Temenos has launched a solution for social media monitoring. SocialComply enables financial services (FS) firms to use analytics to monitor social media channels and to engage more actively with their audience on Twitter, Facebook and other channels, although whether banks really want to know about some of the comments about them in the ether is debatable.
Nevertheless for the younger generation of retail bank customers social media is a prime communication tool and word of mouth recommendations there can lead to significant business for banks that understand the medium. According to research from Cicero last year entitled ‘Made in Heaven or Marriage from Hell?’ social media is still an underutilised channel for banks with the report claiming to show that nearly 60% of those working in FS believe the industry has not yet been effective in utilising it. One in ten said their firm doesn’t use social media at all.
Temenos claims that if social media is not monitored and controlled, with tools such as its new SocialComply analytics tools deployed, then a bank’s reputation is at risk on twitter, facebook and other platforms – a point perhaps borne out by the furious response to the week-long collapse of RBS’ retail banking platform last year.
Stopping these damaging reputational attacks is nigh-on impossible, but monitoring them is easy enough with sophisticated ‘big data’ analytics software and dissatisfied customers can sometimes - only sometimes - be turned into satisfied with targeted discounts and other rewards.
SocialComply has a number of features that enable FS firms to monitor what is being said in real-time, across social media networks, and to engage actively with their audience in this way. The tools, and claimed benefits, include:
• Reporting: SocialComply reports offers feedback and snapshot data to users, enabling them to track customer satisfaction or otherwise and make quick business decisions.
• Sales and marketing: comprehensive sales and marketing functionality is available as part of the SocialComply analytics solution, claims Temenos. For example, marketing messages can be created by multiple contributors across a bank and checked, edited and posted by communications teams before ‘one key stroke’ dissemination across a variety of social media sites and groups.
• Internet and social archiving: capturing and permanently archiving of all internet and social networking data is possible, helping to achieve verifiable compliance and audit trails.
• Intelligent monitoring: enabling the management and mitigation of reputational risk by monitoring relevant content and discussions posted via the internet and social networking sites.
• Automated compliance oversight and resolution: this allows compliance officers to efficiently supervise content flowing through sales and marketing channels onto public social networks, including complete internet searching in addition to social sites.
• Analytics: detailed information about followers, such as location, length of time as follower, level of activity, which can help firms to manage follow-up actions and gauge the effectiveness of their social media activities.