Financial Services (105)
Trading finance intelligence with Twitter
German economic scientists have set up an online platform called ‘TweetTrader’ that helps analyze stock and market information provided by tweets on Twitter. It aims at predicting market outcomes by using textual analysis filters and specific algorithms.
Why it matters
Market researchers are already relying on social media analysis tools to understand consumers better. Now the analysis of tweets is being transferred to financial / information markets. Will the expertise of some financial analysts become obsolete thanks to the wisdom of the crowd?
Meet Dave the fortune-teller, he discovers all the private details of his visitors life. The incredible power of Dave even revealed the persons intimate credit card numbers and cash flow history. By the end of the session the magic was revealed; Dave was in microphone contact with a group of hackers hiding behind a curtain. The stunt was put on by Fabelfin bank to build awareness around the need for vigilance and caution when using Internet banking.
In New York, a new way of online banking is developing. Customers simply connect their bank account with their social media channels. Depending on how the consumer behaves online and what they share with Movenbank, they can get rewards such as a better interest rate or lower fees. The bank then validates the information and provides financial advice if needed.