For a banking organization, we developed an interactive tool that performs social media data analysis to facilitate marketing activities by understanding audience interests, social group affiliation, demographics, etc. The solution enabled the bank to provide discounts and offers to increase loyalty and decrease churn.
How Artificial Intelligence can help Social Media Analytics | AI in Social Media Data Analysis
Summary
Challenge
The customer is a European bank serving hundreds of thousands of customers. To decrease churn and improve loyalty to its brand, the customer wanted us to develop a solution that would enable understanding of their clients, their interests, social status, etc. Based on this, the goal was to:
- Provide discounts and offers within a particular category, e.g., car credit or additional Visa card
- Provide offers from partners, e.g., cruises for those who like travel or sports equipment for people who enjoy sports
- Understand the audience for designing service packages, e.g., online service for young people
- Detect brand ambassadors in order to encourage them to promote new services
Solution by AI Superior
Based on customer requirements, we developed an analytical module and an interactive tool that allows us to extract and analyze insights obtained from social media data, visualize them and repre-sent them in a consumable form. Within this effort, we developed the following analytical modules:
- Audience interests extractor
- Social groups affiliation estimator
- The social class-based segmentation module
- Geography-based clustering module
Outcome and Implications
The developed data science based solution allowed the customer to interactively explore its audience and provide relevant offers and discounts that resulted in increased loyalty and decreased churn. According to customer feedback, the developed system allowed them to retain most clients that were previously going to churn.
