Automated Intelligence is to exhibit at a flagship conference exploring the role of Open Data in the financial sector.
Open Banking – A Blueprint for the Digital Economy? hosted by tech UK and the Open Banking Implementation Entity will take place on 28 November in London delving into the successes of Open Banking and examining the potential for ‘exporting’ these principles to wider sectors of the economy.
Open Banking is a secure way for consumers to give third-party providers access to their financial information in order for them to offer better products and solutions.
There is huge value to be explored within data and more and more, organisations in the sector are realising the potential for uncovering this. This includes services such as helping consumers to budget and find the best deals.
Typically, the information shared with third parties is structured data and Automated Intelligence will be on stand to showcase the importance of not only structured information, but unstructured data in Open Banking.
Paul Hudson, Principal Solutions Strategist at AI, said, “Structured databases are easier to maintain, understand and query as they are formed around data models. On the other hand, unstructured data presents many issues, which is why it has accumulated and is currently untapped.”
AI.DATALIFT by Automated Intelligence allows organisations to understand and manage their unstructured data – analysing existing data holdings, improving data quality and governance, reducing data costs and risk, and unlocking the value through data-driven insights.
Paul Hudson continued, “Consider the information that is unstructured within financial institutions today: email correspondence, call log transcripts, social media and financial reports, to name a few.
“This data contains value, which is why it has been retained. Yet it is not clean data. It needs to be processed to remove duplication, disambiguation and risk, such as personal and sensitive information, before it can be used to decipher the value.
“The banks that step into the data swamp of unstructured data they hold and cleanse it to bring structure and order will be able to reap the benefits, including being better informed and knowing their customers better.”
For more information on uncovering the value and risk within your unstructured data to leverage the potential of Open Banking, visit our stand at Open Banking – A Blueprint for the Digital Economy?
You can pre-arrange a meeting with our team via the form below.