Financial Big Data & Semantic Technology

Bryan Yurcan interviewed David Saul of State Street regarding how semantic technologies can be used to tame big data. He writes, "Financial institutions are accumulating data at a rapid pace. Between massive amounts of internal information and an ever-growing pool of unstructured data to deal with, banks' data management and storage capabilities are being stretched thin. But relief may come in the form of semantic databases, which could be the next evolution in how banks manage big data, says David Saul, Chief Scientist for Boston-based State Street Corp. The semantic data model associates a meaning to each piece of data to allow for better evaluation and analysis, Saul notes, adding that given their ability to analyze relationships, semantic databases are particularly well-suited for the financial services industry."

Yurcan continues, "Semantic technology, notes Saul, is based on the same technology 'that all of us use on the World Wide Web, and that's the concept of being able to hyperlink from one location to another location. Semantic technology does the same thing for linking data.' Using a semantic database, each piece of data has a meaning associated with it, says Saul. For example, a typical data field might be a customer name. Semantic technology knows where that piece of information is in both the database and unstructured data, he says. Semantic data would then allow for a financial institutions to create a report or dashboard that shows all of their interactions with that customer."

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