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10/09/2014 Banking Innovation

About

Holistic social media listening and analytics tool to gather data and insights across all social channels to assist in engaging clients

Innovation presentation

The tool was developed as a way for Nedbank to track and listen to all the content on social media and news platforms. Before the development of its own in-house tools, the company was using various vendors, which enabled it to fast-track the use of social media in the bank. It did realise, however, that the vendors were limiting its flexibility, speed of change and speed to market.

Nedbank wanted the ability to categorise and report on content/topics from various channels to align with its internal structures, and generate reports. Its sentiment engines were also predominantly built for the English language, but Nedbank had to deal with various other official languages, which prompted it to develop its own internal sentiment engines. All this was done to improve its ability to track social media, but it also saw a huge gap in the market to provide its social call centre with tools to manage conversations with customers, including complaints, compliments and leads, and be able to report on these monthly. This is why it developed its own internal CRM system to keep track of conversations, report on them and be able to link/split conversations again in the way it wanted to.

Uniqueness of the project

What makes the product unique is Nedbank’s ability to categorise its own content and change sentiment engines on the fly. What further enhances the project is the bank’s ability to mine data behind the scenes, which helps it to create social profiles for all the customers it interacts and engages with, which, in turn, it provides to its agents to allow them to have much richer conversations. Nedbank also has the ability to link the social world with its internal infrastructure. For example, it can link its @1224 Twitter account to an internal account, which it uses to track return on investment. In addition, the bank has created the ability for its agents to combine private and public message streams together, enabling then to view the ‘full’ conversation in one go, as well as keep an entire conversation history over many years, which the bank needs from a compliance point of view

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