Financial technology has been venturing into foreign territory with new technology and applications to send and receive payments. The challenge is unique on both ends of the transaction. Predictive Analysis World brought this interesting information to our attention in their article, “Hey FinTech, What’s Your Strategy for Leveraging Unstructured Data?”
Customer experience is more important than ever as a means of differentiation. Face it, you immediately thought of Paypal, but there are so many new providers on the scene now, especially mobile providers. Many have developed algorithms to mine transaction and customer data, with the aim of better understanding user behavior. These algorithms use structured data because it is easily classified and quantified.
Considering 80% of all data is typically unstructured, analyzing a seemingly endless sea of data may seem daunting, but it is valuable. Unstructured data, like social media comments, provides insight into what consumers like and don’t like about the brand, products and service. Analyzing customer comments can quickly identify problems where service recovery is needed.
There are many more benefits to analyzing unstructured data, so don’t write it off as too cumbersome to be worth the time investment.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.