Unstructured data accounts for an estimated 80 per cent of companies’ data estate and the volume of that information is forecast to grow by a third each year. Consequently, management of the class of data that is being culled from sources as diverse as financial reports and social media posts has become a pressing challenge.
In A-Team Group’s next Data Management Insight webinar, four of the financial industry’s leading voices will discuss the challenges posed by unstructured data and look at some of the solutions they can deploy to get the most from it.“In today’s financial services industry, vast amounts of data is generated daily, much of it in unstructured, complex and fragmented forms,” said Victor Tewari, Senior Vice President of Wealth Management and Private Banking, Chief Data Office, at Citi.
“Unlike structured data, unstructured data presents unique challenges but also holds immense potential.”
Expert Panel
In the March 27 webinar, entitled “Strategies and Solutions for Unlocking Value From Unstructured Data” Tewari will be joined by representatives of all sides of the data ecosystem.
Junaid Farooq, Senior Vice President at First Citizens Bank; Nicole M. Allen, Director, Text Analytics at LSEG; and, Vahe Andonians, Chief Executive and Founder at Cognaize will complete the panel lineup.
Unstructured data can include text, images, video and audio. The absence of a fixed schema makes it difficult to analyse without first applying sophisticated cleaning and validation processes.
Misspellings in text mined from social media, missing contextual nuance within reports-sourced tables and a lack of time synchronous metadata are among features of the data type that requires it to be carefully processed before it is integrated into organisations’ systems.
The advent of generative artificial intelligence has accelerated the harvesting of unstructured data, adding to the management burden placed on organisations.
Crucial Information
Nevertheless, wrangling that data has become critical as financial institutions seek to gain an edge from analysing that tsunami of information.
“This type of data is crucial for financial institutions to harness in order to facilitate process automation, streamlining of workflows and enhancing decision-making to elevate client service and operational efficiency,” said Tewari.
The webinar panel will take in range of topics facing data managers. They will include:
- The tools required to extract data from unstructured sources
- The value organisations can extract from unstructured data
- The integration challenges inherent in the data itself
- The technological impediments to integration
- Technology-based solutions to successful management of unstructured data
The A-Team Group “Strategies and Solutions for Unlocking Value From Unstructured Data” webinar will be held on March 27 at 11:00am ET | 3:00pm London | 4:00pm CET. Register here to attend.
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