Squirro

Apr 14

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Apr 09

Financial services analytics: Improve Risk & Compliance monitoring with unstructured data.

This is the third post of our series on bank and unstructured data analytics that we presented at Qonnections 2014.

In the first two we detailed the current state of affairs whereby 82% of financial services do not combine structured and unstructured data and explained that while unstructured data analytics is still not adopted as a standard, banking executive understand they can extract tremendous value from such solutions.

Today we look in more details at what exact value banks want to extract and how does it translate into use cases.

Figure 1 details the values executive are looking to extract from unstructured data. Not surprising, given the current context, the number one and two concerns are improving risk and compliance monitoring and enhancing fraud detection, which together represent nearly half of the value banks believe they can extract from unstructured data.

Let’s focus on risk and compliance monitoring.
The main challenges are administrative cost control, risk mitigation, malpractices, suspicious conduct, fake transactions and data protection compliance.

Regulatory framework violations can often be traced back to e-mail and chat communication. There is therefore a growing need for highly efficient solutions which analyses these communication channels clusters messages into topics and easily understand communication relationships and patterns within those channels.

This is where the greatest value for unstructured data analytics solutions lies.By understanding regulatory frameworks at a conceptual level solutions like Squirro can spot irregular activities that would not be detected through simple keyword searches.

In the coming weeks we will publish the full detailed research on financial services and unstructured data analytics. If you want to get a copy, please send you request at marketing@squirro.com.

Apr 08

Financial services analytics: About 50% of banks are in the market for an unstructured data analytics tool.

As a follow-up to yesterday’s post and Qonnections presentation on the current status of Banks and unstructured data analytics we focus today on what they are looking for in this field.

All the results come from our survey of 98 senior executives in top global financial services.

To pick up where we left, 75% of respondents declared that it would be useful for them to combine structured and unstructured data even if they were not doing it yet.

Figure 1 shows that nearly half of surveyed executives are planning to buy a software solution for unstructured data analytics which is a tremendous opportunities for vendors in that field.

We further asked the participants to the survey which challenges they faced when looking for or purchasing an unstructured data solution and only 11% said they were not facing any challenges.

Figure 2 shows that 52% either do not know where to start or do not have the necessary technology to make a proper evaluation.

Regardless of the current difficulties financial services face in the adoption of unstructured data solutions, they are willing to invest time and resources because they understand the impact it could have on their business.

Unstructured data analytics impact businesses predominantly by improving positioning and enabling better market trend analysis (Figure 3). Looking at the expected impacts as a whole the core goal for financial services is to significantly increase revenues through the adoption on unstructured data tools.

The subject of tomorrow’s post will be how financial services will benefit from unstructured data analytics.

Apr 07

Financial services analytics: Banks do not combine structured and unstructured data analytics.

Squirro was selected to participate in Accenture’s 2014 Fintech Innovation Lab in London.

During this 3 months lab we had a unique opportunity to work on a number of proof of concepts with leading global financial institutions including Barclays, Credit Suisse, Lloyds, RBS…

We decided to use this once in a lifetime opportunity to run a survey of their senior level executives to understand their current use, needs and future plans with regards to unstructured data analytics.

We asked 98 senior executives 19 multiple-choice questions and here are the results and over the next few weeks we will present you the results.

From today until Wednesday we will present the results of this survey at Qonnections 2014 in Orlando.

The first part of the survey consists of establishing the current state of affairs for financial services and unstructured data analytics.

As a starting point we asked both what type of unstructured and what type of structured data financial services used.

Figure 1 shows that customer transactions is the number 1 source of structured data followed by financial data and trading data. Together they represent 62% of the structured data used by financial services.

Additionally in other, different responded included data such as customer experience data or legal data.

Figure 2 shows that Internal reporting, internal communication and external communication with clients are the main sources of unstructured data representing 55% of all unstructured data currently used.

Interestingly of the respondents only 7% replied that financial news is a source of unstructured data in their company.

According to Mark R. Gilbert and Ted Friedman from Gartner: “Under pressure from regulations and potential legal liability, enterprises struggle to achieve a “single source of the truth” — the idea that one set of data can be trusted as being fully accurate and accountable. This has been a challenge because structured data has traditionally been stored in databases, while unstructured data (for example, documents and images) has resided on desktops, in file systems and in content management systems. The drivers for greater unification are clear, and compliance is only one of many forces pushing organisations to achieve a more integrated view of their enterprise data.”*

Their paper dates back from 2006, yet their statements are ever more so relevant in light of the recent libor scandals.

Unfortunately the results of our survey (Figure 3) show that to date little has been done in the financial sector regarding the integration and combination of unstructured data. In fact 82% of respondents declared that they did not combine structured and unstructured data in their company or department.

In conclusion while all companies surveyed used both structured and unstructured data analytics and used different sources of unstructured data, none of them combined those insights.

There is here a clear opportunity for financial services to get better insights from the data they generate.

As we will tomorrow and Wednesday in the presentation of the second and third parts of our research financial services recognise the need to integrate structured and unstructured data analytics but face numerous challenges when finding the right solution.




