Financial Services – Use Cases

  AllRegs By Ellie Mae Webinar   Financial Services

Use Cases

Concept Searching technology platforms have been adopted by financial firms with the foresight to leverage metadata to achieve business objectives. Not restricted to just solving search challenges, the products reach far beyond to improve any application that requires the use of metadata and establishes the framework for information governance.

Solving the over-arching and often global challenges, changes are needed at the tactical level using technology, people, and business processes to solve these enterprise objectives, in order to reduce risks, costs, and improve business performance.

Below are the fundamental issues followed by information on how our finance clients were able to address their challenges.

  • Search

    Enterprise search is an infrastructure component and the impact of poor search reaches far beyond the retrieval of information.

    Affecting organizational efficiency and productivity, poor search results can increase costs as well as organizational risk. A core component in all Concept Searching platforms is the ability to automatically generate compound term metadata, eliminating end user tagging. Identifying relevant content during a search effectively removes ambiguity, and enables the retrieval of information based on the concepts within, increasing both precision and recall.

    Case Study

    Improving Search for 500 Investment Professionals

    document-downloadsOne client is a diversified active investment management firm with a strong parent company and a culture of risk management. This global company required the ability to manage content more effectively and provide real-time access to up-to-date, relevant, and accurate content.

    Operating in a SharePoint environment, the client deployed conceptClassifier for SharePoint to provide the framework for information access on its portal. The solution eliminates end user tagging, automatically generates semantic metadata, auto-classifies content from diverse repositories, and provides robust taxonomy tools to quickly and easily adapt to changing regulatory and compliance requirements. A key differentiator in the taxonomy management component is the ability to be easily managed by a Subject Matter Expert as well as an IT professional.

  • Case Study

    Improving Search and Solving Compliance Challenges with One Set of Technologies

    document-downloadsThe oldest and largest private equity fund dedicated to investments in the energy sector was seeking to solve two challenges. The first was to improve search on its SharePoint intranet, and the second was to improve records management processes. conceptClassifier for SharePoint provided the firm with the ability to eliminate manual tagging and use the rich, conceptual, automatically generated metadata to significantly enhance the search experience for end users.

    To address the records management challenge, conceptClassifier for SharePoint was used to enable the firm to define a taxonomy that mirrored its file plan. It is now able to automatically declare documents of record as they are ingested or created, using conceptTaxonomyWorkflow to route to the records management repository for disposition. Benefits include the ability to automatically declare documents of record as they are ingested or created, providing the ability to apply lifecycle management to all content. This ensures compliance and regulatory requirements are met in a way transparent to the business user.

    Records Management

    Regardless of whether you are using the SharePoint Records Center, or a third party application, records management and the lifecycle of documents of record are typically challenging in any industry, let alone the finance sector.

    The biggest stumbling block has always been end user tagging. With complex file plans, and the fact that human tagging is often haphazard at best, organizations can often unwittingly fall into the trap of non-compliance. The Concept Searching platforms, are being used to automatically identify documents of record, auto-classify the content to a taxonomy that mirrors the file plan and route directly to the records management application.

  • eDiscovery and Litigation Support

    eDiscovery and litigation support is costly, time-consuming, and risky.

    Although the real costs of eDiscovery and litigation support can be estimated, they are often hard to determine, let alone plan for. The best defense is the on-going management of data to ensure preparedness. Unmanaged information carries a great deal of risk, as it can be used in unintended way. During the eDiscovery or litigation process, the same basic problem of finding relevant information occurs, which is costly and unproductive. Using the Concept Searching product platforms, the conceptSearch Compound Term Indexing Engine is licensed for building and refining the taxonomy/term sets. The engine provides automatic semantic metadata generation that extracts multi-word terms or concepts along with keywords and acronyms. These multi-word concepts are then ingested by the search engine index, delivering true concept based searching. This eliminates the need for complex queries, vocabulary normalization issues, and can direct the search via taxonomy search methods.

