Best-in-Class Automated Comment Coding
Comment coding is a huge challenge for most organizations today. It’s time consuming, labor intensive, and expensive. For these reasons and more, Member Loyalty Group launched Automated Comment Coding.
According to Member Loyalty Group Chief Program Officer Jake Foreman, this automated tagging service allows credit unions to quickly and accurately gain an abundance of knowledge to better serve their members. It remedies three essential issues affecting credit unions today:
- Most text analytic tools do not provide the level of depth or accuracy needed.
- Manually reading comments is time consuming and can lead to inconsistency in how tags are applied.
- Incorrect coding classification can prevent meaningful business analysis.
“We wanted to create a better solution for credit unions, instead of credit unions having to manually tag comments themselves,” Foreman said. “Within 6 months of the introduction, over 2/3 of our participating credit unions were on board and benefiting from the solution. The feedback has been very positive, with many credit unions expressing how much time they’re saving – time they can now spend acting on comments rather than tagging them.”
Automated Comment Coding is fully integrated within credit unions’ Voice of the Member platforms. Key features include:
- Classification of two main open-end comment questions – The member’s primary reason for their likelihood to recommend rating (NPS) and a general improvement question.
- 70 defined categories for each question
- Standard tag set which creates consistency for each credit union
- Sentiment analysis for each tag to determine positive, negative, or neutral
- The ability for credit unions to refine the results with their own custom tags
- Comment tagging every four hours, allowing for real-time analysis of feedback
The Best-in-Class Solution
Foreman explains that there are many out-of-the-box solutions available today, but they need extensive tuning to get them up to an acceptable level of accuracy. Member Loyalty Group’s credit union-specific solution is 80% accurate from the start and will only get better with time.
Also, unlike other comment tagging solutions, it’s finely tuned to financial services and the themes most important to credit unions. Credit unions can see not only how sentiments rate for a particular topic, but they can drill down to view individual comments and location data.
“We see it as a fundamental tool for credit unions to gain a high-level pulse for what members are thinking on a daily basis,” Member Loyalty Group CEO Michelle Bloedorn says. “This information provides real-time intelligence for credit unions on how to better serve their members and enhance their value as a result.”