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17.03.2020 | News How financial service providers benefit from Enterprise Search

Financial services companies have a huge amount of data at their disposal and are at the same time subject to strict regulatory requirements. Enterprise search specialist IntraFind explains how they can use a solution for enterprise-wide search to take advantage of the associated opportunities and master the challenges.

Hardly any of the long-established sectors has access to such extensive data as the financial industry. This wealth of data has enormous potential. Comprehensive analyses enable financial service providers to develop better services, implement a more targeted customer approach and thus secure their competitiveness for the future. At the same time, the industry is subject to extremely strict regulation and has to deal with a particularly large amount of personal data.

In order to take advantage of the opportunities and master the challenges, banks, insurance companies and the like must holistically evaluate large amounts of data from a wide variety of sources - be it internal sources such as file servers, e-mails and databases or the daily external flow of information for risk, market and security analyses, stock market values and exchange rates. A modern enterprise search solution can provide you with a central platform for the analysis of this "big data". IntraFind explains how the financial sector can provide all relevant and necessary information to its employees centrally.

1. Enable comprehensive data integration. A suitable enterprise search solution comes with a large set of standard connectors that allow for easy connection to and indexing of all conceivable data sources. Whether in-house, external, structured, or unstructured: all data can be integrated in this way and brought into a consistent knowledge structure. A single search index acts as a powerful information layer on which any analysis and research use cases can be based.
2. Scale for mass data processing. In order to master large amounts of data and grow with them, a modern enterprise search solution is scalable from the ground up. Ideally, it should support distributed computing for this purpose. Its performance can then be increased as required simply by adding further machines or nodes. This provides financial service providers with a future-proof system architecture for a wide range of application scenarios.

3. Aggregate data intelligently. With a complete technology stack for Artificial Intelligence, users can not only search and find information, but also flexibly implement a wide variety of analysis scenarios. Machine Learning and Deep Learning methods enable users to work with real text comprehension and to deal cognitively with information - not only trivially on the word level, but semantically. As a result, data that belongs together can be intelligently merged and condensed for quick information retrieval and ad hoc analyses. Financial service providers thus have a tool that is just as powerful as business intelligence applications, but far less complicated.

4. Support compliance with regulatory requirements. With these capabilities, an enterprise search solution can also optimally map the analysis of compliance-relevant data, which is particularly important in banks. In addition, personal or confidential data can be found quickly and reliably - for example, to answer a request for information or to delete personal data if necessary.

5. Ensure secure search. Especially the often sensitive information of financial service providers should and must not be viewed by all employees. Of course, the application itself must be secured for this purpose, but it should also include a powerful rights and role management system. If the enterprise search solution can consistently take into account the rights from indexing and searching to the display in a search or analysis interface, all users will only see data in their hit lists for which they have authorization.

"If it comes with the appropriate onboard tools, enterprise search can act as a very flexible analysis platform for financial service providers. Organizations like financial supervisory authorities have already realized this and use the capabilities of the iFinder to analyze any kind of documents according to any aspects in depth", says Franz Kögl, CEO of IntraFind Software AG.