Fintech Innovation Lab Tally (London – Week 14)

April 1, 2014

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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:

  • 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%.