Lloyds Banking Group identifies risks to brand health in real-time

NetBase Natural Language Processing improves Lloyds Banking Group’s ability to confidently detect, evaluate, and report on brand health across social channels

At A GLANCE:

Lloyds Bank uses NetBase for a whole host of use cases: from campaign tracking, to brand health monitoring, to influencer analysis, to audience analysis. Among all of those uses the insights group is also responsible for evaluating and escalating risks to brand health. Using NetBase they can confidently measure, track, and escalate potential risks to brand health without having to manually sorting through thousands of Tweets.

RESULTS:

Ability to track brand health in real-time

Reduced false alarms with a 30% increase in sentiment accuracy

Eliminated manually sorting through thousands of tweets

CHALLENGE:

Efficiently monitory brand health

Monitoring brand health is monumental challenge – there are billions of posts shared on social media each day. Sorting through those billions of posts to find the most critical conversations is time consuming – something made even more challenging when your tool has low sentiment accuracy.

The Insights group at Lloyds Bank was wasting hours of valuable time cleaning social media data and manually identifying important conversations. They needed a tool with high sentiment accuracy, so they could focus on addressing potential risks and their causes rather than manually researching whether or not a risk even existed.

Furthermore, not only did Lloyds Bank need a better way to identify potential risk, they also needed a platform that would help them provide the context around social media conversations.

Charlie Marples (Insights Manager) and Manideepa Paul (Social Insights Manager) of Lloyds Banking Group discuss the benefits of quality social dashboards, speed to insight, and the high level of accuracy of NLP sentiment analysis.

SOLUTION:

Quick and accurate identification of brand health risks

NetBase’s advanced NLP allows Lloyds Bank to identify risk quickly and accurately and escalate appropriately to protect brand health. Lloyds Bank uses several aspects of the NetBase platform to more quickly identify potential risks and understand when to escalate to the next level.

  • NetBase Automated alerts automatically and intelligently identify potential causes of risk.
  • Lloyds Bank leverages real-time dashboard reporting to monitor and measure developing situations.
  • NetBase provides more detail providing metrics on organic conversations to further measure the reach and engagement of earned posts.
  • NetBase reporting allows the Lloyds Bank team to track performance against benchmarks on share of voice and net sentiment to understand when conversation shifts a meaningful amount.
  • NetBase data is built in to an internal escalation workflow that protects brand health.

RESULTS:

BUZZ FROM REAL PRODUCT LOVE CREATES BRAND AFFINITY

Tracking risk is extremely important to any brand, and even more so with financial enterprises. For Lloyds Bank the challenge was compounded by the inaccuracy of their existing tools which required analysts to manually export and analyze thousands of mentions to diagnose and validate any unexpected change in brand sentiment. With NetBase’s industry leading NLP, Lloyds can now track brand health with confidence and significantly less manual effort.

  • Lloyds Bank can confidently report on brand health in real-time
  • Reduces false alarms with a 30% increase in sentiment accuracy with NetBase’s industry leading NLP
  • Saves time by not having to manually sorting through thousands of tweets to evaluate whether an alert was legitimate
We previously tracked risk with other tools, but you had to always take your alerts with a pinch of salt because the accuracy of their sentiment wasn’t that great. With the old tool we’d have to manually export and analyze hundreds of mentions just to be sure the sentiment was accurate. We’ve increased the accuracy of our sentiment significantly with NetBase. When we get an alert from NetBase, we have confidence there is actually something that needs our attention.

Charlie Marples

Insights Manager, Lloyds Banking Group

Download a PDF of the LLyod Bank case study

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