Tag Archive : Sentiment Analysis

/ Sentiment Analysis

ata Analytics and AI the future of hassle-free Banking services

In an era of machines and Artificial Intelligence, the traditional form of banking has taken the back seat, when compared with tech-savvy Fintech players of the industry who are keen to adapt latest technologies to keep up.

As per market experts, it goes without saying that AI will empower Banking Services, redefining operations by innovating products and services beyond the conventional norm. This eventually perks up customer experiences. Leveraging advanced technologies, human workers will be replaced with sophisticated algorithms.

Such a competitive edge can only be achieved by banking corporations by embracing AI and weaving it into strategic business decisions for maximum profits. 

AI can double Business Profits

AI professionals quote; there are three primary ways the introduction of AI in the Banking Sector can shoot business profits.

Here they go:

  • Enhancing contemporary Profits and Loss levers
  • Identifying new growth patterns
  • Delivering the Digital bank

But the question is: How AI can achieve this objective? The answer to it is by:

AI in the Banking Sector can shoot business profits
AI in the Banking Sector can shoot business profits
  • Profiling and Customer Segmentation– Being aware of the financial profile of all the customers helps banks to jack up the expenditure and income for next month, and maximize revenue.
  • Customer Spending Pattern Analysis- Typically, banks have adequate data about a customer’s flow of income every month, net savings and utility expenses. With the help of this model, banks can conduct a risk assessment, loan screening, cross selling of financial products, and mortgage evaluation.
  • Evaluating Creditworthiness- Determining whether an individual is likely to be a defaulter and estimating the amount that can be offered to him/her.
  • Transaction Channel Identification- With the help of AI, banks can determine if a customer is likely to keep or withdraw money on payday. The latter customers can be pitched for short-term investments.

All the above-mentioned objectives have one thing in common- SPIN Strategy AI Models.

SPIN’s AI models are banking Operation-Focused

At SPIN, we provide a range of AI and ML learning tools for a host of operational applications for financial institutions. Such tools include:

1. Risk assessment, compliance & reporting 

Comprehends the spending pattern and analyzes previous credit history to assess the risk of issuing a loan to a customer.

2. Sentiment Analysis: 

Customer view and market rumors play a significant role in business, and with NLP it is easy to comprehend customer sentiment and its impact on the enterprise.

3. Propensity Modeling

Uses historical data to make business predictions by directing consumers to the right messages and website locations.

If that’s not all, here are a few factors to conclude the fact that SPIN  Models are a boon for the banking sector.

SPIN’s AI models are banking Operation-Focused
SPIN’s AI models are banking Operation-Focused

Read More for Related Blogs: 

Artificial Intelligence – Leading the way towards global development!

SPIN for Banking Services: Here is why

  1. Communication: We keep our customers in the loop with necessary and crisp data, perfecting the art of delivering the right solution to the right clients at the right time.
  2. Minimal expenses: No fluctuating invoice rates for our clients. We maintain a simple flat monthly rate.
  3. Rate: Simple monthly pricing for your business requirements at easy rates.
  4. Experience:  Maintaining optimum performance standards, our experts use AI-models for Data Integration, Conversion Optimization, Data Analysis, etc.
  5. Data Integration: We combine data from multiple digital marketing platforms to prepare customized reports to generate a holistic understanding of your brand’s ROI and growth.
  6. Predict Churn: Using AI and ML, SPIN identifies segments of the customer base who are about to leave you for your competitor brand.

The result of using SPIN AI Models for Banking Decisions- Improved decision making for credit and loans.

SPIN AI Models for Banking Decisions
SPIN AI Models for Banking Decisions

Here is a real-life scenario- Case Study

The Client-  The client offers financial services and technical support in a bid to increase productivity, boost innovation, and add economic integration. 

The Issue– The bank officials have diverse knowledge on various topics, and have shaped themselves as SMEs of certain topics. They share their knowledge from different geographical locations. The client wanted a single integrated knowledge management platform for individuals to reach out to these SMEs for a certain project in hand.

The Solution- SPIN worked with the client to deploy a cognitive computing application that would include a virtual agent to comprehend Natural Language request inputs and utilizes cognitive deductions to answer the queries.

In a bid to simulate human-like conversations between the systems and the users, SPIN leveraged Advanced Text Analytics including entity extraction, keyword extraction, emotion analysis, sentiment analysis, etc. 

The Result- The bank now has the faith that productivity across the globe will hit the roof due to the easy availability of SMEs. This will boost operational efficiency by 30%-40% and expand cross-broader collaboration and employee management too.

To conclude with

We are more than happy to help Banking Organizations with AI and Data Analytics services. Guaranteeing a solution that caters to clients’ needs and budget, at SPIN we ensure to provide excellent value for businesses. 

For more info, visit: https://www.spinanalyticsandstrategy.com/

Read More for Related Blogs: 

Is joining hands with Big Data Analytics the only route for Cyber Security programs?

Sentiment Analysis

In a competitive era, when every industry is trying to reach the pinnacle of success, the healthcare industry too is picking up the pace with enhanced and exceptional Patient Experience

Be it the hospitals, nursing homes, physician practices or healthcare systems, all are laying special emphasis on Patient Satisfaction. Period.

