Nordea Bank is one of the biggest banks in Nordic region. Currently, Nordea is serving approximately 10 million household customers and 0.5 million corporate and institutional customers throughout 16 countries with the headquarter located in Stockholm, Sweden.
Nordea offers banking and financial consultation services in 4 different business areas: Personal Banking, Commercial & Business Banking, Wholesale Banking and Wealth Management (savings and investment plans).
In Finland, Nordea runs its business as Nordea Bank AB (publ), Finnish Branch, with numerous offices across the country.
Sampsa Laine, currently the Executive Vice President and Head of Business Banking in Finland, has over 20 years of experience from the financial services industries and has worked previously at Danske Bank, Sampo Bank, Mandutum Securities, and Alfred Berg.
Kia Lund, currently Management Support Officer in Business Banking Finland, has over 6 years’ experience in Nordea from different positions. At the moment she is mainly responsible for core partnerships in Business Banking Finland and in developing and coordinating corporate segments external and internal communication.
Nordea had noticed a gap in the social media data gathering and analysis within Business Banking. Although active in social media, they had not been actively analysing statistics in their social media activities and how they could learn and utilize the data that can be gathered. They lacked knowledge on how their social media activities were impacting their customers and how they ranked compared to their competition.
“We noticed a gap, and we wanted to try something agile and customer & employee friendly approach to fill the gap.” – Kia Lund.
InsightsAtlas had the most advanced technology behind the analytics. Combining human intelligence with computer technology, the service was able to interpret complicated data most accurately, even if conversations included images and videos, along with sarcastic and ironic comments. Getting inaccurate statistics and sentiment analysis would have been detrimental to Nordea, which has one of the finest reputation in banking sector in Finland. Knowing the correct “tone of voice” of their customers was of high priority.
Being able to do benchmarking against competitors was also important to Nordea. With InsightsAtlas, Nordea can see at one glance, how much more brand awareness their competitors are getting on what topics, and adjust their own communication strategy to stay ahead of the curve.
Nordea is using other analytics tools as well, but they have increased the usage of InsightsAtlas more and more because they consider working with InsightsAtlas as a partnership and joint effort, instead of being provided just a tool and being left alone to figure it out all yourself.
“Customer-centric approach that InsightsAtlas had from the beginning towards us added great value and their agile and advanced method stood out from other companies.” – Kia Lund
Some of the core benefits and values that Nordea gets from InsightsAtlas:
- Includes a strong service element
- It can be tailored and customized for different needs within the organization, instead of it being a ready-made, packaged tool
- Accurate sentiment analysis of customer’s voice – positive, neutral, or negative tone (after deleting the irrelevant posts)
- Concrete (vs. abstract) information on how social media activities impact their customers and the company
- Saves costs and resources by having analytics provided as a service instead of a tool including ready-made reports and valid data
- Deepening the understanding of social media data and analytics with clear and easy to use dashboard
By working together with InsightsAtlas, Nordea has been able to empower their own employees, for instance, to post their own comments about Nordea news instead of just retweeting the corporate posts. In addition, the overall usage and utilization of social media has increased. Instead of being generic with one-size fits all tactic, their message is now more focused, with more understanding on what works, in which channels, and with whom they should be connected to get bigger impact in social media. Most importantly the overall interest to be part of social media has become more important, relevant and most of all interesting.
“We now understand better what kind of unutilized opportunities we have in social media and what should be analysed and what adds value.” – Kia Lund.