In its constant pursuit of staying ahead of the curve, the financial services industry is at the forefront of innovation and technology when it comes to dealing with numerical data. This is far from the case, however, when the focus shifts to textual data. Stuck in old habits of ‘reading’ the news and research from a few favoured sources, bankers are lagging far behind other groups of information professionals. Today, the use of technology and analytics are must-haves for coping with, and benefitting from, the ever-increasing amount of unstructured data from internal and external sources. The banking industry can learn a great deal from open source intelligence (OSINT) professionals and their methods.
This global bank was searching for digital solutions to help its corporate and investment bankers manage their relationships with large institutional clients around the world.
Their objectives were:
- To make the bankers stand out to their clients in competitive situations.
- To identify and drive new business opportunities.
- To support and update the bank’s internal credit-risk and compliance departments with front-line information.
Despite aggregating and producing large volumes of textual data, the bank had spent little resources on technology that could analyse this data to help the bankers get timely and relevant client intelligence. Eventually, the bankers became frustrated by their reliance on external sources and search engines. They came up against an overwhelming amount of data and no tools to deal with it. In response, the bank’s digital transformation team made it a priority to reverse this negative trend and turned to Silobreaker for help.
Silobreaker: The solution
Silobreaker’s unique approach of bringing together the whole value chain into a single application, from collecting data to turning it into contextualised insights, proved to be a great fit for the bank’s purpose.
The initial phase was focused on data from external publicly available sources on the web as well as the insights and intelligence that can be gathered from it (open source intelligence, OSINT).
With ‘know more, faster’ as the underlying goal for the project, Silobreaker set out to deliver the following:
- Data – Access to more data from more open sources than ever before, including from news, blogs, social media, press-releases and research.
- Customisation – Customisable setup based on each banker’s personal preferences and client list.
- Contextualisation – Ready-made dashboards and trend-tools that contextualise the data, extracting relevant and timely results to each banker.
- Mobility – Tailored email alerts and access to client news in a mobile app, keeping the bankers updated away from their desks.
The benefits have been immediate. To stay on top of client developments, the bankers are getting daily digests of information across all data relating to their clients. To focus on a specific topic or client, they use Silobreaker’s analytical tools and features. Preparing for a meeting or building a pitch-book, Silobreaker’s report tool helps the bankers find and select relevant data, add their own editorial content, share and collaborate within their teams, as well as export and disseminate the report straight from the system. Silobreaker offers a new and more efficient way to work. It also provides access to information that, in the bank’s old model, would have been lost or never found.