse
range of themes within the dataset while avoiding overfitting or oversimplification. The topic
modeling analysis illustrated the following eight significant topics involved with general fintech
discussions. Figure 5 depicted the results for Dataset 1 on general financial technology.
1. Investment and Financial Topics. The presence of keywords like "investment,"

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"financial," "money," "income," "usdt," and "advice" indicates that social media plays a
significant role in discussions related to investment and finance.
2. Social Media as an Information Channel: The appearance of words like "channel,"
"advisor," and "information" highlights the role of social media as an information-sharing
platform, potentially impacting consumer decision-making and risk assessment in fintech.
3. Technology and Online Platforms: Keywords like "online," "www," "https," and "com"
suggest the relevance of online platforms and technology in the fintech industry and how
social media is intertwined with these aspects.
4. Diversification and Asset Types: The presence of terms like "gold," "silver," "real estate,"
and "property" indicates that the research can explore how social media influences
different asset types, including precious metals and real estate investments.
5. Stock Market and Investment Strategies: The terms "market," "stock," "strategies,"
"insights," and "tips" suggest that social media may impact stock market investment
strategies and provide valuable insights to consumers.
6. Cryptocurrency and Blockchain: The keyword "crypto" and related terms like
"cryptocurrency," "trading," and specific cryptocurrencies like "shiba inu" indicate that
social media is a significant influencer in the cryptocurrency and blockchain space.
7. Personal Finance and Business: Terms such as "personal," "business," "dollar," "time,"
and "billion" suggest that social media affects personal finance decisions, business
strategies, and the overall financial landscape.
8. Influence of Prominent Figures: This topic investigates how influential figures, including
social media influencers, impact consumer opinions and preferences in the fintech sector.

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From the topic modeling analysis, 8 major topics were uncovered to guide the following data
collection based on specific topics related to what customers care about that aligned with the
scope of fintech implications.
Figure 6: Sentiment Analysis Graphic for Dataset 1 on General Financial Technology
Sentiment analysis is the process of analyzing digital text to determine if the emotional tone of
the message is positive, negative, or neutral (What Is Sentiment Analysis? - Sentiment Analysis
Explained - AWS, n.d.). Through sentiment analysis on dataset 1 shown in Figure 6, the
emotional tone towards general financial technology was discovered. Purple represents the
positive sentiment throughout the text analysis, pink represents the negative sentiment, and
yellow represents the neutral sentiment. Figure 6 indicates that about 70% of the messages were
purple as a positive emotion, followed by 20% yellow color as neutral and only 10% or less pink
as a negative emotion. This suggests that fintech-interested consumers express a predominantly
positive sentiment in their social media discussions, underscoring a favorable reception of
fintech-related topics and products within the analyzed dataset.

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Dataset 2 - Financial technology, real estate, investment, and advice
Figure 7: Word Cloud Analysis Graphic for Dataset 2 on Financial Technology, Real Estate, Investment and Advice
The word cloud analysis shown in Figure 7 for dataset 3 highlights key themes in customer
discussion within fintech, real estate, and investment. Terms like “insights,” “strategies,” and
“finance” indicate a focus on informed decision-making, while “investment,” “trading,” and
“business” underscore engagement in investment-related topics. In the real estate context, “real,”
“estate,” “explore,” and “financial” suggest an intersection between financial and real estate
discussion, and consumers are interested in the fintech trends on social media. Additionally,
words like “world,” “channel,” “dedicated,” “welcome,” “join,” and “motivation imply that the
discussions go beyond information sharing and may encourage decision-making.

