text analytics

Financial technology has sparked a global wave of companies rethinking how people make and receive payments. These fintech providers have a unique challenge in that they have to satisfy a diverse range of target audiences. They need to motivate consumers to use their app for P2P payments. But these fintechs are also at the mercy of retailers, payment networks and financial institutions that touch the transaction throughout the journey.

With so many factors to monitor, it’s increasingly difficult for payment companies to know how to improve the customer experience. But simplifying CX is key to differentiating, because these days, simple wins.  What can fintechs do?

Unlock the power of unstructured data. Payment companies have massive amounts of data flowing through their systems that is easily classified and quantified. Mining transaction and customer data can uncover insights to better understand user behavior. And for a deeper dive, text analytics can help inform product development, identify customer pain points, and reveal ways to stand out.

Think about all that text-based data available from customer comments in social media, support forums, call center notes, chat sessions, complaints, and in-app feedback. While analyzing a seemingly endless sea of data may seem daunting, with the right strategy and tools, it becomes simpler and well worth the effort.

Four powerful strategies for using unstructured text data

1 – Improve customer experience and marketing effectiveness.

Unstructured data, such as social media comments, helps gain insight into what consumers like and don’t like about the brand, products and service. By measuring and tracking sentiment, executives can then target what to fix, what features to offer, and which prospects to engage for the best results.

2 – Reduce response time and improve issue resolution.

By closely analyzing customer comments, the business can quickly identify pain points and spot emerging issues for taking targeted action to improve customer experience.

3 – Accelerate productivity and innovation.

Many companies have more “big data” than they realize. Yet to reap the business value, it takes a strategic, systematic program to ensure staff can easily access, manipulate, and learn from the data.

According to a study by the University of Texas, Fortune 1000 companies could gain $2 billion a year in employee productivity by increasing usability of their data by 10%. Companies can accelerate innovation by mining unstructured data to better understand customer preferences and discover unmet needs and market gaps, important prerequisites for differentiating the brand.

4 – Enhance fraud detection.

With every new payment platform comes new opportunities for fraud. How do you tell the difference between fraudulent transactions and legitimate ones? Text analytics and predictive analytics can be combined to help identify patterns of fraud. With advanced analytics, legit transactions can be handled seamlessly, while suspicious items can be flagged for closer scrutiny.

The more unstructured text data a company can collect, the greater the opportunities for the business. With the right approach, fintech payment providers can leverage data science and text analytics to transform their customer experience, reduce fraudulent transactions, and use analytics to make their business more successful.