We are all in banks. Data, glass and financial
Everything changes: generations, perceptions, methodologies. Even conservative English financial institutions. About this below, and as an example we start with two flash mobs: “ for adults ” (photos from the 90s) and the answer for “boys” (“scream”).
When you look at the billions of public shouts of millions of people, you realize how predictable and social we are. Bored “ pre- pensioners ” started a long flash mob “When we were young” (share photos from the 90s) in social networks, to which generation Y responded in its spirit: it caught fire and went out.
Psychologists reason about the causes and consequences, for this material two graphs are enough, showing the difference in velocities of generational explosions and attenuations:
')
Photos from the 90s:
"Scream":
Significant, isn't it? And now the translation of the article, as the Bank of England uses the analysis of social media data banks for pumping people’s finances from glass jars with cash to financial non-cash banks.
It should be noted that:
How the Bank of England predicts economic trends through social media analysis
( source )
In 2014, the Bank of England hired Paul Robinson, a former senior currency analyst at Barclays, to manage a fundamentally new data processing unit for analyzing long-term financial and economic risks. The task of Paul is to “marry” the results of the structure headed with financial analysis data, the stability of the markets in the areas of the bank’s activities, thus improving the quality of financial information for bank management.
We have previously considered the issue of forecasting economic trends based on the statements of people in social networks, so we are interested in a real example of monitoring social media in the financial sector.
Talkwalker was able to get in touch with Paul, who kindly shared with us his thoughts on how the bank uses social media analysis systems.
Social media has become an important topic for all branches of human activity.
What was the motivation of the Bank of England in analyzing data from social media?
There are three main reasons why you should follow social networks. First of all, social media has become a far more important source about society than, for example, 15 years ago. People discuss all aspects of their life on Twitter and other networks, which gives us important information about future economic development. Secondly, in recent years technology has made a big step forward, both in terms of social networks and in terms of monitoring tools. And finally, the responsibility of the Bank of England has become much broader, as we are now also responsible not only for banking and insurance regulation, but also for other, much more extensive financial aspects in society.
What is the monitoring and analytics department at the Bank of England? Do you already have your own team
c internal analysis system, or do you have some more specialized approach?
We want to know how much social media influence economic development and how much it is reflected in them. If, for example, we can find out how many people are interested in or discuss the issue of unemployment benefits, then this can help us make a prediction where the economy is heading.
There are such things that it is impossible to completely close the software solutions. For example, an automatic analysis of tonality must be verified by a person, since computers cannot recognize certain speech patterns, such as sarcasm.
What tools do you use to monitor social media?
If we talk about the means, then we use in combination both some internal solutions and various sets of programs that we use for different purposes. We realized that different tools have their own advantages and disadvantages, and each tool has its own specific scope. Since we are interested in a broad understanding of the state of the economy, the constant updating of our monitoring tools helps us not to miss anything that people say online.
Regarding the results of monitoring, we have created a special mechanism that groups various topics in accordance
with the needs of our departments.
How is your overall impression? Are you completely satisfied with the reliability
and the effectiveness of the data obtained?
I would say that it strongly depends on what exactly we are looking for. I also noticed that if we approach the topic with a positive attitude of people, we usually get significantly better results. In terms of economics, there are three groups of topics that we want to understand. First of all, we need an objective point of view on what influences the market. Then, of course, it is important for us to know what is happening with the financial system itself in order to more accurately predict trends. Finally, we do thematic analytics on current events that seriously affect the economy.
Obviously, we need an integrated approach in which we can “listen” to people. Although monitoring social media helps us a lot, we rely on it as part of a wider analysis of sources, which helps us to create a clear picture of what drives people at any given moment. Social media monitoring is a key part of this process.
In connection with the ever-increasing number of people who share their thoughts in social media, the use of centralized platforms for research of social networks becomes necessary. Development is needed - from simple monitoring of social media to full-fledged collection and deep analytics of social data.
People share their emotions and thoughts in the social media. In the current state of affairs, social media is the largest focus group of the Earth. Therefore, for banks and financial organizations, social data is an excellent source of information about the thoughts and opinions of people, their impact on economic development.
========
Our practical advice : do not hesitate to speak out about the quality of services provided by banks, insurance companies, government agencies, telecom operators, telephone, car and pans manufacturers - we confirm responsibly, more and more business and government structures are listening attentively and starting to react (including through social networks). In the first half of 2015, half of Brand Analytics customers moved from the " pure monitoring and analytics " phase to the active phase of responses and responses.
Speak and they will hear you! :-)
When you look at the billions of public shouts of millions of people, you realize how predictable and social we are. Bored “ pre- pensioners ” started a long flash mob “When we were young” (share photos from the 90s) in social networks, to which generation Y responded in its spirit: it caught fire and went out.