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Figure 8: Sentiment Analysis Graphic for Dataset 2 on Financial Technology, Real Estate, Investment and Advice
Purple represents the positive sentiment throughout the text sentiment analysis, pink represents
the negative sentiment, and yellow represents the neutral sentiment. As shown in the sentiment
graphic Figure 8, the overall color is purple, representing the sentiment for this topic, which was
positive and comprised approximately 55% of the sentiments expressed. This positivity suggests
a favorable reception or sentiment towards fintech and real estate investment topics. While
around 30% of the sentiments are pink as unfavorable, indicating some degree of critical or
dissenting views, the presence of a limited 15% of yellow expressing neutral emotions implies
that most reactions are emotionally charged.
Dataset 3 - Online banking, mobile payments, and personal finance
Figure 9: Word Cloud Analysis Graphic for Dataset 3 on Online Banking, Mobile Payments, and Personal Finance
The word cloud analysis shown in Figure 9 for dataset 3 highlights keywords within discussions
related to online banking, mobile payments, and personal finance. The prevalence of terms such

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as “banking,” “payment,” “https,” and “co” suggest an engagement between banking and
payment with online platforms and digital financial services. The inclusion of words like
“crypto,” “bitcoin,” and “btc” highlights a notable emphasis on cryptocurrency-related
discussion within personal finance and online banking topics. Additionally, terms such as “role,”
“scenario,” and “strategy” imply in-depth conversations were discussed beyond informationsharing, potentially exploring strategic considerations and scenarios in the online banking and
personal finance sector. Moreover, the occurrence of words like “success,” “services,” “going,”
and “time” indicates discussions on success factors and temporal aspects in the financial services
landscape that consumers are interested in the news, real-time updates, and trends. Besides,
terms like “exist,” “anymore,” and “going” entail reflections on current and future shifts toward
financial services.
Figure 10: Sentiment Analysis Graphic for Dataset 3 on Online Banking, Mobile Payments, and Personal Finance
Purple represents the positive sentiment throughout the text sentiment analysis, pink represents
the negative sentiment, and yellow represents the neutral sentiment. This sentiment graphic
illustrates a generally purple color as positive sentiment, with approximately 50% towards online
banking and personal finance, indicating an optimistic outlook within the discussions. Notably,
40% of the graphic is pink as a negative emotion, implying critical perspectives or concerns. The
yellow indicates around 10% of neutral sentiment, underscoring that most reactions are
emotionally charged, with a significant majority expressing either positive or negative views.

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Dataset 4 - Crypto, cryptocurrency, trading, investment, advice, stock, and invest
Figure 11: Word Cloud Analysis Graphic for Dataset 4 on Crypto, Cryptocurrency, Trading, Investment, Advice, Stock and
Invest
The word analysis shown in Figure 11 for dataset 4 identifies the keywords customers use on
social media discussions related to crypto, trading, investment, advice, and stock. The
prominence of “crypto,” “trading,” “investment,” and “bitcoin” indicates an active engagement
in discussions covering various cryptocurrencies, trading strategies, and investment
opportunities. The repetition of investment underscores its significance within this discussion,
highlighting a pervasive interest in exploring investment opportunities. The inclusion of
“market,” “bitcoin,” and “price” illustrates a specific focus on Bitcoin and market-related
discussions, potentially reflecting the impact of the cryptocurrency market and different liquidity
providers. The occurrence of terms such as “advice” and “information” suggests that fintechinterested consumers share and seek financial advice and information. In addition, terms like
“news,” “significant,” and “financial” imply awareness and consideration of current events and
news happening in the market. The inclusion of “yield” implies a potential interest in discussions
about investment and return strategies.

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
24
Figure 12: Sentiment Analysis Graphic for Dataset 4 on Crypto, Cryptocurrency, Trading, Investment, Advice, Stock and Invest
Figure 12 illustrates the sentiment analysis result for Dataset 4. Purple represents the positive
sentiment throughout the text sentiment analysis, pink represents the negative sentiment, and
yellow represents the neutral sentiment. The sentiment graphic reveals a prevailing color purple,
representing the positive sentiment of around 45% regarding crypto, trading, investment, advice,
stock, and invest. This indicates an overall optimistic outlook in this discourse, reflecting a
positive attitude towards these fintech topics. However, the presence of pink around 35% of the
graphic shows that the critical perspective or potential concerns are significant aspects of these
conversations. The 20% of the graphic is yellow as neutral sentiment, suggesting that most
conversations are with positive or negative emotions.
Dataset 5 - fintech brands, influencers, and online payment.
Figure 13: Word Cloud Analysis Graphic for Dataset 5 on Fintech Brands, Influencers, and Online Payment

