Financial service businesses, especially banks, have longed for ways to better engage their customers with new products and services. Unfortunately, the limitations of the relational databases that house customer data provide only limited opportunities based on specific preset data schemas and rules. This can lead to good customers missing out on great opportunities from their bank.
Current Situation
The data on which financial services rely so heavily is usually organized in relational databases or, worse yet, in simple spreadsheets. Their offerings are typically represented in data as lists of product names, each with a short set of properties or attributes. The rigidity of this approach to data storage limits a business’s ability to connect customers to new services. But, knowledge graphs can help delve into new dimensions of meaning and interpretation, particularly given that at least eighty percent of the world’s data is unstructured.
In the next two years, eighty percent of financial firms will be building graphs.
Future State
In the next two years, eighty percent of financial firms will be building graphs. The knowledge graph will enable new possibilities and opportunities because the greater flexibility of a graph data structure, when compared with relational tables, makes it easier to find creative new connections between data points. Both businesses and customers will welcome the creation of financial products that use knowledge graphs to fit reality more closely. Opportunities are no longer lost to the rigidness of conventional relational data storage and its bounded ability to model offerings and their demand.
Knowledge Sharing
The person who figures out how to harness the collective genius of his or her organization is going to blow the competition away.
— Walter Wriston, Banker and former chairman and CEO of Citicorp
The late banker and former chairman and CEO of Citicorp, Walter Wriston, often spoke of the positive transformation that information would have upon society. Data is only valuable when it is changed into knowledge.
There is a tsunami of data coming, and yet there is a push for even faster time to insight.
— Farshid Sabet, Chief Business Officer, Katana Graph
Businesses and organizations have increased their technological capabilities. As a result, information gathering happens more quickly from immense volumes of raw data. The knowledge graph will save time identifying relationships from the data dispersed across many different data sources, locations, and divisions within the same financial institution. This paradigm shift is unlocking previously untapped utility and value for both organizations and customers.
Whether structured or unstructured data, Katana Graph can greatly improve the insights and opportunities uncovered from your organization’s data. Click to schedule a meeting.
