Today, 90% of digital data is unstructured, such as text, images, and videos. Text analytics, which extracts value from this unstructured data, is a crucial technology in the digital age. According to market research firm MarketsandMarkets, the global text analytics market is expected to grow from $3.97 billion in 2017 to $8.79 billion in 2022, at a compound annual growth rate (CAGR) of 17.2%. Text analytics is already solving complex business problems across a wide range of industries, including customer feedback assessment, anti-money laundering (AML), and trade-based money laundering (TBML).

Forrester Research named SAS a Leader in its report, "The Forrester Wave: AI-Powered Text Analytics Platforms, Q2 2018." SAS received top scores in several evaluation criteria, including analytics, ease of use, combination of rules and machine learning, and feature breadth.

In particular, Forrester noted the diverse machine learning models and comprehensive visual user interface (UI) of SAS Visual Text Analytics, an AI-based unstructured data analysis solution. Additionally, it was evaluated that predictive, prescriptive, and practical analysis can be implemented by integrating various functions such as data visualization, prediction, and optimization based on 'SAS Viya', an enterprise analytics platform for utilizing artificial intelligence.

SAS Visual Text Analytics leverages natural language processing (NLP), machine learning, and linguistic rules to automatically extract relationships and patterns from unstructured data and present them in visual dashboards. With a variety of capabilities, including sentiment analysis, speech-to-text conversion, and natural language understanding and generation, businesses can evaluate and analyze previously untapped data to derive insights. Specifically, it automates repetitive tasks, eliminating the need for manual analysis, thereby increasing efficiency and accuracy.

For example, Lotte Card has adopted SAS's AI-based text analysis technology to operate "Loca," an AI-powered chatbot that handles customer service tasks for the first time in the credit card industry. Working with Finotec, SAS leveraged advanced analytics technologies such as high-precision natural language processing (NLP) text analysis, machine learning, and learning automation to build an intelligent chatbot that goes beyond basic chatbots that handle frequently asked questions (FAQs).

Loca handles major card transactions, including personal information changes, instant payments, and card and financial service applications. It also collects, analyzes, and processes data from various sources, including FAQs, emails, chats, and wikis, and improves its performance by learning about conversations on its own using SAS's self-learning capabilities.

Lotte Card is using SAS's unstructured data analysis capabilities, including sentiment analysis and entity extraction, to analyze conversations and create a database (DB), which it then uses to strengthen its customer-tailored marketing programs.

“Most of the data accumulated in real time today is text or voice conversations, and the importance of next-generation analytics technology utilizing artificial intelligence that can derive insights from this unstructured data is increasing,” said Koo Bang-bon, director of SAS Korea. “SAS text analytics solutions based on artificial intelligence have been introduced to many domestic companies and have secured various successful cases of big data analysis. Going forward, SAS will actively support all industries, including finance, distribution, manufacturing, and the public sector, to maximize the value of unstructured data and solve complex business problems.”

Lim Seong-wook, head of Lotte Card's Big Data Team, stated, "With the digital age and the increasing diversity of customer touchpoints, providing seamless customer experiences and personalized services anytime, anywhere has become a critical capability in the financial industry. Chatbot Loca will serve as the foundation for digital innovation across the company, encompassing products, services, and marketing." He added, "We will continue to enhance customer satisfaction with innovative digital services like Loca."