Fact: 82% of Financial Institutions surveyed do not combine data!

June 03, 2014.

75% of companies who took part in our financial Institute Survey said combining structured and unstructured date would be of value but only 18% of those surveyed are currently doing this.


With estimates pointing to an overwhelming split between structured and unstructured data in an enterprise to be roughly 20%/80% companies need to adapt quickly to gain advantage in the market. 


The goal of our survey was to establish how leading global financial institutions deal with unstructured data today and intend to analyse this type of data in the near future.




Although, combining data silos is a must for financial institutions, nearly none of those surveyed are currently combining structured and unstructured data despite 75% saying this would provide value.


Nearly half of the financial institutions surveyed say they are planning activities to unearth the gold in date in the next 24 months. Find out what the focus of these activities will be, what challenges organisations face and what is the ultimate impact of unstructured date analytics for financial institutions, read the full report here.


Comments

Comments

Analytics8 further extends its consultancy capabilities with unstructured data

May 28, 2014.

Sydney, Australia, 26 May, 2014 – Analytics8 has further extended its position as a leading Australian provider of business intelligence, analytics and data warehousing Consultancy and Implementation Services by establishing a formal partnership with unstructured data experts, Squirro.


Unstructured data continues to represent a significant, but largely untapped, resource for valuable insight into effective decision making. The appropriate treatment of unstructured data can lead to:


• Real-time, accurate context intelligence to any point of insight you discover in your data;


• Significant reductions in research time (up to 90% in some contexts); 


• A real-time 360° context radar naturally integrated into enterprise systems.


Dorian Selz, Squirro CEO & Founder says “We are extremely proud to partner with Analytics8. Squirro combines the structured and unstructured worlds together in harmony to deliver the “why” behind that data. The combination of our capabilities with the experience of Analytics8 in business intelligence guarantees our customers always have the best possible analytics for their data.”


Squirro can:


• integrate, manage and analyse data in real-time to ensure the best information when it is needed;


• be delivered either on premise or in the cloud;


• integrate a wide range of sources, whether internal or external, public or premium and industry specific;


• integrate with any enterprise system such as Qlik, Tableau, Oracle, Spotfire, Salesforce, Jira, Zendesk, Exchange, Gmail and more; and


• notify in real-time every time relevant data is loaded, reducing the risk of missing relevant information.


Mark Sands, Country Manager, Analytics8 says “As a pre-eminent provider of business intelligence consultancy, implementation, training and support services, it is critical that we maintain a complete understanding of the business intelligence challenges facing our clients, as well as the latest tools available to meet those challenges. Our relationship with Squirro will allow us to continue to grow our relevance to our clients as a highly credible and capable partner for advice upon and implementation of, data-intensive initiatives.”



About Analytics8


image


Analytics8 specialises solely in the provision of Business Intelligence and Data Warehousing Services.


An Australian success story founded in 2002, the company is a team of 80+ consultants across offices in Australia and the USA. Analytics 8 has deep multi-vendor expertise in providing Consultancy, Technical Implementation and Support for the leading business intelligence vendors. Analytics8 prescribes and delivers these best-of-breed services to our clients’ specific and unique needs.


Media Contact:


Mr. Mark Sands


Country Manager


Analytics8


Tel: +61 2 9299 4430


E-mail: enquiries@analytics8.com



About Squirro


image



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


Comments

Comments

Squirro and Sovereign Merchant partner up with Acumen BI to strengthen presence in NZ.

May 27, 2014. Filed under business-intelligence, squirro, partners, context-intelligence.

London, May 19, 2014 – Squirro, the leader in Context Intelligence, and Acumen BI who are are 100% dedicated to providing QlikView software and services in New Zealand have signed a reseller agreement to deliver Context Intelligence solutions to the New Zealand 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 was the first Swiss company, along with six other Leading Financial Innovators selected for FinTech Innovation Lab London. The Lab, was launched by Accenture in 2012, is a collaboration between with 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. 


Acumen BI’s aim is to deliver fast, simple, effective business intelligence. They know the hallmarks of successful BI programs and apply that knowledge to every project they undertake.


The partnership between Squirro and Acumen BI 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 Daniel Gargiulo, QlikView Practice Lead at Acumen BI said: “With the significant growth in unstructured data we are confident Squirro will add significant value to New Zealand business. It will put big data into context and allow the hidden value of unstructured data to be harnessed. This is an exciting partnership and complements the structured data analysis we currently undertake”


Dr. Dorian Selz, Co-Founder, CEO at Squirro added: “We are delighted to welcome Acumen BI as one of our


partners. Its commitment to its customers to not only gathering their data but helping them contextualise it is one of the main reasons we are now working together.” 


About Company Acumen BI




Acumen BI’s aim is to deliver fast, simple, effective business intelligence. Acumen BI are 100% dedicated to providing QlikView software and services. We offer solutions across a variety of industries and have a dedicated team of consultants to assist customers in the design, development, implementation and on-going support of industry specific QlikView dashboards and QlikView reports.


Our team of BI specialists offer unrivalled QlikView experience . We know the hallmarks of successful BI programs and we apply that knowledge to every project we undertake. Our consultants provide consulting, training and support, to ensure the most cost-effective route for your QlikView implementation and deployment.


Fore more information on Acumen BI, visit: http://www.acumenbi.co.nz/


Contact:


Daniel Gargiulo


QlikView Practice Lead


Phone: +64 (09) 909 5581


E-mail: danielg@acumenbi.co.nz


About Squirro




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


Comments

Comments

Squirro and axeed join forces to strengthen data analytics in the financial world.

