Could unlocking unstructured data files transform your ability to stop more fraud?
80% of information is held in inaccessible, unstructured data files. Is now the time to unlock this rich source of intelligence and transform your ability to stop more fraud?
Osman Khurshid, Head of Solutions Consultancy, Synectics Solutions
The days of customers visiting a local branch or broker, armed with a passport, utility bill and other paper-based ID, in order to open a new account or purchase insurance are pretty much over. Millions of consumers are purchasing more and more products and services online, without face-to-face interaction with their retailer or service provider.
For the financial services and insurance markets, the shift to a more automated and digital customer experience creates savings and efficiencies - business can be written quicker and customers receive a fast, smooth experience.
However, these digital advancements also cause the same industries a new headache. Sales and Marketing teams are pushing for a shorter apply processes to avoid drop off, (and therefore often ask for less up-front information). They want an ultra-slick sales funnel. Compliance, Fraud and Risk Teams on the other hand need to ensure that the necessary credit, risk and identification checks are in place to guarantee that they comply with Know Your Customer (KYC) regulations.
Unstructured data is information that either lacks a pre-defined data model or is not organised in a pre-defined manner. It is typically text-heavy but may contain data such as dates, numbers and facts. Unstructured data typically makes up 80% of an organisation’s data, and this is growing at a rate of 55%-65% each year*. Structured data such as names, addresses, and phone numbers are usually easy to capture, store and maintain digitally, whereas unstructured data has severe limitations.