26 March 2017
visit nextgenbanking.co.uk

Nedbank using social media to win over rival bank customers

08 January 2014  |  8360 views  |  1 keyboard

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.

Nedbank partnered with IBM and local supplier Olrac spSolutions to develop a predictive modeling system that integrates social media analytics into the bank's systems.

Whereas before the bank used a number of tools and external resources to mine social media for customer feedback purposes, the marketing team now have access to a visual dashboard of social chatter reflecting customer preferences, sentiment and satisfaction that can be used to craft and deliver more effective sales promotions and customer messages.

Eugene Liebenberg, head of retail business intelligence solution science at Nedbank, says the bank has also been successful in setting up discussions with customers from rival banks and persuading them to move their accounts.

Says Liebenberg: "Because we are tracking out competitors, we can target some of their customers and switch them across."

He says the bank has set up a 'social call centre' to handle customer contact across public fora and to identify and address problems in near real-time.

The next stage, he says, will be to use the technology to actively track the hobbies and likes of clients and gather a more rounded 360 degree view of individual customer lifestyles.

"The challenge for us after that is to ask: how do we make that data available to our front-end staff for use in a valuable conversation?" says Liebenberg. "Not being intrusive in any way, but to use...that sales talk or sales call to better effect."

KeywordsSOCIAL MEDIA

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 10 January, 2014, 11:53

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. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

'Punch bag' RBS fights back with proactive approach to social media

'Punch bag' RBS fights back with proactive approach to social media

26 November 2013  |  9197 views  |  1 comments | 15 tweets | 9 linkedin
Nedbank opens green branch

Nedbank opens green branch

05 November 2013  |  3852 views  |  0 comments | 3 tweets | 2 linkedin
MasterCard makes headway in social media monitoring

MasterCard makes headway in social media monitoring

03 May 2013  |  8798 views  |  2 comments | 15 tweets | 4 linkedin
Retail banks warned of social media marketing pitfalls

Retail banks warned of social media marketing pitfalls

23 January 2013  |  13624 views  |  0 comments | 15 tweets | 13 linkedin
FNB launches banking via Facebook

FNB launches banking via Facebook

20 July 2012  |  13516 views  |  1 comments
NAB says social media 'break up' campaign has won new customers

NAB says social media 'break up' campaign has won new customers

08 June 2011  |  9309 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit abe-eba.eu

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57244 views comments | 15 tweets | 35 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
9117 views comments | 42 tweets | 25 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8726 views comments | 23 tweets | 37 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
7164 views comments | 4 tweets | 10 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
7149 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job