Examination of Phrases

Problem: A bank receives a large number of calls regarding the “charge” expression. Analysts of the bank want to identify the problem in a timely manner because customers generally have mixed feelings about extra charging in ATMs. On one hand, many people feel frustrated and annoyed when they are charged extra fees for using an ATM. This can be especially frustrating when they are in a situation where they need cash quickly and find an ATM that is part of their bank's network to avoid extra charges. On the other hand, some customers may not be aware of these extra charges but this can lead to confusion and frustration when they see additional charges on their bank statement.

Overall, customers generally prefer to use ATMs that are operated by their own bank to avoid extra fees. So, as customers are very sensitive about the extra ATM fees, the analysts are expected to intervene immediately before the event escalates.

Success scenario: The analysts decide to check the Knovvu Analytics Mostly Used Phrases chart to ensure whether they have an issue with the word Charge or any other words. The system confirms that the word Charge has been used very frequently.

To understand the problem in detail, the analysts decide to do Statistical Analysis. They find out that the word is not limited to Charges but Daily Service Charge.

To view the related phrases of Daily Service Charge, they click the word on the interface and detect that the ATM expression is also used too much in the calls along with the word Daily Service Charge. Then the analysts review these calls and notice that the customers have many complaints regarding the ATM issue.

Reason of the problem: When customers use an ATM that is not operated by their own bank or financial institution, they may be charged an extra fee for withdrawing cash or performing other transactions. This fee is usually in addition to any fees that their own bank may charge for using an ATM that is not part of their network. However, in this case, it has been determined that even though the ATM is processed from its own bank, it perceives its own customers’ accounts as another bank's account and charges extra accordingly due to software problems with the ATMs.

Result: Since ATMs are one of the most important tools for customers to perform banking transactions, the ATM problem is resolved quickly with the help of the features of Knovvu Analytics. If an ATM is working improperly, it can cause difficulties for customers in conducting financial transactions and limit their access to financial services. Also, it can affect the performance of customer representatives of banks because of numerous phone calls with complaints.

In addition, it is important for banks to respond quickly to ATM problems in terms of customer satisfaction. Positive experiences with banks are critical to protecting, retaining, and acquiring new customers. If banks cannot respond quickly to customers' ATM issues, customers' negative perceptions of the bank may increase, and they may prefer to go to other banks.

In conclusion, banks responding quickly to ATM problems is important for maintaining customer access to financial services and satisfaction.