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.

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“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.

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“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.