While the financial industry often focuses on numbers, it’s important to thoroughly analyze text data as well. In fact, the International Data Corporation estimates that fewer than 1% of data ever becomes analyzed. Considering that, text mining is often utilized in order to bridge this huge gap of missing information. If you really want to find actionable insights concerning your business, it’s wise to consider utilizing the power of unstructured data extraction tools. With that in mind, here are three ways unstructured data extraction software benefits the banking industry.
- Analyzing Customer Feedback on Social Media
Statistics gathered from the International Data Corporation found that the amount of data within the digital universe is expected to reach over 40 ZB by the year 2020. Considering that, it’s important that a business has a method of being able to utilize this data to its advantage. One of the most important ways that text mining can help a business is through providing accurate insights across a broad range of data. With that in mind, the popularity of social media means that data is constantly being generated on these platforms. Utilizing unstructured data extraction tools can help find any and all instance of someone writing about your banking company through social media. Finding this data helps a bank learn what they’re doing right and what could use improvement.
- Pooling Data From Multiple Types of Software
Many banking establishments often have to record information in multiple programs. If the banking organization you work for stores data in numerous programs, it’s certainly wise to analyze this data by using unstructured data extraction tools. These tools can help search for and locate any potential trends or alarming changes that demand attention.
- Managing Small Problems Before They Grow Out of Control
It’s important for a bank to continue to make changes in order to keep customers satisfied. Unfortunately, there are times when these changes are universally hated by your customer base. Whether it’s a small policy change or a program update, it’s important to immediately find out the root cause of negative online feedback. Unstructured data extraction tools are able to mine data from various internet sources, helping your company find and put an end to any situation that causes frustrated customers.
In conclusion, there are several ways that unstructured data extraction tools can be used within the banking industry. These tools can analyze mentions of a bank throughout various social media channels. You’ll also find that unstructured data extraction tools work well for pooling and analyzing data spread throughout multiple programs or computer systems. Many banking institutions find that unstructured data extraction tools help them to learn about public feedback regarding recent company updates. If you’re wanting to change the way your bank does business, it’s wise to start looking into the vast possibilities associated with collecting and analyzing unstructured data.