SOURCE: Sprinklr

Sprinklr

October 01, 2013 09:30 ET

Sprinklr's Social Relationship Infrastructure Named a "Best-in-Class" Solution for Retail Banks

Platform Receives Strong Scores Across All Four Categories in CEB TowerGroup's Latest Technology Assessment

NEW YORK, NY--(Marketwired - Oct 1, 2013) - Sprinklr, the leading provider of Social Relationship Infrastructure (SRI) for the enterprise, today announced its ranking as a "Best-in-Class" solution for retail banks to manage social initiatives. The CEB TowerGroup report combined qualitative and quantitative data from interviews with industry experts, financial institutions and vendors for its analysis of social networking management solutions.

The CEB TowerGroup report rated Sprinklr as a "Best-in-Class" solution across all four categories: customer interaction tools, monitoring tools, enterprise operations, and enterprise support. It notes that one of the most robust features of Sprinklr's SRI is its security which is set up in roles that could include legal, marketing, and PR providing audit trails and tiered approval processes to ensure that banks remain compliant with associated regulations. CEB TowerGroup specifically highlights Sprinklr's Social Media Analytics, Routing and Prioritization and Profile Tagging features.

"Many financial institutions are wary of social media because of the reputational risk in opening a platform for customer comments," said Nicole Sturgill, Research Director, Retail Banking, CEB TowerGroup. "However, our research shows that bank customers like to use social media to talk about their banks in positive ways, including almost one-quarter of users recommending their bank through social networking platforms. These conversations are happening whether banks are involved or not. Leading banks are gaining a competitive advantage by driving the conversation."

Key points from the study:

  • 29 percent of consumers like when others share their positive banking experiences
  • Only 13 percent express frustrations regarding their banking experience via social media
  • 65 percent of retail banks are planning on replacing or adopting social networking management technology
  • North American firms will invest heavily in social networking management technology
  • CEB TowerGroup expects that over the next five years, there will be a massive shift in the industry towards investing in social networking management solutions with a global CAGR of 19.1 percent through 2017
  • North America will see the highest growth with a 22.7 percent CAGR

"Large retail banks have three major constraints -- strict industry regulations, shareholders and increasingly social customers -- that make engaging with their community across channels very challenging," said Ragy Thomas, founder and CEO, Sprinklr. "By developing a single, Social Relationship Infrastructure, we're helping large enterprises unify and streamline their governance, monitoring, interaction and support operations to deliver consistent and relevant experiences at every brand touch point. This 'Best-in-Class' recognition reflects our dedication to facilitating the process for the largest brands to become Social@Scale." 

The adjustments retail banks must make to effectively be social while maintaining regulatory compliance are immense. By deploying a comprehensive Social Relationship Infrastructure such as Sprinklr, visionary financial institutions can work across functional and divisional silos to successfully become Social@Scale.

About Sprinklr
Sprinklr's Social Relationship Infrastructure (SRI) helps visionary companies -- the largest brands in the world -- stay relevant at every social touch point. Called the "most capable for large enterprises" by the Altimeter Group and "the most powerful technology on the market" by Forrester Research, Sprinklr offers global enterprises a complete Social Relationship Infrastructure. Founded in 2009, Sprinklr serves the world's most social, global brands including Intel, Virgin America, Microsoft, Cisco, IHG, Hearst Digital and more than 270 others. The company is based in New York with a presence in more than 15 US cities, Delhi, and Bangalore. Visit www.sprinklr.com / https://twitter.com/Sprinklr.

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Technology Assessment Disclaimer
CEB does not endorse any vendor, product or service depicted in our CEB TowerGroup publications and does not advise technology users to select only those vendors rated "best in class." CEB TowerGroup research publications consist of the opinions of CEB TowerGroup's analysts and should not be construed as statements of fact. CEB disclaims all warranties, expresses or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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