*Source: The New Data Frontier: Unifying Structured and Unstructured Data, Mark R. Gilbert & Ted Friedman, 31 March 2006

Apr 01

Fintech Innovation Lab Tally (London - Week 14)

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A flow of data grown to 5 Zettabytes of which today less than 1% is analysed.

Three months pass quickly. Last week was already the final week of the Fintech Innovation Lab 2014. A short summary:

Looking at any company you see roughly the following split on all available digital data:

What we do at Squirro: We bring this data together. Gartner calls it context aware computing or Context Intelligence. Have a look at this short video to see how this works.

What we bring to the table? 4 key differentiators.

Our mission is to add intelligence to your data. What business intelligence software does for numbers, Squirro does for text.

During the FinTech program we met a fascinating appetite for our solution from the participating banks. We end the Fintech Innovation Lab working with 10 of the 12 banks in the program. These conversations are split into four categories.

We are particularly proud to report that we completed two proofs of concepts with two participating banks. Over a dozen more are scheduled to take place later this spring.

In summary: The flow of digital data as grown to 5 Zettabytes. That is 5 billion terabytes, growing at 50% annually.

Today less than 1% of this data is actually analysed. With Squirro we are after the other 99%. 

Mar 31

Squirro partners up with Unstructured Insights to strengthen presence in the North America.

ZÜRICH, March 19, 2014 – Squirro, the leader in Context Intelligence, and Unstructured Insights, experts in consulting, product implementation and support services around Data Management have signed an Elite Master Reseller agreement to deliver Context Intelligence solutions to the North American market.

Context Intelligence is the ability to combine structured and unstructured data to generate actionable insights and for better-informed decision-making.

Today companies base 95% of their decisions on only 20% of their available data; the remaining 80% is left untouched. Squirro’s Context Intelligence solution extracts huge and key value from the 80% of unstructured information, combining it with structured data in order to radically improve decision-making, drastically reduce costs and help achieve major increases in effectiveness across the enterprise.

Squirro is the first Swiss company selected for FinTech Innovation Lab London. The Lab, which was launched by Accenture in 2012, is a collaboration between Accenture and leading financial institutions such as Barclays, Deutsche Bank, Citigroup, Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley. Furthermore, Squirro’s client portfolio includes amongst others worldwide companies like ABB, the international engineering consortium, Swisscom, Experteer, The Vanella Group.

Unstructured Insights LLC is uniquely positioned to help companies address the most important and most difficult aspect of their Big Data issues. They provide the ability to understand the concepts and meanings for the massive amount of data that companies both collect, and try to utilize from the web. To accomplish this, Unstructured Insights has expanded its product offering by signing an agreement with the most impactful Context Intelligence engine in the market today, Squirro. “This relationship will further expand Unstructured Insights offerings to its clients, and allow us to truly help each client maximize the value of their data” noted Martin Bell, Co-Founder of Unstructured Insights.

The partnership between Squirro and Unstructured Insights will address clients’ growing necessity of combining, analysing and interpreting structured and unstructured information in a unique and compelling way.

Dr. Dorian Selz, Co-Founder, CEO at Squirro added: “Partnering with Unstructured Insights LLC is a great opportunity to develop the service offering around Context Intelligence in North America. This partnership will allow both companies to expand beyond their existing reach and further increase customer satisfaction.”



About Unstructured Insights

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Unstructured Insights is a global provider of data management and context intelligence solutions, consulting and related services to companies of all sizes. Let us show you Data’s Next Frontier.

For more information on Unstructured Insights, visit: http:// www.unstructuredinsights.com


Contact:
Martin J. Bell
Co-Founder
Phone: +1 203 856 0607
E-mail: martyb@unstructuredinsights.com



About Squirro

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Squirro is the leader in Context Intelligence, combining structured and unstructured data to provide the ‘Why’ behind the data. The result is a relevant, real-time contextual stream procuring an embedded 360° context radar delivering better and more effective decision-making. What Business Intelligence systems did for numbers, Squirro does for content: make unstructured data usable.

For more information on Squirro, visit: http://www.squirro.com

Contact:
Cesare Allavena
Marketing Director
Phone: +41 44 586 98 98
E-mail: cesare@squirro.com

Mar 17

AtoBI today announced a new partnership with Squirro and Sovereign Merchant.

Melbourne, March 17, 2014 – AtoBI, one of the premier Qlik solutions providers in Australia and New Zealand and Squirro, the leader in Context Intelligence have signed a partnership agreement to deliver Context Intelligence solutions to the Australian market.

Context Intelligence is the ability to combine structured and unstructured data to generate actionable insights and for better-informed decision-making.

Today companies base 95% of their decisions on only 20% of their available data; the remaining 80% is left untouched. Squirro’s Context Intelligence solution extracts huge and key value from the 80% of unstructured information, combining it with structured data in order to radically improve decision-making, drastically reduce costs and help achieve major increases in effectiveness.

Squirro is the first Swiss company, along six other Leading Financial Innovators selected for FinTech Innovation Lab London. The Lab, which was launched by Accenture in 2012, is a collaboration between Accenture and leading financial institutions such as Barclays, Deutsche Bank, Citigroup, Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley.