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
25
The word cloud analysis shown in Figure 13 highlights dynamic topics around fintech brands,
influencers, and online payment. Prominent brands, such as “Paypal,” “Venmo,” and “Coinbase”
dominated the discussions, emphasizing a focus on financial and investment aspects. The
prevalence of terms such as “advice,” “advisor,” and “video” suggests an engagement between
fintech-related advice-sharing topics and video content, reflecting the potential format of content
that consumers use to gather information about fintech-related topics. The appearance of
“donate,” “support,” and “donations” indicate a charitable aspect, showcasing the diverse
applications of these social media platforms beyond discussing financial transactions.
Potentially, these social media platforms may be utilized for purposes beyond financial
technology awareness, instead encouraging actions and decision-making processes. In addition,
discussions around “Robinhood” signify a notable presence of discussions related to the
investment platforms, possibly indicating a focus on stock trading and investment strategies. The
occurrence of words like “online payment,” “cash,” “CashApp,” and “get” point to conversations
associated with convenient and innovative payment options. Moreover, the repeated appearance
of “app” underscores the significance of mobile applications within the fintech discussion. This
indicates a strong association between fintech services being known and utilized through mobile
applications.
Figure 14: Sentiment Analysis Graphic for Dataset 5 on Fintech Brands, Influencers, and Online Payment
The sentiment graphic illustrates a positive sentiment of approximately 65% in discussions
around fintech brands, influencers, and online payment. This positive outlook reflects a favorable

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
26
reception and sentiment toward these discussions. While a majority of sentiments were positive
at 65%, the notable presence of 35% negative sentiment suggests a substantial consideration of
critical perspectives or concerns within these discussions. The 5% neutral sentiment further
emphasizes an emotionally charged environment, indicating that participants predominantly hold
strong positive or negative views rather than remaining neutral.
Figure 15: Pythagorean Tree Graphic for Dataset 5 on Fintech Brands, Influencers, and Online Payment
Figure 16: Decision Tree Analysis Graphic for Dataset 5 on Fintech Brands, Influencers, and Online Payment

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
27
Decision tree analysis is the process of drawing a decision tree, which is a graphic representation
of various alternative solutions that are available to solve a given problem, in order to determine
the most effective courses of action (What Is Decision Tree Analysis? Definition and FAQs |
HEAVY.AI, n.d.). It helps determine which alternative at any particular choice point will yield the
greatest expected gain, given the information and alternatives pertinent to the decision (Magee,
2023a). It can also be used to analyze the influence behind the decision-making process and
fintech-interested consumers’ reactions to posts about fintech brands (Magee, 2023b).
The Pythagorean tree in Figure 15 has several branches, suggesting that there are several levels
of factors that may affect the general decision-making process of fintech-interested consumers.
Random forest is a classification algorithm consisting of many decision trees (Yiu, 2021). It is
very easy to measure the relative importance of each feature on the prediction (Donges, 2023).
Shown in Figure 16, the random forest decision tree graphic indicates that direct reach is the root
node as a deciding factor for stakeholders’ reactions to posts related to fintech brands. The
deciding number is 628, representing the number of accounts reached, with two branches under
the root node: lower than or equal to 628 and more than 68. For 628 and above accounts reached,
when the social media posts have more than 101,660 accounts reached, they would certainly
have at least 47.4 on the influence. When the posts have more than 1,5,506 and lower than
101,660 accounts reached, they would certainly have at least 32.5 on the influence. This analysis
helps identify the prominent influencers and the percentages of influence they have on fintechrelated topics.

