What we know:Text Analytics
Text analytics includes a set of techniques that structure information arriving in text format. The first step is to convert the unstructured text into meaningful structured data. The structured text offers information such as the used words and their impact on the customer, the text sentiment, text structure (length, how complicated it is and so on). All such information will support business analyses and decision making.
With the understanding of the free text, it is possible to use it for campaign management as a trigger, customer service as a quality control and communication strategy guide, but also for product management by scanning communication of your competitors, and risk management to find in text important risk indicators.
TEXT ANALYTICS | Triggering Campaigns Based on Text in Money Transfers
A leading Czech bank employed ABC team to test the potential of text analytics from different sources of communication with the client. One source was the info text from money transfers, but also either text from the source and the recipient of the money transfer.
The vast amount of text samples were analyzed and models trained to find the following identified cases:
- Going for vacation: offer insurance and/or credit card
- House reconstruction
- Car purchase by entrepreneurs
- School supplies for children
- Parents with students, but without student account
- And others
These life-events were caught in text and immediately summoned to push action (call center).
The results show marginal improvement of conversion rates ranged in most cases over 1x the control group where no action was performed. For example the control group converted at 1,6%; however, the target group with push action converted at 3,6% (an increase of 125%).
For more on our competencies in the areas of Customer Value Management and how we can help you, please contact: Tomas Wolf, our Subject Matter Expert and Engagement Manager.