by. Brandon Bogler
Industry experts are expecting financial institutions (FIs) to innovate in 2014 by launching new products and services in various categories. These categories include mobile payments, mobile wallets, personal financial management tools, photo bill pay and Drive-to-Digital campaigns, to name a few.
Of course, it’s critical for an FI’s product strategy to include a mix of innovation and improvement. FI leaders should be sure to keep an eye on existing products, specifically on how they are being received by their target audience. This is where data analytics can play a significant role. Analytics not only improves product development, it also aids in the continuous improvement and marketing of existing products.
The excerpt below, from a recent Credit Union Insight article authored by TMG’s partner IQR Consulting, focuses on using sentiment analysis. The piece demonstrates the importance of continuing to improve, even as you innovate. In this particular case, the featured FI was interested in monitoring the reaction to a recently launched credit card product.
“… the issuer wanted to understand how its card was being received by the target audience. That audience consisted of frequent international business travelers who stay in hotels and have the option to earn points for personal use. In addition, the issuer hoped to pinpoint which aspects of the card garnered the most favor, and conversely, which generated negative impressions among online influencers.continue reading »