Social media initiatives futile without contributing to enterprise value
Big Data and social media are among the top technology trends in banking today but can banks create value out of it? May 10, 2013 | Levina LimAt The Asian Banker Summit Technology Decision Makers Conference 2013 in Jakarta, the session, “Furthering the Technology Journey”, identified four top trends: mobile, social media, Big Data and the cloud, which are increasingly evolving into strategic priorities for banks today. While the case for investments in mobile banking is strong due to a more direct link between investment and return, smaller domestic banks are still cautious about investing in social media and Big Data. This is due to the difficulty of measuring returns from investments in social media and applying them in ways that are practical and profitable to banks. Social media and Big Data are areas long talked about as a potential gold mine for analytics - as long as organisations are able to find a way to tap into the wealth of data and make use of it by turning the unstructured data into structured data. “People talk about social media and the value of social media, but at the end of the day, that’s almost meaningless unless you can link it to the overall business or enterprise value,” said Paul Alexander, CEO of Beyond Analysis. The retail analytics company was entrusted with better segmenting and analysing customer behavior in the OCBC-Robinsons Card Program, incorporating retail insights into OCBC’s banking activities. OCBC Bank won the best Customer Relationship Management award at The Asian Banker Excellence in Financial Services International Awards 2013. Today, many financial institutions have Facebook accounts and tap into Twitter as a means to better engage their customers and capture their opinions and scout for possible untapped opportunities. With an average of over 150 million tweets per day, Twitter does seem to hold potential. A team at the University of California once created a computer model which scans user tweets on Twitter, claiming that it would help predict the traded volume and value of a stock the following day with 11% mo... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Customer Centricity, Data & Analytics, Data Management, Innovation, Technology & OperationsCustomer Centricity,Data & Analytics,Data Management,Innovation,technology, Customer Centricity,Data & Analytics,Data Management,Innovation,Technology & Operations, Keywords:Asian Banker Summit 2013, Big Data, Sentiment Analysis, OCBC, Robinsons, Thomson Reuters, Beyond Analysis, Paul Alexander Asian Banker Summit 2013, Big Data, Sentiment Analysis, OCBC, Robinsons, Thomson Reuters, Beyond Analysis, Paul Alexander
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