Amir Halfon of Marklogic recently discussed the ways that semantic technologies can create value in the financial sector, among other industries. One such way is through data provenance: “Due to the increased focus on data governance and regulatory compliance in recent years, there’s a growing need to capture the provenance and lineage of data as it goes through its various transformation and changes throughout its lifecycle. Semantic triples provide an excellent mechanism for capturing this information right along with the data it describes. A record representing a trade for instance, can be ‘decorated’ with information about the source of the different elements within it (e.g.: Cash Flow -> wasAttributedTo -> System 123). And this information can be continuously updated as the trade record changes over time, again without the constraints of a schema, which would have made this impossible.” Read more
Posts Tagged ‘financial sector’
Ritka Puri of Business2Community reports, “Big data is transforming industries. From education to tech, retail, and healthcare, sophisticated analytics are helping organizations make intelligent decisions to maximize key goals. ‘From Facebook to Netflix, companies are tracking and analyzing our searches, our purchases, and just about every other online activity that will give them more insight into what we are and who we want,’ wrote Jim Fruchterman for Harvard Business Review. ‘The more we use technology in our education and health systems, the more data we collect about how people learn and what keeps us healthy or what makes us sick.’ For financial firms that face challenges of increased governance, risk, strict compliance guidelines, and worldwide economic instability, the need for data-driven decisions is even more crucial.” Read more
Greg MacSweeney of Wall Street & Tech reports, “Technology’s role in helping financial institutions meet the increasing regulatory burden was front and center at SWIFT’s Operations Forum 2013 conference, with panelists commenting that cloud, big data and semantic technology will help organizations in the near future. With most experts estimating that the compliance price tag for the financial services industry will be in the billions of dollars, financial organizations are looking for ways to meet regulatory demands while simultaneously trying to reduce costs.” Read more
The Semantic Technology and Business Conference (#SemTechBiz) will take place October 15-17 in New York City. In addition to presentations regarding Big Data, open government, and business, the highly anticipated conference will feature a number of presentations discussing the use of Semantic Technologies in the financial and publishing industries.
Two presentations to look forward to include:
Smart Financial Data: How Semantic Technology Can Help Big Data Become Smart Data
David Saul, Chief Scientist, State Street Bank and Alok Prasad, President, Cambridge Semantics will explain how the use of industry standards set by organizations such as the Enterprise Data Management Council (EDM), the Object Management Group (OMG) and their Financial Industry Business Ontology (FIBO) to describe data semantically has the ability to create an intelligent information fabric that overlays key data assets and links across the organization and the financial industry. Not only are semantic technologies a benefit to financial institutions, but they are also critically important to the end user – the business. We see the next step for semantic technologies as the development of end-user-oriented semantic tools that bring data from the information fabric into the hands of the business people thereby irrevocably linking the business to IT.