Take millions of banking
conversations from social media and give financial institutions a
head start: that is Attensity’s proposition to retail banks.
According to the US-based vendor, its latest product release will
offer banks a measurable return from their investment in customer
analytics investment. Douglas Blakey reports.
Go deeper with GlobalData
California-headquartered vendor Attensity has ramped up its
analytics offering for the global retail banking sector.Attensity
said that its latest product release was designed to accelerate the
ROI of banks’ next-generation customer analytics and engagement
applications.
The new module has been designed to
enhance Attensity’s flagship multichannel analysis product
Attensity Analyse, and its multichannel service and engagement
application Attensity Respond.
de Haaff: “No privacy
issues”
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By GlobalDataAttensity’s Retail Banking Industry
Solution enables banks to extract customer conversations on social
media platforms, email, survey responses and customer relationship
management notes via a text analytics platform.
The scaling of customer
conversations will enable banks to “listen, analyse, relate and act
on customer conversations, no matter where they take place”,
Attensity promised.
But allaying privacy concerns,
Attensity’s chief marketing officer Michelle de Haaff told
RBI that Attensity adheres to opt-in and customer
interaction rules.
“The software is not used to sneak
up on the customer. We are not ruffling through secret documents,”
she emphasised.
De Haaff added: “It is actually the
opposite of being sinister – our software is there to help large
customers serve consumers better. We have takenms of conversations
consumers are having about their banks and learned from that
data.
“We want to go into banks and say
give us your data and by that afternoon we will be able to show
results in real time. It is a powerful way to deliver value very
quickly.
“As social media is evolving so
quickly, we are continuously studying slang which refers to
financial institutions. It is quite simply about getting insights
about customers to serve them better.”
The Attensity Banking
Industry Solution helps banks gather information on:
- analysis on churn and
dissatisfaction; - marketing campaign
tracking; - competitive
analytics; - survey
analytics; - analysis of customer
sentiment around brands, offerings and service; - measure product launch
success to accurately forecast demand; and - customer
demographics.
But de Haaff stressed that the
programme was not all about monitoring Twitter and Facebook.
“There are more than 75 million
different sources of comments on the web through forums, blogs and
the like,” she said.
She added that other features of
the new software include visualisations of the data, such as
multiple chart formats, tabular reports and tag clouds.
“If there is a kind of particular
analytics or data you want to look at, you will have a chart that
helps you,” she explained.
Other features of the solution to
understand what is being said in social media include the use of
hotspots, a measure of the significance of a change in a data value
from one time period to another, as well as customer profiling
capabilities.
“Customers can be very specific and
detailed when giving a comment or sharing an opinion.Knowing what
individuals own or use also can make it easier for a company to
conduct customer service or marketing efforts.”
One of the banks deploying
Attensity’s solutions to better understand customer sentiment more
quickly is Canada’s largest lender, Royal Bank of Canada, which is
able to identify issues with products and services and defines
appropriate business actions and communications.
Another is US-lender Wells Fargo
who last year teamed up with Attensity to automate the monitoring
of comments made by its customers on social media platforms.
Wells Fargo is a
customer
Wells Fargo vice-president,
marketing decision strategies John Teget told RBI that the
bank started automatic processing of customer comments captured in
call centres and branches in the first half of 2010. Wells Fargo
went live with social media monitoring in the fourth quarter in
2010.
The bank has been working with
Attensity to review customer comments automatically and rank them
for variables such as sentiment and intent.
The data is then added to the
company’s Teradata warehouse where it is analysed alongside
traditional transactional and financial data.
Teget was confident that the
process would help Wells Fargo deal with service and product issues
and also provide insights into product and account development.
Other financial institutions using
Attensity’s software include Charles Schwab, Citigroup and
UK-lender Lloyds TSB.
Retail banking is the second industry Attensity is targeting,
following on from success in the telecommunications sector.