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
28
Figure 17: Model Performance Graphic for Dataset 5 on Fintech Brands, Influencers, and Online Payment
As indicated in the model results Figure 17, four measures were used in evaluating the model’s
success. MSE stands for measure standard error, which measures the amount of error in
statistical models (Gupta, 2023). The lower the MSE, the better the forecast. Both random forest
and tree models received a low MSE score, which means the model achieved a good forecast for
future references.
RMSE represents root mean squared error that measures the average difference between values
predicted by a model and the actual values. It provides an estimation of how well the model is
able to predict the target value and accuracy (Tawhid et al., 2021). The lower the Root Mean
Squared Error value, the better the model. Both the models achieve low RMSE, proving the
accuracy of the model predictions.
MAE is the average of the absolute differences between predicted and actual values. Lower
MAE values indicate better model performance (Stephanie, 2020). The random forest model
achieved a lower MAE, meaning that the performance is relatively better than the tree mode, and
the influence prediction is relatively more accurate.
R2 measures the proportion of the variance for a dependent variable that’s explained by an
independent variable in a regression model (Numeracy, Maths and Statistics - Academic Skills
Kit, n.d.). It explains how much variance the model will explain. The more variables, the more
possible that the error is small. Higher R2 values indicate better model performance. Both the
tree and decision tree models had over 95% variance, which indicates that the models achieve

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
29
great accuracy and the predictions on the decision-making process and influence score are
relatively accurate.

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
30
Chapter 10: Findings
Major Topics in Fintech-related Discussions
In general financial technology discussions, consumers tend to discuss eight major topics that are
closely associated with various fintech sectors: "Investment and Financial Topics," "Social
Media as an information channel," "Technology and Online Platforms," "Diversification and
Asset Types," "Stock Market and Investment Strategies," "Cryptocurrency and Blockchain,"
"Personal Finance and Business," and "Influence of Prominent Figures." These topics highlight
the critical areas of interest and core values that consumers care about across fintech-related
discussions. The themes encompass technology, investment, and financial topics, emphasizing
social media's role as an information-sharing platform potentially influencing customers'
decision-making process.
Sentiment and Core Values
Positive sentiment predominates across fintech topics, indicating an optimistic attitude among
fintech-interested consumers. Keywords such as "investment," "financial," and "advice" reflect
consumers' active participation in discussions seeking and providing financial guidance and
investment strategies. This positive sentiment underscores the importance of core values such as
trust, reliability, and satisfaction in discussing and selecting fintech products and services.
Negative sentiments, ranging from 10% to 35%, indicate that consumers consider critical
perspectives and potential concerns or drawbacks when evaluating fintech products and brands.
Role of Social Media as a Multimedia Source
The prevalence of keywords such as "video," "HTTP," and "com" implies that social media is a

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
31
significant multimedia source in considering financial decisions and potential strategies. In
different topics, people share various sentiments and discussions. This implies that social media
acts as a hub for sharing opinions and experiences and exchanging ideas and information that
will affect customers' opinions and potential decision-making processes. Specific interest in
cryptocurrency and online payment platforms highlights consumers' evolving preferences, such
as seeking trading strategies and investment opportunities driven by social media interactions.
Social media has been more than an information-sharing platform; it is a multi-functional hub for
seeking opportunities and strategic decision-making advice. In addition, the occurrence of words
like "going," "temporal," and "explore" implies that consumers are actively seeking temporal
aspects of the fintech-related discussion, such as news and real-time updates. Consumers keep up
with the trends and use social media as a channel to follow various trends and real-time events.
Influencer of Factors on Consumer Preferences
Consumers prioritize factors such as return on investment, fintech strategies, and the purposes of
fintech investment when evaluating fintech products and services. The occurrence of words like
"money," "return," "purpose," "strategies," and "insights" indicates consumers' emphasis on these
aspects, suggesting that social media serves as more than a platform for financial information but
also as a guidance channel influencing purchase decisions and investment strategies.
Role of Influencers in Shaping Opinions
Consumers exhibit an interest in seeking guidance from influential figures. All datasets
encompass terms such as "advice," "advisor," and "opinion," which implies an engagement
between fintech-related advice-sharing topics and video content and consumers' interest in

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
32
following guidance and opinions to make corresponding strategies. Based on the random forest
model, influencers with posts that can reach more than 101,660 accounts highly influence
consumers' opinions and preferences at 47.4. Consumers have higher possibilities to be
influenced by their discussion and follow their advice on fintech-related products or services.
This also implies that influencers significantly impact social media and influence fintechinterested consumers to make and change their preferences about offering fintech products.

