Within one minute of the Reserve Bank’s cash rate cut this afternoon, NAB announced that it would pass on the full 25-basis-point cut on Twitter.
— NAB (@NAB) August 6, 2013
The tweet came from NAB’s corporate communications division in Docklands, Melbourne, and sparked an immediate effect in NAB’s glass-walled “Social Media Command Centre” downstairs, lighting up 60-inch wall-mounted screens with live data on the digital reaction.
This is banking customer relationship management in 2013. Whispered conversations in branches with tellers across counters seem an eon ago.
NAB established its Social Media Command Centre about six months ago, with a five-person, multi-disciplinary team that manages and monitors NAB’s LinkedIn, Twitter, Facebook and Google+ pages via customised Salesforce Radian6 cloud software.
As news of NAB’s interest rate cut spread, three of the four screens started displaying new tweets and trending keywords.
Another screen was monitoring tweets about NAB’s big four competitors – CBA, ANZ, and Westpac – which had yet to announce any rate changes until about an hour later.
Within 30 minutes of the RBA’s announcement, NAB’s tweet was retweeted 50 times – including by the Australian Labor Party – and had sparked about 150 other related tweets. The words “thanks”, “loan”, “RBA” and “rate” became increasingly common.
The same post on NAB’s Facebook page attracted close to 400 likes and 42 comments during that time. NAB has 18,290 Twitter followers and 109,695 Facebook likes.
Automatic sentiment analysis – displayed on a 60-inch screen labelled “Captain America” – reflected that the average public sentiment around “NAB” over the past seven days had gone positive following its rate cut decision, after some criticism about service outages last week.
NAB’s rate cut dropped its standard variable home loan rate to 5.88% a year. Commonwealth Bank and Westpac announced 25bp and 28bp cuts to their respective interest rates about an hour later.
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