Introduction
Santander is a global banking and financial services company based in Spain. It is one of the largest banks in Europe and has a significant presence worldwide. Santander offers a wide range of financial products and services to individuals, businesses, and institutions.
RILA GLOBAL CONSULTING is a next-generation consultancy using social listening to power, grow and educate brands. RILA is recognized by Fortune500 customers, international agencies, and industry experts as the leader in Social Media Research and Business Intelligence.
Objectives
Santander sought to optimize its services, identify market opportunities, and stay ahead of the curve in the age of digitalization The goal was to explore consumer conversations surrounding money transfers and understand the behavior and preferences related to major players such as PayPal, Amazon Pay, and TransferWise.
Challenge
Santander recognized the need to proactively understand consumer behavior and preferences within the context of money transfers. The rise of digital platforms and non-banking competitors added complexity to the landscape, demanding a comprehensive understanding of the market.
Solution
RILA's team devised a meticulous data-driven approach, leveraging various online sources like social media, forums, and review websites. An in-depth analysis was conducted on the collected data, allowing for the identification of specific pain points and areas for product improvement. Santander's customers' comments and feedback were considered to deeply understand their needs, expectations, and preferences. This data-driven approach provided a holistic view of the customer journey, enabling RILA to advise Santander on effective strategies for enhancing services and exploring new markets.
Outcome
The insights derived from the data analysis played a crucial role in the development and delivery of Santander's overall service strategy. RILA's recommendations on market penetration opportunities ensured that the launch of Santander's services surpassed consumer expectations in different markets. This strategic advantage helped Santander outperform competitors and maintain relevance in a rapidly evolving industry.
Results
By leveraging RILA's data-driven approach, Santander gained valuable insights that drove informed decision-making and prioritization of areas for improvement. These actionable insights enabled Santander to identify new market opportunities and effectively engage with new customers. As a result, Santander experienced a significant increase in market share and overall growth, solidifying its position as a leading player in the banking sector.
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