How Semantic Technology is Improving the Financial Service Industry


Marty Loughlin of Wall Street & Technology recently noted that in this era of "massive business and IT transformation," organizations in the financial industry "will need to change how they track, manage, and consume data. For many organizations, this data is not easily accessible -- it is distributed across the organization, often trapped in local business units, applications, data warehouses, spreadsheets, and documents. Traditional technologies are struggling to address this challenge and many believe a new approach is required. Some of the new big-data solutions do help. They are good at liberating and colocating data. However, they often struggle to make it usable. Creating a 'data lake' where rigid structure is not required can result in yet another silo of unusable data where context, meaning, and sources are lost. Many organizations are turning to semantic technology for the answer."


Loughlin continues, "While search technology allows you to find data, semantic technology enables you to find it, understand it, link it, and take action on it. It is rapidly becoming a data 'power tool' for financial services, offering agility and access to data not easily available before. Following are five ways semantic technology is simplifying and transforming operations in the financial industry." First off: "Selling more products and services. For most organizations, the easiest path to new revenue is to sell more to existing customers. To sell to your customers, you must first know them -- who they are, what they buy, how they interact with you, and how they feel about your products and services." Find the rest of the list here.


Meet Marty Loughlin in person and see more on Semantics in Financial Services at the upcoming Semantic Technology & Business Conference.


Image: Courtesy Flickr/ Christopher Chan