June 1, 2011 – Most banks are still formulating their overall social media strategies. But many are nonetheless monitoring and archiving customer postings they say will inevitably inform the development of predictive models, which they'll apply to social media to increase revenues, as well as improve customer service.
Bank of the West, for instance, has started to build social media models to increase new account openings, expand product additions and enhance services. The next step for the San Francisco-based bank is to optimize specific, targeted offerings aimed at high sales conversions by more precisely discerning the value of social networked connections between the bank and its customers. The firm wants to build models that can take advantage of any sweet spots where opportunities are easily converted to revenues.
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