Do Banks Need Social Media Analytics Tools?

We all have been talking about Big Data. In fact from manufacturing to retail to public sector to finance – industries in every realm of business have to deal with big data. However, not much is talked about finding effective solutions to the challenges put up by big data.

Social Media Analytics (SMA) tools are a boon in this regard. They are efficient, cost effective means to glean insightful insights from big data and build a holistic business intelligence repository.

  

While SMA tools are useful in every industry vertical, it is especially beneficial to banks and other related financial institutions.

While it is important for banks to leverage social media, these institutions must also exploit the prowess of SMA tools to manage their big data and gather customer, competitor and business insights from it.

The India Trend:

While banks and financial institutions are aware that they need to invest in Analytics, not much has been done in this direction for reasons unknown.

Word Scenario:

3 high priority things in a SMA tool for banks around the world

•         Analyzing customer reactions, customer comments on social channels in order to give valuable inputs for product development.
•         Being able to sieve through Twitter, Facebook and WordPress feeds
•         Powerful enough to measure key metrics without being too expensive.

ROI:

When SMA tools gathered buzz and slowly became an integral part of most banking organization’s marketing and brand building plan, ROIs were not a major concern for then. Why? Because the heads of these organisations quickly realized that SMA tools was an important and crucial asset to reckon with for several years in the future. These tools, were going to empower their organizations with powerful, valuable insights about their customers, competitors, markets, brand reputation, product health etc.

Plus, using SMA tools, banks could add a distinctive human value to their brands make their brands thereby transforming them from mere institutions to “a socially engaging partner”.

This qualitative human value was and even today is far more valuable than any quantitative figures of ROI.

Shout Analytics is an innovative social media monitoring and analysis platform that enables banks to use the power of social media to understand, monitor and engage with its customers. So, if your bank needs a complete social media Analytics solution, write to us at info@shoutanalytics.com

Also, does your bank) use Social Media Analytics tools? How has it improved the bank’s overall functioning? Share your thoughts in the comments below.