Wells Fargo said it will automate monitoring of social media comments before the end of the year.
Speaking at the annual Teradata Partners Conference in San Diego, Wells Fargo vice president marketing decision strategies John Teget said that the bank started automatic processing of customer comments captured in call centers and branches five months ago.
“We intend to go live with social media monitoring in the next 60 days,” he said.
The bank is working with text analytics specialist 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 will be analysed alongside traditional transactional and financial data.
Teget expects that the process will help Wells Fargo deal with service and product issues and also provide insights into product and account development.
“There is a good deal of useful information buried in the text about what customers think and feel,” he said.
He added that reports will be issued on the back of the analysis to branch managers.
Lloyds Banking Group and Royal Bank of Canada have been using Attensity for more than a year to analyse textual customer comments either captured within the bank or in the open social network.
Attensity chief marketing officer Michelle de Haaff said that the program is not all about monitoring Twitter and Facebook.
“Though Twitter has 90m tweets per day, it’s just the top of the iceberg. There are more than 75m different sources of comments on the web through forums, blogs and the like,” de Haaff explained.