Allied
Market Research adds a report titled “Global Text Analytics Market (Deployment
Model, Application, End User and Geography) - Size, Share, Global Trends,
Company Profiles, Demand, Insights, Analysis, Research, Report, Opportunities,
Segmentation and Forecast, 2013 – 2020.” The report offers incisive market data
on the global text analytics market and assist the numerous market investors to
understand the market dynamics.
The
application of Text analytics in the Banking Financial Services and Insurance
Industry would open up avenues for the market. Banking Financial Services and
Insurance (BSFI) comprise a wide range of firms that offer financial services
to numerous sectors. BSFI includes of monetary organizations such as insurance
agencies, commercial banks, mutual funds, non-banking financial companies,
cooperatives etc. The banking segment comprises Investment Banking, Corporate
Banking and Retail Banking. Banks such as Barcalys, Citygroup and HSBC
encompass wide range of banking categories. Financial Services comprises of
Mutual Funds, Non Banking Financial Companies (NBFCs) and Broking firms
.
“Analyticsprovides a new opportunity for fraud detection in the BFSI sector. An
innovative method for fraud detection is social network analysis,
which enables companies to look through a large amount of data to find
relationships between variables. Financial Institutions’ believes use of
analytics to analyze the customer drives their business. Adoption of social
media technology continues to accelerate amongst consumers,” states AMR
analyst.
“Predictive
data analytics also help in the detection of frauds in the sector. Infinity
Insurance Co. claim that with the use of predictive analytics, the success rate
of identification of frauds has increased from 50-88% and also that the time
required for investigation is reduced as these analytics have an accuracy of
about 95%,” adds the analyst.
Attensity,
a text analytics leader, has announced a solution based on analytics for Retail
Banks. Aforementioned software recognizes unknown patterns within the text of consumer
discussions and supports the monetary service companies to implement numerous types
of actionable data such as, sentiment analysis, churn analysis etc.
