Predicting Trends and Measuring the Economy: Benefits of Social Data Intelligence for Banks
Unemployment and new jobs, house hunting and becoming a homeowner – all are important events and milestones during the course of a lifetime and are increasingly shared on social media. Aside from keeping friends and families up-to-date, these insights also serve another purpose: they are indicators of larger economic trends. By monitoring the conversation and structuring this mass of data according to the specific needs of different departments, banks can better understand general economic trends. It also enables them to segment their prospects into different groups, categorize their needs and identify which products are best suited for those groups.
With this structured social data, banks can uncover actionable insights. They can then make data-driven, well-founded and better-informed strategic decisions for their business.
Here at Talkwalker we've put together a new How-to guide, explaining how banks can benefit and leverage from social data intelligence.
1. Monitor overall economic trends
Monitoring the overall conversation about certain topics is an easy way for banks to gain insights into how people feel about current developments. To spot economic trends early on, there are several topics banks can and should keep an eye on and treat as important economic indicators. One example is the housing market – are there more people looking to sell than looking to buy? This can indicate economic trouble. The same goes for increased mentions of unemployment or job searches. If the volume of such conversations increases significantly, banks should be sure to keep an even c