Enterprise Knowledge Graphs in the Financial Industry
What is an Enterprise Knowledge Graph, and how can it add value in the financial sector? Wallscope Co-Founder Ian Allaway explains...
The financial industries, like any large corporate or public sector organisations, now have to come to terms with the exponential growth of digital data. Data storage is typically siloed in disparate sources ranging from legacy Document Management Systems, Content Management Systems or relational databases.
Finding information from varied sources can be a painstaking task. It relies on a working knowledge of where data is stored or an implementation of a traditional search engine to retrieve a linear list of documents.
What is a Knowledge Graph?
A Knowledge Graph fundamentally differs from traditional search. It identifies entities among the vast amount of data and exposes the relationships between them. This allows a dynamic exploration of resources which would otherwise be extremely time consuming.
In the financial world the use of this kind of technology has immediate benefits, especially when combined with Machine Learning models. Practical application of this technology could be, for example, in the realm of due diligence. Processing a document through a Natural Language Processing engine to discover entities would immediately uncover related people, organisations or indeed financial transactions within other documents or data sources. Again, this would massively reduce the time spent on such operations.
Existing ontologies to aid the implementation of Knowledge Graphs in the financial industries are rapidly being developed and reaching industrial maturity, such as the Financial Industry Business Ontology (FIBO) and STW Thesaurus for Economics.
Dynamic Data Discovery
At Wallscope we have developed a unique technology stack combining an Enterprise Knowledge Graph with Natural Language Processing, Named Entity Recognition engines and Machine Learning models to enhance the interoperability of contextual information.
Our Dynamic Data Discovery platform is currently being used by the Scottish Government and within NHS Scotland to help unlock the value of their data. We are now receiving interest from the financial sector which we are looking to expand on in the immediate future.
If you would like to find out more about our technology and its applications, visit wallscope.co.uk or contact me directly: firstname.lastname@example.org
Read more about the value of Enterprise Knowledge Graphs in this Forrester report.