Next-Generation Knowledge Management in the Financial Sector
With vast reserves of data ready to exploit, millions of long-standing trust-based relationships and a wealth of advanced industry expertise and experience to call upon, banks, wealth managers, insurance companies and other big traditional financial enterprises are primed to reap significant gain from the intelligent automation cognitive computing offers.
This is especially the case when we consider how the next generation of knowledge management solutions are beginning to disrupt the financial sector.
Doing knowledge management the old way meant forcing workers to fragment their time between multiple workflow apps: one app for redaction, one for analysis, two apps for searching (one for internet, one for intranet), and so on.
Doing knowledge management the new way means using holistic artificial intelligence that can clean up and consolidate different systems into a single user-friendly platform that workers can use to interact with organization data, as well as that from external corpora like the internet.
So, rather than a highly qualified financial professionals spending hours researching information, they can spend hours putting information to use.
Imagine a financial manager who wants to reassess the performance of a firm’s portfolio of assets. Using a cognitive chatbot, the manager could make requests in natural language: ‘which is our lowest performing stock in 2017?’ The chatbot, recognizing the manager’s sufficiently senior position and role within the organization, would retrieve the information from the relevant internal documents in a matter of milliseconds, automatically ignoring irrelevant and redacting confidential information included alongside.
These types of conversations can also be linked to actions, so a worker not only searches for things, but actually gets things done, all from a single interface. Our financial manager, for example, could follow up the identification of a high-performing asset with an action like: “Find other assets like this”.
This is Cognitive Knowledge Management – an information architecture that humans can easily, quickly and naturally interact with.
Each of the bullets in that infographic plugs a major time sink. But let’s hone in on redaction: the effective and efficient operation of financial institutions is considerably stymied by an abundance of highly sensitive information that cannot be shared, whether in the internal or external sphere.
Either documents like standard operating procedures and programmable policies are manually – and often, repeatedly – redacted in a time consuming process that involves multiple knowledge workers or they are not redacted at all and simply lost behind a firewall. The end result is the same: workers fail to get the information they need when they need it, and output suffers as a result.
Rather than different people in the organization redacting a document by hand, duplicating documents and workloads in the process, a well-designed cognitive knowledge management system can streamline the process of information sharing by having one single document that adapts to a hierarchy of access. Not only can only stakeholders with the relevant level of access view, edit or suggest changes to a document, but they can only view, edit or suggest changes to the component elements of the document that their level of access dictates. In other words, the document automatically changes, redacting or revealing information, depending on the seniority of the individual accessing it.
This same process can be repeated externally, for example, a business might allow a consultant to view product information without exposing the intellectual property or trade secrets that give it an economic advantage over its competitors.
Research by IDC shows information workers would improve productivity by 21% if they were freed from document-related challenges like redaction. For a financial institution with 1,000 information workers, addressing this issue would be tantamount to hiring 213 new employees.
By transforming the cumbersome, complex enterprise database into an artificial intelligence that works for the organization rather than against it, financial services firms can unearth major cost reductions and help workers achieve more reliable performance and insight. Most importantly, a financial institution’s most valuable resource – human capital – can be freed to focus on more complex and value-added work.
If you’d like to learn more about cognitive knowledge management in financial services, please request a meeting with one of our team.