Psychologists reason about the causes and consequences, for this material two graphs are enough, showing the difference in velocities of generational explosions and attenuations:
')
Photos from the 90s:
"Scream":
Significant, isn't it? And now the translation of the article, as the Bank of England uses the analysis of social media data banks for pumping people’s finances from glass jars with cash to financial non-cash banks.
It should be noted that:
- Russian and Kazakh banks (Brand Analytics customers) have overtaken the Bank of England for years, and they have been using social media analytics for a long time (since 2012), proactively (not only looking, but also encouraging) and, hopefully, successfully. So conservatism, even in finance, is not always good.
- We have repeatedly pointed out the weakness of linguistic solutions in the West ( here is the latest recent material ), so the skepticism of the British about the accuracy of automatic tonality should be considered within the framework of this weakness. When it comes to dozens of analyzed messages, then no one can cope better than a person, of course. But if you need to process thousands and millions of messages (the output of the new iPhone or the Fed does not raise the interest rate), then you need to pull the ostrich's head out of the sand and solve the problem.
How the Bank of England predicts economic trends through social media analysis
( source )
In 2014, the Bank of England hired Paul Robinson, a former senior currency analyst at Barclays, to manage a fundamentally new data processing unit for analyzing long-term financial and economic risks. The task of Paul is to “marry” the results of the structure headed with financial analysis data, the stability of the markets in the areas of the bank’s activities, thus improving the quality of financial information for bank management.
We have previously considered the issue of forecasting economic trends based on the statements of people in social networks, so we are interested in a real example of monitoring social media in the financial sector.
Talkwalker was able to get in touch with Paul, who kindly shared with us his thoughts on how the bank uses social media analysis systems.
Social media has become an important topic for all branches of human activity.
What was the motivation of the Bank of England in analyzing data from social media?
There are three main reasons why you should follow social networks. First of all, social media has become a far more important source about society than, for example, 15 years ago. People discuss all aspects of their life on Twitter and other networks, which gives us important information about future economic development. Secondly, in recent years technology has made a big step forward, both in terms of social networks and in terms of monitoring tools. And finally, the responsibility of the Bank of England has become much broader, as we are now also responsible not only for banking and insurance regulation, but also for other, much more extensive financial aspects in society.
What is the monitoring and analytics department at the Bank of England? Do you already have your own team
c internal analysis system, or do you have some more specialized approach?
We want to know how much social media influence economic development and how much it is reflected in them. If, for example, we can find out how many people are interested in or discuss the issue of unemployment benefits, then this can help us make a prediction where the economy is heading.
There are such things that it is impossible to completely close the software solutions. For example, an automatic analysis of tonality must be verified by a person, since computers cannot recognize certain speech patterns, such as sarcasm.
What tools do you use to monitor social media?
If we talk about the means, then we use in combination both some internal solutions and various sets of programs that we use for different purposes. We realized that different tools have their own advantages and disadvantages, and each tool has its own specific scope. Since we are interested in a broad understanding of the state of the economy, the constant updating of our monitoring tools helps us not to miss anything that people say online.
Regarding the results of monitoring, we have created a special mechanism that groups various topics in accordance
with the needs of our departments.
How is your overall impression? Are you completely satisfied with the reliability
and the effectiveness of the data obtained?
I would say that it strongly depends on what exactly we are looking for. I also noticed that if we approach the topic with a positive attitude of people, we usually get significantly better results. In terms of economics, there are three groups of topics that we want to understand. First of all, we need an objective point of view on what influences the market. Then, of course, it is important for us to know what is happening with the financial system itself in order to more accurately predict trends. Finally, we do thematic analytics on current events that seriously affect the economy.
Obviously, we need an integrated approach in which we can “listen” to people. Although monitoring social media helps us a lot, we rely on it as part of a wider analysis of sources, which helps us to create a clear picture of what drives people at any given moment. Social media monitoring is a key part of this process.
In connection with the ever-increasing number of people who share their thoughts in social media, the use of centralized platforms for research of social networks becomes necessary. Development is needed - from simple monitoring of social media to full-fledged collection and deep analytics of social data.
People share their emotions and thoughts in the social media. In the current state of affairs, social media is the largest focus group of the Earth. Therefore, for banks and financial organizations, social data is an excellent source of information about the thoughts and opinions of people, their impact on economic development.
========
Our practical advice : do not hesitate to speak out about the quality of services provided by banks, insurance companies, government agencies, telecom operators, telephone, car and pans manufacturers - we confirm responsibly, more and more business and government structures are listening attentively and starting to react (including through social networks). In the first half of 2015, half of Brand Analytics customers moved from the " pure monitoring and analytics " phase to the active phase of responses and responses.
Speak and they will hear you! :-)
Source: https://habr.com/ru/post/294676/
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