End-of-Chapter Application Case BBVA Seamlessly Monitors and

End-of-Chapter Application Case BBVA Seamlessly Monitors and

End-of-Chapter Application CaseBBVA Seamlessly Monitors and Improves its Online Reputation sh isar stued dvi y reaC soou urcrs eeH wer asocom BBVA is a global group that offers individual and corporate customers acomprehensive range of financial and non-financial products and services It enjoys asolid leadership position in the Spanish market, where it first began its activities over150 years ago It also has a leading franchise in South America? it is the largestfinancial institution in Mexico? one of the 15 largest US commercial banks and one ofthe few large international groups operating in China and Turkey BBVA employsapproximately 104,000 people in over 30 countries around the world, and has morethan 47 million customers and 900,000 shareholdersLooking for tools to reduce reputational risks BBVA is interested in knowing what existing clients—and possible new ones—thinkabout it through social media Therefore, the bank has implemented an automatedconsumer insight solution to monitor and measure the impact of brand perceptiononline—whether this be customer comments on social media sites (Twitter, Facebook,forums, blogs, etc), the voices of experts in online articles about BBVA and itscompetitors, or references to BBVA on news sites—to detect possible risks to itsreputation or to possible business opportunities Th Insights derived from this analytical tool give BBVA the opportunity to addressreputational challenges and continue to build on positive opinions For example, thebank can now respond to negative (or positive) brand perception by focusing itscommunication strategies on particular Internet sites, countering—or backing up—themost outspoken authors on Twitter, boards and blogsFinding a way forward In 2009, BBVA began monitoring the web with an IBM social media research assetcalled Corporate Brand Reputation Analysis (COBRA), as a pilot between IBM and thebankâ€s Innovation department This pilot proved highly successful for different areas ofthe bank, including the Communications, Brand & Reputation, Corporate SocialResponsibility, Consumer Insight, and Online Banking departments https://wwwcourseherocom/file/21845729/End-of-chapter-BBVApdf/ sh isar stued dvi y reaC soou urcrs eeH wer asocom The BBVA Communication department then decided to tackle a new project, deployinga single tool that would enable the entire group to analyze online mentions of BBVAand monitor the bankâ€s brand perception in various online communities The bankdecided to implement IBM Cognos Consumer Insight to unify all its branches worldwideand allow them to use the same samples, models, and taxonomies IBM GlobalBusiness Services is currently helping the bank to implement the solution, as well asdesign the focus of the analysis adapted to each countryâ€s requirements IBM CognosConsumer Insight will allow BBVA to monitor the voices of current and potential clientson social media websites such as Twitter, Facebook and message boards, identifyexpert opinions about BBVA and its competitors on blogs, and control the presence ofthe bank in news channels to gain insights and detect possible reputational risks Allthis new information will be distributed among the business departments of BBVA,enabling the bank to take a holistic view across all areas of its businessSeamless focus on online reputationThe solution has now been rolled out in Spain, and BBVAâ€s Online Communicationsteam is already seeing its benefits“Huge amounts of data are being posted on Twitter every day, which makes it a greatsource of information for us,†states the Online Communications Department of thisbank “To make effective use of this resource, we needed to find a way to capture,store and analyze the data in a better, faster and more detailed fashion We believethat IBM Cognos Consumer Insight will help us to differentiate and categorize all thedata we collect according to pre-established criteria, such as author, date, country andsubject This enables us to focus only on comments and news items that are actuallyrelevant, whether in a positive, negative or neutral sense†Th The content of the comments is subsequently analyzed using custom Spanish andEnglish dictionaries, in order to identify whether the sentiments expressed are positiveor negative “What is great about this solution is that it helps us to focus our actions onthe most important topics of online discussions and immediately plan the correct andmost suitable reaction,†adds the Department, “By building on what we accomplished inthe initial COBRA project, the new solution enables BBVA to seamlessly monitorcomments and postings, improve its decision-making processes, and therebystrengthen its online reputation†“When BBVA detects a negative comment, areputational risk arises,†explains Miguel Iza Moreno, https://wwwcourseherocom/file/21845729/End-of-chapter-BBVApdf/ sh isar stued dvi y reaC soou urcrs eeH wer asocom Business Analytics and Optimization Consultant at IBM Global Business Services“Cognos Consumer Insight provides a reporting system which identifies the origin of anegative statement and BBVA sets up an internal protocol to decide how to react Thiscan happen through press releases, direct communication with users or, in somecases, no action is deemed to be required? the solution also highlights those cases inwhich the negative comment is considered ‘irrelevant†or ‘harmless†The sameprocedure applies to positive comments—the solution allows the bank to follow astandard and structured process, which, based on positive insights, en-ables it tostrengthen its reputation “Following the successful deployment in Spain, BBVA will beable to easily replicate the Cognos Consumer Insight solution in other countries,providing a single solution that will help to consolidate and reaffirm the bankâ€sreputation management strategy,†says the DepartmentTangible Results Starting with the COBRA pilot project, the solution delivered visible benefits during thefirst half of 2011 Positive feedback about the company increased by more than onepercent while negative feedback was reduced by 15 percent—suggesting thathundreds of customers and stakeholders across Spain are already enjoying a moresatisfying experience from BBVA Moreover, global monitoring improved, providinggreater reliability when comparing results between branches and countries Similarbenefits are expected from the Cognos Consumer Insight project, and the initial resultsare expected shortly Th “BBVA is already seeing a remarkable improvement in the way that information isgathered and analyzed, which we are sure will translate into the same kind of tangiblebenefits we saw from the COBRA pilot project,†states the bank, “For the time being, wehave already achieved what we needed the most: a single tool which unifies the onlinemeasuring of our business strategies, enabling more detailed, structured and controlledonline data analysisâ€Questions for the End-of-Chapter Application Case 1 How did BBVA use text mining?2 What were BBVAâ€s challenges? How did BBVA overcome them with text miningand social media analysis? https://wwwcourseherocom/file/21845729/End-of-chapter-BBVApdf/ 3 In what other areas, in your opinion, can BBVA use text mining?Source: IBM Customer Success Story, “BBVA seamlessly monitors and improves its online reputation†athttp://www-01ibmcom/software/ success/cssdbnsf/CS/STRD-8NUD29?OpenDocument&Site=corp&cty=en_us (accessed August Th sh isar stued dvi y reaC soou urcrs eeH wer asocom 2013) https://wwwcourseherocom/file/21845729/End-of-chapter-BBVApdf/ Powered by TCPDF (wwwtcpdforg)

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