South Africa's Nedbank is using social media analytics tools to win customers from rival banks by monitoring their chatter on popular forums such as Twitter and Facebook.
Many banks justify their inertia by citing regulation. While they're right on many occasions, there could be specific initiatives that are not embargoed by the regulator. Using a social intelligence platform to spot and acquire competitors' disgruntled customers
might come under that niche category. Now that one of their own ilk has set the ball rolling, I'm sure many more banks will join the gang and deploy their ORM teams to do lot more than just take defensive action.
© Finextra Research 2014