Sentiment Analysis for Bank Alfalah

Introduction

Bank Alfalah, a leading financial institution in Pakistan, sought to address evolving customer expectations in the digital era proactively. In collaboration with Akademos, Bank Alfalah initiated an Open Market Research project integrating sentiment analysis and customer surveys. This comprehensive approach enables Bank Alfalah to gain valuable insights into customer perceptions by combining social media analysis with direct feedback. By identifying service gaps and enhancing customer satisfaction, the bank can maintain its competitive edge in the market.

The Challenge

The banking industry increasingly prioritizes consumer-centric approaches, with social media analysis pivotal in this shift. This analytical process systematically identifies and quantifies the emotional tone surrounding a brand through online conversations, assessing its market position and share of voice relative to competitors. For financial institutions, such as Bank Alfalah, this understanding is essential for monitoring customer opinions regarding products and services, pinpointing areas for refinement, managing reputations, and crafting targeted marketing strategies.

Akademos' Role and Project Objective

Akademos is undertaking comprehensive open market research for Bank Alfalah. The study evaluates customer feedback and benchmarks the bank against five key competitors. Through integrating social listening and targeted surveys, Bank Alfalah is dedicated to tracking evolving trends in customer perceptions, allowing for informed decision-making.

The primary objective of this research project is to assist Bank Alfalah in understanding its market standing and adapting to shifting consumer preferences. The project aims to produce an interactive dashboard and quarterly reports by establishing a trendline that illustrates these changes. These deliverables will equip stakeholders with detailed recommendations, facilitating the formulation of tactical direction to help Bank Alfalah solidify its position in the industry and promote sustainable growth.

Methodology

Akademos has employed a mixed-method approach that integrated social listening with field surveys to systematically analyze customer sentiment and understand Bank Alfalah's market landscape.

1. Social Listening

Social listening has been used as a primary data collection method to capture real-time customer sentiment. Discussions about Bank Alfalah have been monitored across Official Facebook Pages and Closed Groups, focusing on extracting meaningful data from customer interactions, including posts and comments. Both manual and automated scraping techniques have been employed to ensure accuracy and capture nuanced insights. While manual methods provide a more detailed understanding of contextual information, automated tools, including Meltwater, will be utilized for Q4 data collection to improve efficiency and broaden the data scope.

Key variables that have been analyzed through social listening include:

• Post Sentiment: Customer feedback has been classified as positive, negative, or neutral to assess overall sentiment toward the bank.
• Post Categories: The analysis has identified which banking services are most frequently discussed, including digital banking, credit cards, and customer service.
• Competitor Comparisons: Bank Alfalah's social media presence and customer feedback have been compared to five key competitors to identify areas for improvement.

Approximately 10,000 data points are gathered each quarter to examine consumer sentiment thoroughly. However, with the integration of Meltwater, the projected data points per quarter are expected to increase to between 40,000 and 45,000. The data points are collected from online forums, including discussions from various Facebook groups such as Voice of Customer and Bankers Forum.

2. Field Surveys

To complement the social listening efforts, targeted field surveys are carried out in major cities, including Karachi, Lahore, and Islamabad.

A structured survey instrument was developed, incorporating closed-ended and open-ended questions to gather quantitative and qualitative data. These surveys focus on specific customer experiences related to banking services, particularly credit card usage, digital banking applications, and customer service.

The surveys capture customer sentiment across a range of variables, including:

• Digital Application Usage: Insights into how frequently customers utilize digital banking applications, such as Bank Alfalah's ALFA app, and the reasons behind their preferences.
• Credit Card Preferences: Understanding customer choices regarding multiple credit cards and the factors influencing their primary credit card selection.
• Customer Experience: Feedback on the perceived quality of the bank's services, ease of use, and responsiveness, emphasizing active usage, as this is the bank's preferred focus for measuring engagement.

With a target of 600 field surveys conducted each quarter across the three major cities (Islamabad, Karachi & Lahore), the bank can track shifts in customer preferences and adjust its services accordingly.

3. Data Analysis

The collected data is subjected to rigorous statistical and thematic analysis to identify patterns and trends in customer sentiment. Findings from the social listening and survey components are synthesized to present a cohesive view of consumer perceptions. The results will be displayed through an interactive dashboard, enabling stakeholders to interpret the data easily.

Future Potential & Possible Steps

The sentiment analysis project has identified key areas where Bank Alfalah can enhance its services and strengthen its market position. Priorities include addressing technical issues, improving customer service, and increasing engagement on social media. The quarterly reporting process will allow the bank to monitor customer preferences and stay aligned with emerging trends. By implementing these strategies, Bank Alfalah can continue to improve customer satisfaction and maintain its competitive edge.

Conclusion

The 'Sentiment Analysis for Bank Alfalah' case study highlights the importance of comprehensive customer feedback in shaping strategic decisions. By combining social listening with targeted field surveys, Bank Alfalah has gained valuable insights into customer perceptions and service gaps. The analysis uses manual and automated data to cover key areas such as digital applications, credit cards, and service quality. The findings, presented through interactive dashboards and quarterly reports, provide actionable recommendations to help the bank refine its digital services, enhance customer engagement, and stay competitive in the evolving financial sector.