IT vendor IBM said South African financial services provider Nedbank is using IBM’s predictive analytics solutions to better customer experience.
After implementing IBM solution, the bank reduced social media monitoring costs by over a million rand a year (US$105,000 per year), while enhancing customer service productivity levels by 20 percent.
In a statement recently, IBM said Nedbank partnered with IBM to develop a predictive modeling solution that integrates social media analytics into the bank’s systems.
Following the deployment, decision makers across the bank’s operations now have access to deep, near-real-time analysis of social media data through flexible dashboards. This gives marketers potent insights regarding preferences, sentiment and satisfaction that help to craft and deliver more effective sales promotions and customer messages.
Nedbank recognizes the growing importance of social media as a marketing tool, actively reaching out to customers through Facebook, LinkedIn and Twitter, as well as through blogs and customer forums.
“By improving our social media analytics capabilities, we’re engaging with our customers on a 1:1 basis, to address and anticipate their needs more cohesively,” said Eugene Liebenberg, head of Retail Business Intelligence Solution Science at Nedbank.
Earlier, the bank used a number of tools and external resources to mine social media for a 360 view of their customers.
“By using advanced analytics, Nedbank is in a prime position to sharply focus marketing campaigns, promote high profit margins and increase cross-selling opportunities,” said Gordon Barnes, Industry Solutions Leader at IBM South Africa.
