Tuesday, February 12, 2013

Why Financial Institutions Need Business Intelligence and Analytics Tools?

Financial Institutions especially banks, stock exchange houses and wealth management enterprises or institutions broadly referred to as Banking, Financial Services and Insurance (BFSI) industries are slowly turning to social media analytics as the size of their unstructured social data grows by leaps and bounds every day.

Shout Analytics, a sophisticated big-data competent Social Media Analytics product is a viable solution for BFSI enterprises looking for a cutting edge Social Media Analytics.

Thanks to the ever increasing use and growing popularity of social media channels; that facilitate seamless sharing of information, today’s business enterprises have to deal with large streams of unstructured data. For BFSIs, this unstructured data involves both static and real-time data generated both within and outside the enterprise and primarily consists of data pouring in from the following:

  • Trading rooms,
  •  Call center logs,
  •  Sales, research and marketing reports,
  • Market pricing,
  • Newscasts,
  • Internet
  •  Ubiquitous Social media platforms.

Now, analyzing and interpreting the above mentioned data streams are crucial to the BFSIs if they want to gain actionable insights from this rich-in-information data repository. As such, the need of the hour for BFSIs is an analytics solution that guarantees in-depth, accurate and optimal analysis of large unstructured data including social data.

Challenges for BFSIs

Advancement in technology has led to an increase in the people’s use of financial services as well as simplified the process of making financial transactions. In the wake of such advancements, I believe there are certain challenges still plaguing the BFSI enterprises. These include –
  •  Detect fraud
  •  Predict stock sentiment
  •   Overhaul customer service
  •   Customize product innovation

Can Social Media Analytics tools help BFSI enterprises to overcome these challenges?

The answer is yes. Business Intelligence and Analytics tools like Shout Analytics are equipped with advanced capabilities like text analysis, predictive analysis, and sentiment analysis among others that allows BFSI institutions to address the above mentioned challenges effectively.  Here is how social media analytics tools will help BFSIs –

  • Easily detect improper or immoral practices in transactions, and find common trends in fraudulent activities using Predictive Analysis.
  • Stock prices are bound to fluctuate depending on the vibe generated in the media. Breaking news  stories can adversely affect stock market performance. Using sentiment analysis BFSIs can detect the brewing consumer sentiments on the aftermath of such impactful news stories and also predict, using predict analysis the possible outcomes.
  • Measure, monitor and manage their social reputation and to improve their customer engagement initiatives.
  • Financial organizations can track the consumers’ online conversation and can find out their actual needs and requirements. Based on this insightful knowledge channel, innovation of new products and services which are completely in-line with the consumers’ needs and requirements can be made.

This is just a sneak peek into what business intelligence and analytics tools do to BFSIs. To know more, contact info@shoutanalytics.com and see how your organization can benefit from advanced social media analytics.

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