Millions of existing and potential bank customers spend a significant amount of time on social-media platforms, and banks, like other businesses, are meeting them there to interact and improve their product and service offerings. The number of banks with plans to exploit this opportunity to engage with customers is increasing, which is understandable as social media offers firms the chance to gain a granular understanding of who their customers are.
With useful data and information piling up in the financial realm, firms can use all the help they can get to more efficiently compile and employ it. Automation, which manifests itself in many forms, is a must for financial institutions. Natural language processing translates words into useful tools and applications that enable financial companies to be more compliant, profitable and sustainable and is experiencing increasing adoption in the financial industry.