Only healthcare facilities equipped with improved functionality and better convenience, providing whatever modern consumers look forward to, are emerging as the true leaders in the healthcare domain. 

Since patients these days are far more particular than before and have ample options to choose from, it is imperative for healthcare services to be proactive in roping in and hanging on to patients.

And Sentiment Analysis is one of the best ways to do it. 

To start of with Sentiment Analysis

Have you ever wondered what the feedback of your patients is once they leave your medical facility? 

Enters, SPIN NuInsights Model, with its Sentiment Analysis Application that can gather authentic patient feedback and transform them into reports and intuitive charts to help you draw a conclusion where the medical services are lacking or pleasing.

In tune with it, examining trends for different human emotions like sadness, anger, joy, disappointment, etc. by NuInsights Sentiment Analysis Model enlightens a healthcare provider about the present status of patient care services and the areas of improvement.

To cut the long story short, we want to endow healthcare providers with the tool and cutting-edge analytics (known as Sentiment Analysis application) that can nourish and boost their relationship with patients.

So what is Patient Sentiment Analysis?

Simply put, the process of evaluating and analyzing feedback from the patient’s experience (typically based on emotions at the time) is termed as Sentiment Analysis.

Unraveling of opinions, emotions, and reactions of patients based on the practice they just experienced is one of the biggest Sentiment Analysis benefits.

Add to it, such a form of analysis empowers healthcare caregivers with a competitive edge, revamping their service based on the feedback shared.

Furthermore, SPIN’s Sentiment Analysis Application can also be used to observe the texts or comments by patients and their overall experience in the facility, shared on Twitter, Facebook,LinkedIn and other popular online platforms.

The Significance of Patient Sentiment Analysis for Healthcare firms

It enables caregivers to evaluate the genuine notion of patients for them, figure out the gaps in patient experience, and employ corrective measures on time.

Here are a few pointers to support the above statement:

1. Accumulating data on patient experience

Patient satisfaction is the key for healthcare organizations to prosper and Nu Insights’ Sentiment Analysis Application excels in it. 

It analyzes the data accumulated from multiple common complaints or compliments, segment the data based on doctors and other parameters to spot the opportunities for patient care improvement.

2  Measuring performance 

Such analysis takes into consideration the emotions of patients to derive a conclusion about the performance of a medical facility. 

Such analysis classifies patient comments into various categories like places, processes, people, etc., and then gives them scores to uncover what patients actually feel about the facility services.

For instance, Nu Insights Sentiment Analysis model analyses the frequency of words used by the patients and selects only the most used words left in the comments. 

Here are a few examples:

  • We waited in the queue for a long time (Negative feedback)
  • Good staff and less waiting time (Positive)
  • Nice services but certain aspects need to improve(Neutral)

Based on the above such comments from patients, the Nu Insights Model determines whether the healthcare practice has any scope for improvement or it is going downhill.

Benefits

  • Insights into the performance of a healthcare facility are one of the biggest benefits of Sentiment Analysis. The evaluation of collected data gives a clear picture of what patients actually expect from your practice, how are your employees seen, and other aspects of the management.
  • Generating authentic and quantifiable data regarding the staff about their performance motivates employees to do better in the future. In case of negative comments, the gaps can be fulfilled by the staff. The bottom line is, as long as employees are motivated and get proper feedback for their hard work, patient care is bound to improve.

How Nu Insights Uses ML for Sentiment Analysis

Nu Insights’ Sentiment Analysis model can give you a clear idea of what patients are thinking about your practice by gathering feedback from various locations and using ML to analyze and use the data to make charts and reports.

Here is an example, how our Nu Insights’ Sentiment Analysis model applies to healthcare business scenarios.

A leading hospital chain in the US witnessed declining patient satisfaction to a significant level and wanted to incorporate the latest ML and Analytics trends to comprehend what opinions patients had about the facility. 

In this regard, effectively using Advanced Analytics to understand the root cause of the issue and creating a mechanism to track the same in a bid to timely correct customer satisfaction was the primary approach of SPIN.

 Scenario

With multiple facilities operating under the hospital chain, proper tracking and standardization of its operation became quite challenging and difficult. With an alarming fall of patient satisfaction leading to higher attrition, management decided to get to the bottom of the issue and address it.

Challenges

  • Removing unstructured data from different platforms
  • Same comments on different platforms
  • Determining fake reviews

Solution

Patient comments and reviews shared across different platforms like social media, review forms, blogs hospital websites were accumulated and were filtered for clarity, authenticity, and relevance. Then these comments were subjected to NLP for further filtration.

Results

The gaps that required quick attention were spotted and quick changes were applied in the operations, leading to enhanced customer satisfaction. Not only best practices for business were determined and standardized, the weekly tracking of the facility operations was also streamlined.

To improve healthcare, Sentiment Analysis is needed

Patient satisfaction takes the front seat when it comes to measuring the achievement of your healthcare practice and is always the primary focal point of any marketing campaign.

For marketing campaigns to prosper and reap necessary results, physicians, health centers and healthcare facilities can use Sentiment Analysis to take their clinical services to the next level, by analyzing the exact expectation of patients.

At SPIN, our healthcare marketing strategies are integrated with programs that boost patient experience significantly.

After all, it is a satisfied patient eventually lead to an increase in revenue.