The financial sector consumes a wide variety of data from multiple sources. It does this to manage risk, explore new business opportunities, detect fraud, show good corporate practice and improve customer experiences. Data integration at scale is a significant challenge within the sector. This is compounded by the speed of change and a complex regulatory environment. Linked data and semantic technologies support financial organizations in building a robust, resilient and adaptive data integration infrastructure. Building data models that help integrate the variety of contextual information is a major benefit. This will help track, mitigate and reduce risk and inform decision making. It enables management of information as an asset.
We have worked with a number of large US financial institutions to help them develop their in-house linked data expertise. This includes supporting internal capacity building and training. We also developed a Payments Ontology to support the publication of spending by Local Authorities in the UK, as part of the UK Government’s transparency and open data agenda. We also supported the UK Cabinet Office in releasing the UK Treasury’s COINS data as Open data.
Our technology, platform and services support organizations that need help building capability and exploring approaches. We also support organizations that are beginning to scale their data capacity. There are great opportunities to use linked data as a flexible and cost effective route to aggregating and reporting financial information. We have worked in many sectors supporting similar data challenges, where data integration adds real value.