May 26, 2014.

ZÜRICH, May 21, 2014 – Squirro, the leader in Context Intelligence, and axeed, who develop, maintain and operate banking business models for the processing, presentation and distribution of management information have joined forces to propose a 360 degree data analytics solution for private or retail banks, family offices and asset managers to combine, understand and analyze their data.


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 with 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 amongst others worldwide companies like ABB, the international engineering consortium, Swisscom, Experteer, The Vanella Group.


Integrated with QlikView’s visualization and e-discovery technology, axeed and Squirro offer an easy to implement with a fast time to market solution that can be easily adapted to your specific needs.


Speaking about the new partnership


Memo Dener, Partner, CEO at axeed said: “We are very happy to enter into this partnership with Squirro, as it will enable us to present in the future not only the structured data on all our financial information dashboards, but also the unstructured data as well. We strongly believe that this partnership will offer a significant added value to the current and future customers of axeed & Squirro in the financial industry.”


Dr. Dorian Selz, Co-Founder, CEO at Squirro added: “We are thrilled to bring axeed on a partner to further strengthen our presence in Switzerland and Europe. It is an exciting time for Squirro and our partners throughout the world. We are looking forward to expanding our client base with axeed.”


About axeed


image


axeed develops, maintains and operates banking business models for the processing, presentation and distribution of management information on all levels of a private or retail bank, an asset manager, a family office, a classic insurance or an insurance broker.  


Charts, reports and dashboards are our core competence - our flexible and dynamic BI-framework enables direct access on operative systems, applications and data banks of various technologies as well as on data in different formats. 
We developed our standard and individual solutions together with our clients. Your advantages are obvious - benefit from our preparatory work und the already existing know-how in our products. Just add your special specification, individualities and focuses - we guarantee a quick ‘time-to-market’.


Technically based upon the QlikView’s innovative ‘in-memory technology’, we are much more agile, flexible and thus more cost-effective than comparable BI-solutions. 


Fore more information on axeed, visit: http://axeed.ch/en/home/


Contact:
Memo Dener
CEO
Phone: +41 58 680 21 31
Mobil: +41 79 659 2741
E-mail: memo.dener@axeed.ch



About Squirro


image


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


Comments

Comments

Join in on the Champions League fun!

May 21, 2014. Filed under squirro, cellent, champions-league, real-madrid, atletico-madrid.

The Champions League final is almost upon us, not to mention the World Cup! With Real Madrid winning the title 9 times already, Atletico look like the outsiders having not made the final since the 73/74 season!


We partnered with cellent to develop an application in which you can visualise the stats of both finalists and linked those stats to all the relevant news, this way you get both the numbers and the stories in one place!


To get started, click on this link: http://info.squirro.com/dashboard/championsleague/2014



image



On the home screen you select your language and then you let the fun begin.


Look at what your favourite team did in the various tournaments they were engaged in.

Compare team and players statistics and get all the related news and social media information so you don’t miss any of the action.


Comments

Comments

40% of all first-time buyers cited Data Visualization as the top reason for evaluating BI software

April 30, 2014. Filed under business-intelligence, software-advice.

Software Advice provide advice to enterprises on how to find the right software for their organization. 


They recently published their 2014 Business Intelligence Software BuyerView in which they detail the main reason why buyers will seek new BI solutions.


Some key findings include:


  • Over 60% of prospective BI software buyers are business professionals (rather than IT professionals).

  • 95% of buyers want an integrated suite (i.e. a system that houses multiple BI tools).

  • Collectively, 75% of buyers listed customizable dashboards (and reporting), user-friendly interfaces and data warehousing as the most-desired features.

Here is the presentation:




You can read the full report here.


Comments

Comments

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

April 09, 2014. Filed under squirro, unstructured-data, qonnections, financial-services.

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.


Comments

Comments

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

April 08, 2014. Filed under squirro, unstructured-data, qonnections, financial-services.

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.


Comments

Comments

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

April 07, 2014. Filed under squirro, unstructured-data, qonnections, financial-services.

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


Comments

Comments

Fintech Innovation Lab Tally (London - Week 14)

April 01, 2014. Filed under fintechlab, fill, squirro, london.

image


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:


  • 20% is structured information. That is numbers, Data that you can summarize, multiply, essentially compute. There are a number of access technologies out there, most prominent of all Excel but also Business Intelligence software. 

  • 80% of data though is unstructured information. Text, call notes, email, chat, research, etc.  Today you can access this data using enterprise search, which often doesn’t work.

  • Research shows that today 95% of all decisions are based on structured data only. That is this corner here, leaving out a lot of relevant information for better decision making.

  • With the available data growing at 50% p. a. the problem is getting worse.

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.


  • Concept Search, with one drag and drop operation we identify the relevant search concepts

  • Fast to Market: It’s a Software-as-a-Service solutionsetup in minutes

  • Ease of use: its so easy even my grandmother can handle it

  • Integration: an Integration of Squirro into a BI system like Qlik or a CRM solution like Salesforce can be completed in a day 

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.


  • Market Intelligence: The demo you just saw - Help banks identify market trends

  • Operational Intelligence: Identify escalation issues in say chat data

  • Sales Intelligence: Enabling more meaningful customer conversations with an immediate positive impact on revenue

  • Governance, Risk & Compliance: Issue detection in internal data

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%. 


Comments

Comments