Posts Tagged ‘finanical services’

Financial Services Industry Sets Realistic Expectations for Data Challenges

Thinking about this past week’s Demystifying Financial Services Semantics conference in NYC, hosted by OMG and The EDM Council, and messages that kept coming across: Think about the business issues first, and be realistic in the way your particular organization can accommodate them – semantic technology may be a large, limited or perhaps even non-existent factor, depending on the challenge.

Some commentary on this point from the panelists:

  • Citi chief data officer Eric Chacon discussed the challenges of not having a single source of master data that exists for businesses that grow  through acquisitions, as well as any organization highly decentralized in nature. Read more

Watson Suits Up For Wall Street Gig

Watson’s gone into banking: Citi is evaluating ways that IBM’s Deep QA technology can help advance digital banking efforts, through analysis of customer needs and processing tons of up-to-the-minute financial, economic, product and client data, according to a press release.

“We are working to rethink and redesign the various ways in which our customers and clients interact with money. We will collaborate with IBM to explore how we can use the Watson technology to provide our customers with new, secure services designed around their increasingly digital and mobile lives,” said Don Callahan, Citi’s Chief Administrative Officer and Chief Operations & Technology Officer in the press statement. The plan is to use Watson’s NLP capabilities for analyzing human-language questions and drawing upon its interpretations of the query to derive potential answers that it then tests, validates, and scores, to help financial reps sort out options, opportunities and risks targeted to a consumer’s individual circumstances.

Earlier this year, IBM paired up with WellPoint in a strategic partnership in another vertical sector, health care, with the goal of using Watson’s DeepQA to help physicians improve treatment for oncology patients by assessing medical evidence and personal case data to deliver probability-based treatment options.

But financial services has always been discussed as an industry that could benefit from Watson’s brainpower, too. In a video here, Dr. Carl Abrams of IBM Research, Financial Services, says that, “The currency of financial services is information, and the ability to semantically analyze that, to extract from that what the meaning is, and then take that meaning and apply it to something is simply becoming a level playing field.”

Financial services executive Jay Dweck, formerly global head of strategy and technology at Morgan Stanly, notes in the video that data in the sector is growing about 70 percent a year, and that having this much data requires a large range and variety of tools to be able to extract real knowledge from it. “You could put together the logical connections among the disparate pieces of information,” he said.