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
33
Chapter 11: Conclusion, Recommendations, and Further Research
In conclusion, social media platforms facilitate discussions and conversations among users
interested in fintech. Consumers actively share opinions, experiences, and reviews, exchange
ideas and insights, and influence others’ perceptions and decisions regarding fintech products or
services. These platforms act as information-sharing hubs, providing real-time updates, news,
and insights, while influencers play a crucial role in guiding consumer choices. Additionally,
social media is a valuable source for identifying emerging trends and consumer preferences in
the fintech landscape. Consumers follow influencers for advice and guidance. The educational
content on financial literacy, benefits, and drawbacks is widely shared, contributing to consumer
empowerment.
Identifying eight major topics offers insights into the core topics consumers talk about in fintechrelated discussions. Fintech companies can enhance their brand awareness by addressing these
popular topics, recognizing that trust, reliability, and satisfaction are pivotal values guiding
consumers’ fintech opinions and preferences. Consumers also actively seeking investment
strategies and advice that can help with their opinions, understand the insights, and get the latest
information on industry trends and updates. This emphasizes the importance of adapting
strategies to meet specific needs and aligning with evolving trends.
Factors such as money, purposes, trust are the critical decision-making considerations that
influence consumers' fintech decisions. Many factors, including a positive emotional tone,
engagement in specific topics, like investment and cryptocurrency, and the impact of influential
figures, also influence fintech-interested consumers on social media. Fintech companies can

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
34
leverage the core values and factors consumers care about to tailor their offerings and increase
their brand awareness, join the conversations, build trustworthy brand images and reach their
potential target audiences, increasing the likelihood of attracting and retaining consumers.
Influencer marketing has proven impactful for fintech-related businesses, influencing consumer
opinions through advice, insights, return on investment, and investment strategies. Fintech
marketers can harness social media influencers to increase their brand awareness and drive the
adoption of specific fintech solutions.
Overall, consumers exhibit an optimistic outlook for fintech-related discussions with strong
emotion. Their emotional engagement in discussions suggests a greater inclination to endorse or
purchase specific fintech products when exposed to positive reviews, experiences, and accurate
insights. While negative emotions may arise from consumer concerns or critical perspectives,
fintech companies can leverage social media to mitigate these negative sentiments, fostering a
more positive consumer attitude toward their products. Building confidence and trust through
positive experiences on social media enhances consumers' willingness to try or make purchases.
Additionally, fintech companies can enhance customer experiences by utilizing social media to
share the latest updates and news and provide positive feedback about specific products.
Moving forward, further research on social media’s impact on consumer opinions and
preferences within the fintech industry could explore the evolving strategies of social media
marketing and influencer marketing with its effectiveness in shaping opinions and driving
choices. Investigating specific characteristics of influencers that resonate most with fintech-

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
35
interested consumers and analyzing the content type and messaging style that achieve the highest
engagement could provide valuable insights for redlining messaging strategies. Additionally, a
deeper exploration of sentiment across various fintech topics on may uncover subtleties in
consumer attitudes and potential concerts. Understanding how each social media platform
influences consumers' perceptions differently and the advertising effectiveness could also help
for developing specific fintech social media strategies.

The Role of Social Media in Influencing Consumer Opinions and Preferences in the Fintech Industry
36
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Creator Gao, Miaomiao (author)

Core Title The role of social media in influencing consumer opinions and preferences in the fintech industry

School Annenberg School for Communication

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Degree Program Public Relations and Advertising

Degree Conferral Date 2024-05

Publication Date 05/30/2024

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