The article I read was titled “Banks Looking to Cash in by Mining Social Data”, by Mindy Powers. This article was published in www.forbes.com under century link voice on May 14th 2013. I have summarized the article below to the best of my understanding of the article.
These days the social data are being viewed as more than getting together with friends and family. Financial institution, small retailers and small retailers are more into the social data so that they can understand their customer pattern or behavior of spending. The article explains that many organizations are in the cut competitions these days and to remain further on the competition they are using large sets of data to analyze and understand their customer so that they can remain ahead of their competitors. The banking industry is one of the heaviest users of data so that it can understand its customer and do business with them accordingly. We all know that banking industries provides us financial helps like credit cards, loans, payment mortgage and many more. These financial institutions are using these big data to understand the aspects of the customer relationship through their website visits, call to the call centers recording and transactions records. However according to the article it looks like these information are not enough for the financial institutions that they are starting to collect news, images, videos and social media data to create an appropriate profiles for their customer. The simple reason behind creating these accurate customer profiles is that more the institution knows about the customers, more they can tailor solutions to meet them. That is why James Gifas, in the article says “Mining data tells us what the customer wants, not what we think they want”. Very true statement because if they analyze the customer data they can spot any customer problems and improve it, providing best customer service and satisfaction. Not only satisfaction for the new customer this gives an opportunity to bring in some new customers by exploring the profiles and marketing the products and