Nedbank tapping into social media insight using IBM analytics

Nedbank, among the four largest South African banks, has announced that its use of IBM's analytics solutions has proved successful in improving customer experience.

Nedbank, among the four largest South African banks, has announced that its use of IBM’s analytics solutions has proved successful in improving customer experience.

The bank reports that the implementation of IBM technology has been a success; reducing social media monitoring costs by over a million rand ($105,000) while increasing customer service productivity by 20%.

Nedbank operates across Facebook, LinkedIn and Twitter, blogs and customer forums and firmly believes in the importance of social media for marketing. "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.

The predictive analytics technology, created by IBM and its business partner Olrac spSolutions, integrates social media analytics into the bank’s systems, communicating detailed, near real-time analysis of social media data to Nedbank’s decision makers.

Real-time information about preferences, sentiment and satisfaction is used by Nedbank’s marketers to deliver more effective sales promotions and customer messages.

"The analytics provide a visual dashboard of customer feedback and opinion in near-real time from social media," said Gordon Barnes, industry solutions leader at IBM South Africa.

By using advanced analytics, Nedbank is in a prime position to sharply focus marketing campaigns, promote high profit margins and increase cross-selling opportunities."