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Bank saves money on social media monitoring

Johannesburg - As a result of technology implementation Nedbank has reduced social media monitoring costs by over a million rand a year, while boosting customer service productivity levels by 20%.

IBM announced that Nedbank is using its predictive analytics solutions to improve the customer experience and provide more responsive real-time services.
 
Nedbank partnered with IBM and its business partner Olrac spSolutions to develop a predictive modeling solution that integrates social media analytics into the bank’s systems.

By doing so, 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 said in a statement that it recognises 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 one to one basis, to address and anticipate their needs more cohesively," said Eugene Liebenberg, head of retail business intelligence solution science at Nedbank.

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