    Case Study

    Litigation Support and eDiscovery Tools Crucial to Reducing Organizational Risk

    document-downloadsUsing SharePoint and FAST, one of America’s largest and most respected asset management companies offers a broad array of products and services to individuals, institutional investors, and corporations worldwide. After evaluating several SharePoint solutions for improving search and managing unstructured content, it selected conceptClassifier for SharePoint for several reasons.

    conceptClassifier for SharePoint was a strategic technology solution that enabled re-use of the technology to solve multiple unstructured content challenges. Key requirements were the ability to tag unstructured content, manage the content through taxonomies, and have a tool that integrated natively with the SharePoint 2010 Term Store. An additional requirement was the ability to use the automatically generated conceptual metadata to provide intelligent migration capabilities from file shares to SharePoint. The initial rollout was for the legal department, where metadata is essential to successful litigation support and eDiscovery, significantly reducing costs, risks, and time.

  • Case Study

    Knowledge and Risk Management Deliver Insight on an Intranet Portal

    document-downloadsFormed in 1988, a leading Italian banking group had the foresight to address knowledge management as a discipline and the means to reduce organizational risk. The corporate business division deployed the Concept Searching technology platform to build a knowledge portal, supporting the division’s analysis and planning.

    The solution automatically captures and integrates information in real time, from Internet websites and internal sources, and classifies the content based on the concepts contained within the source.

    The result is an optimized search engine, balancing precision and recall. From a business perspective, the ability to analyze content in real time, as well as retrieve highly relevant content, has enabled the firm to reduce risk and improve decision making.

    Information Governance

    Financial organizations must seek to adopt innovative technologies to enable them to develop an enterprise information governance strategy and the tactical processes that not only reduce costs but improve any application that uses metadata.

    The Concept Searching product platforms are being used by diverse companies to address the information governance issue. The technologies have been used to develop an enterprise metadata repository, improve search, automatically declare records and eliminate security exposures in on-premise, cloud, or hybrid environments.

  • Text Analytics

    The ability to aggregate very precise information from diverse sources and then analyze it can be invaluable in decision making and reducing costs.

    Data is machine driven, whereas unstructured content is driven by people, which makes the nuances, insights, relationships of disparate content, sentiment, and knowledge capital much more difficult to extract. Using Concept Searching products before analysis, the quantity of content can be reduced through an initial cleansing. Once the ‘noise’ has been eliminated, the ability to analyze the content at a very granular level produces actionable results that can be used to solve problems, reduce costs, and improve decision making.

    Case Study

    Identifying concepts in context with a daily deluge of millions of documents

    document-downloadsA bank investing in twenty-seven countries, from Central Europe to Asia, has a goal of building market economies in the regions it serves. To meet these objectives, the professional staff regularly seek information from the public sector, regulatory bodies, and international websites, such as the World Bank.

    The deployment of the Concept Searching technology platform, and specifically conceptSearch, enabled the legal professionals, economists, and information professionals to quickly pinpoint and retrieve highly relevant information from millions of pages of content on a daily basis. Using multi-word terms to index material, conceptSearch creates an intelligent understanding of text within unstructured or semi-structured information.

    For the professional user, sorting through several hundred documents, some quite lengthy, conceptSearch provides a synopsis of relevant concepts highlighted within the content. This enables the user to scan quickly, and spend more quality time devoted to providing analysis and insight.

  • Content Dissemination and Social Networking

    Several clients in diverse industries are using the Concept Searching platforms to drive sales and reinforce their differentiators to diverse audiences.

    Concept Searching has been very successful in client situations where intellectual property is sold for a fee. The end user experience must be consistent and transparent, presenting the precise information to the right person at the right time. The ability to harmonize information and present relevant content to clients, or potential clients, can be a key differentiator in driving sales. The Concept Searching products provide the ability to transparently deliver content based on site visitor interest areas. This improved customer experience drives cross-selling, regardless of whether fee based or free services. The same concept based information aggregation capabilities are also being deployed internally.

    Content can be aggregated from diverse repositories and aggregated to provide the end user a holistic view of appropriate information. From a social networking aspect, the Concept Searching platforms provide structure and a framework to social interactions by identifying much more granular information that typically would not be found.

  • Security

    Sensitive, confidential, and data privacy information exists in documents, scanned items, faxed items, emails, and in any unstructured or semi-structured content.

    The Concept Searching platforms provide the ability to automatically identify, secure, and prohibit the portability of content, using organizationally defined vocabulary and descriptors. Since the metadata generation is not restricted to keywords, it is highly accurate in identifying potential security exposures, in real-time, as content is ingested or created and then routed to a secure repository for disposition. Full support for standard descriptors is included. Additional value is achieved by enabling the organization, or functional group to define confidential information that falls outside standard descriptors.

    Key Features
    Key Benefits