Navy FCU Mines Data From Social Networking Sites

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VIENNA, Va. – Navy FCU has begun using IBM’s SPSS Modeler, which allows the $45 billion credit union to monitor changes in consumer attitudes gleaned from social networking and other sites and then use the information, merged with its internal data, to shape acquisition and retention campaigns.

The IBM software includes new semantic networks with 180 vertical taxonomies – including banking and insurance – and more than 400,000 terms, including 100,000 synonyms and thousands of brands.

"IBM business intelligence and predictive analytics software allows us to uncover greater insight into our membership and identify areas of opportunity to increase our satisfaction levels. Increasing awareness of our products and services, and also creating new offerings that meet our members' changing needs and behaviors, has led to better service and member understanding, and more strategic decision making,” said Alan Payne, manager, member research and development, for Navy Fed.

The software allows users to extract sentiment from the use of emoticons and the slang terminology that is used by customers online. The semantic network also knows that a floating rate is a mortgage loan, and variable rate mortgage and adjustable rate mortgage are synonyms.

Users can directly access text, web and survey data and integrate it into predictive models for more comprehensive recommendations and better business decisions. It uses natural language processing to allow clients to pull key concepts, opinions and categories relevant to their business from these data sources to uncover deeper customer insights.

Organizations can combine all of their structured data with textual information from documents, e-mails, call center notes, and social media sources. By incorporating text sources into modeling efforts, users can extract, discover and explore relationships between concepts and sentiments, including emoticons and slang terminology, leading to better insight to reach specific customers, constituents, employees or students at a specific time and through a specific channel.

 

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