Furthermore, Squirro’s client portfolio includes worldwide companies like ABB, the international engineering consortium, Swisscom, Experteer and The Vanella Group amongst others.

AtoBI’s mission is to make data consumers self sufficient to maximise their investment. Their commitment to delivering projects efficiently, in timescale and with high ROI has driven their fast growth.

The partnership between Squirro and AtoBI was driven by Master Reseller Sovereign Merchant and will address clients’ growing necessity of combining, analysing and interpreting structured and unstructured information in a unique and compelling way.

Speaking about the new partnership Ben Mills, Managing Director to AtoBI said: “As a 100% Qlik expert solutions provider, we are very careful to only look at those complimentary solutions and extensions that can really add significant value to our customers’ Qlik implementations. Squirro undoubtedly fits that category, with the phenomenal growth of unstructured data and the ever-increasing business demand to enable easy insights across this data, we see Squirro as an essential tool for meeting this demand. We are excited to be able to bring this new capability to our customers.”

Dr. Dorian Selz, Co-Founder, CEO at Squirro added: “We are thrilled to partner with AtoBI on the Australian market. Adding to our presence on the ANZ market with our Master Reseller Sovereign Merchant we are in a unique position to bring Context Intelligence to the market and provide an unparalleled level of service.” 

About AtoBI

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We are a fully Certified QlikView Partner and Reseller with Certified Trainers and Consultants and over 8 years QlikView experience delivering to All Businesses Large or Small, across a range of sectors including Finance, Health, Media, Telecoms, Energy, Education, Manufacturing, Retail, Technology and Legal.

Our business is 100% QlikView. We are dedicated to providing the best QlikView Consultants, Training and Solutions worldwide, with particular expertise in Training and delivering complex solutions to the Enterprise. Our locations include Australia and the U.K.

Fore more information on AtoBI, visit: http://atobi.com.au/

Contact:
Ben Mills
Managing Director
Phone: +61 3 9017 1820
E-mail: ben.mills@atobi.net

About Sovereign Merchant

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With a wealth of experience in managing software organisation sales and go to market strategies, project management, consulting and enablement, Sovereign Partner helps companies launch software solutions quickly and cost effectively in Australia and New Zealand. Sovereign Merchant combines a strong understanding of the market, economy, partner landscape and local business needs and provides strategic advice and tactical execution for companies to excel.

Fore more information on Sovereign Merchant, visit: http://www.sovereignmerchant.com

Contact:
David Collins
Managing Director
Mobile: +61 2 8006 1021
E-mail: dcollins@sovereignmerchant.com

About Squirro

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Squirro is the leader in Context Intelligence, combining structured and unstructured data to provide the ‘Why’ behind the data. The result is a relevant, real-time contextual stream procuring an embedded 360° context radar delivering better and more effective decision-making. What Business Intelligence systems did for numbers, Squirro does for content: make unstructured data usable.

For more information on Squirro, visit: http://www.squirro.com

Contact:
Cesare Allavena
Marketing Director
Phone: +41 44 586 98 98
E-mail: cesare@squirro.com

Mar 14

Six great Companies (London - Week 11)

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Up here in Level 42 you get to see these magnificent mornings. At the moment of writing this it is still calm in the office. 8am is early in Britain apparently. But this will be a bustling place in little less over 30 minutes with our colleagues from the other participating companies. 

Over the last two months we got to know six other exciting companies with ground breaking products. Let me introduce them (clockwise order of seating up here ;-)

uTrade is an open source platform for trading. What Linux did to operating systems - liberate and innovate - uTrade does to trading floors.  

Take a picture of your payment order and it gets paid - no more re-keying of payment orders, PhotoPay is the Flickr of payments. 

Replace passwords with pictures (of your loved ones). More memorable, more secure, that’s the future of logins, and that’s Pixelpin.

Join forecasts and predict orders of your e-commerce website next Thursday is what LogicalGlue offers. Referred to as predictive analytics, I think of ‘Predictive Analytics with unstructured Data’…

'Behave'. In an industry rife with manipulation the regulator imposes every stricture rules on banks. Erudine helps banks managing this maze. 

You remember HAL? FinGenius uses artificial intelligence and analytics to bring him (?) alive.


You guys are fantastic to work with. Thank you!

Mar 04

Business Lunch with Techie, Half-Techies and Non-Techies

Today here at Squirro we caught ourselves embroiled in technology - even a bit too much for lunch time… 

Mar 03

Your source for Unstructured Data Analytics news

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Unstructured Data Analytics is a extremely fast growing concern for all business sectors across the globe.

In an effort to help you find the relevant information about our favourite topic we have created both a e-paper and a LinkedIn group where you will find the most significant news and where you will be able to share your thoughts, ask the questions that are important to you and seek the advice of experts.

Join our group here: http://www.linkedin.com/groups/Unstructured-Data-Analytics-7463362?trk=my_groups-b-grp-v

Sign up for our e-paper here: http://paper.li/f-1392731745