The Billion-Dollar Data Problem: Why Financial Firms Struggle with Unstructured Data
Integrate your CRM with other tools
Lorem ipsum dolor sit amet, consectetur adipiscing elit lobortis arcu enim urna adipiscing praesent velit viverra sit semper lorem eu cursus vel hendrerit elementum morbi curabitur etiam nibh justo, lorem aliquet donec sed sit mi dignissim at ante massa mattis.
- Neque sodales ut etiam sit amet nisl purus non tellus orci ac auctor
- Adipiscing elit ut aliquam purus sit amet viverra suspendisse potenti
- Mauris commodo quis imperdiet massa tincidunt nunc pulvinar
- Adipiscing elit ut aliquam purus sit amet viverra suspendisse potenti
How to connect your integrations to your CRM platform?
Vitae congue eu consequat ac felis placerat vestibulum lectus mauris ultrices cursus sit amet dictum sit amet justo donec enim diam porttitor lacus luctus accumsan tortor posuere praesent tristique magna sit amet purus gravida quis blandit turpis.
Techbit is the next-gen CRM platform designed for modern sales teams
At risus viverra adipiscing at in tellus integer feugiat nisl pretium fusce id velit ut tortor sagittis orci a scelerisque purus semper eget at lectus urna duis convallis. porta nibh venenatis cras sed felis eget neque laoreet suspendisse interdum consectetur libero id faucibus nisl donec pretium vulputate sapien nec sagittis aliquam nunc lobortis mattis aliquam faucibus purus in.
- Neque sodales ut etiam sit amet nisl purus non tellus orci ac auctor
- Adipiscing elit ut aliquam purus sit amet viverra suspendisse potenti venenatis
- Mauris commodo quis imperdiet massa at in tincidunt nunc pulvinar
- Adipiscing elit ut aliquam purus sit amet viverra suspendisse potenti consectetur
Why using the right CRM can make your team close more sales?
Nisi quis eleifend quam adipiscing vitae aliquet bibendum enim facilisis gravida neque. Velit euismod in pellentesque massa placerat volutpat lacus laoreet non curabitur gravida odio aenean sed adipiscing diam donec adipiscing tristique risus. amet est placerat.
“Nisi quis eleifend quam adipiscing vitae aliquet bibendum enim facilisis gravida neque velit euismod in pellentesque massa placerat.”
What other features would you like to see in our product?
Eget lorem dolor sed viverra ipsum nunc aliquet bibendum felis donec et odio pellentesque diam volutpat commodo sed egestas aliquam sem fringilla ut morbi tincidunt augue interdum velit euismod eu tincidunt tortor aliquam nulla facilisi aenean sed adipiscing diam donec adipiscing ut lectus arcu bibendum at varius vel pharetra nibh venenatis cras sed felis eget.
- Financial firms generate unstructured data from emails, contracts, and filings, making data management a billion-dollar challenge.
- Traditional tools fail to process unstructured data effectively, hindering financial institutions from unlocking critical insights.
- AI-powered solutions can transform unstructured data into actionable intelligence, driving smoother operations, compliance, and decision-making.
The Unseen Challenge of Financial Data
Financial firms are data powerhouses, processing massive volumes of information daily. This includes structured data like balance sheets and trades—but a staggering 80-90% of their data is unstructured. These unstructured sources include emails, contracts, spreadsheets, regulatory filings, social media chatter, and even meeting transcripts.
The problem? Traditional analytics tools weren’t designed to make sense of this chaotic, unstructured information. Without the right systems in place, priceless insights remain buried, leaving firms with lost opportunities, inefficiencies, or even regulatory risks.
Why Financial Firms Struggle
The obstacles posed by unstructured data aren’t just technical. They’re financial, regulatory, and operational too. Here’s why financial institutions find it challenging to manage such data effectively:
- Sheer Volume and Velocity: Financial firms generate unstructured data at breakneck speed—from internal communications to market intelligence. Sorting through this ocean manually is impossible.
- Complexity and Lack of Consistency: Unlike structured datasets, unstructured data lacks format or uniformity. For example, a customer email might hint at churn risk, but extracting insights and linking it to a CRM system? That requires multiple tools and hours of manual effort.
- Compliance and Security Risks: With tighter regulations around data privacy (think GDPR or SEC guidelines), ensuring compliance for unstructured data isn’t straightforward. Emails, meeting notes, or even archived files can turn into compliance risks if overlooked.
The Cost of Doing Nothing
Failing to address the unstructured data problem can cost financial firms in three big ways:
- Missed Insights: Firms risk overlooking patterns or trends that drive profitability, such as customer churn signs or market anomalies.
- Operational Bottlenecks: Without efficient systems, analysts waste hours trying to clean and categorize data instead of focusing on strategy.
- Regulatory Penalties: Mismanaged data could lead to severe fines, especially in industries where oversight is non-negotiable.
Enter the Solution: AI-Driven Data Processing
Artificial intelligence (AI) and machine learning (ML) offer financial firms a lifeline for managing unstructured data efficiently. Here’s how these cutting-edge tools can help:
- Automated Data Extraction: AI-driven tools use natural language processing (NLP) to extract key details from documents such as contracts or compliance reports. Instead of manually sifting through pages, relevant insights are surfaced instantly.
- Contextual Analysis and Linking: Machine learning models can identify relationships across disparate datasets. For instance, an AI system might detect a link between a regulatory update and a firm’s internal processes, enabling faster compliance adjustments.
- Seamless Integration: Modern AI solutions integrate directly into existing tech stacks, pulling unstructured data into CRM, ERP, or risk management platforms. This eliminates silos and ensures actionable intelligence is accessible when you need it.
- Data Governance and Transparency: AI platforms help track, monitor, and even audit data at every stage. This safeguards financial firms from compliance violations while giving regulators confidence in their systems.
Real-World Applications in Finance
To see the power of AI in action, consider these real-world scenarios:
- Customer Sentiment Analysis: A financial institution uses NLP to analyze customer feedback emails. The AI identifies complaints about high fees, providing actionable data to reduce churn.
- Automated Contract Review: AI-powered tools review hundreds of pages of contracts, flagging clauses that don’t align with company risk policies or industry regulations.
- Fraud Detection: Unstructured data like chat logs and emails is analyzed alongside structured transaction data. This combined analysis helps identify fraudulent activity faster.
By tackling the unstructured data problem, financial firms have the chance to not only solve a billion-dollar challenge but also unlock new avenues for innovation and efficiency. Partnering with technology providers who specialize in AI-driven data solutions can transform unstructured chaos into structured opportunity.
