How Unstructured Data Can Be Useful

    Recently, AI has become more and more relevant because it can do things that people can't do, and it does these tasks more efficiently. This article goes into detail about the new emergence of financial institutions using AI to make unstructured data more relevant. Unstructured data reders to dat that does not have pre- defined meaning or value. The article states that 80% of the data being produced is unstructured and only % of that data is being used or analyzed. Some of this unstructured data that it can decipher are tweets, news articles, or financial statements. According to the article, HSCB just launched the first AI powered investment index. This tool that was recently launched will analyze and sort through unstructured data, but it would also do it much faster than the manual way. 

Why is this new tool important to all financial companies? As of right now, financial institutions aren't even using half of the data they have collected. This being said, nobody is at fault because there is simply too much data to be parsed through by a human or even multiple people. The AI tool that was recently launched is programmed to read and pick up on not only key words, but the synonyms and the context of the data. It can extract a very accurate meaning based on the data presented. This type of work would take too long for any amount of humans to do because there is a numerous amounts of data in the world that can impact a financial institution. This is very important for these institutions because now they will have a broader field of data and more insights. This AI tool allows them to almost profile their customers based on the unstructured data that has yet to be analyzed. More importantly, it allows them to make better decisions because they have more data. 

After reading this article, I believe that from a customer's point of view I would want my bank to use this new AI tool. The tool will give the analysts more data to extract information from, which ultimately leads to better decision- making by the institutions and its customers. This new tool could possibly be a game-changer as the institutions who use it will now have an advantage over those who choose not to use it. Even though they might be successful without it, the tool will be parsing through so much data and retrieving much more information at a rate that the other institutions will not be able to keep up with. With this being said, they will not be as knowledgeable and their decisions will not be as accurate. 

This article was only published a week ago, so I don't have any critiques to it right now. However, I would like to keep reading about this new AI tool in a few months or a year from now to see the improvement or impact it has. Predictions and decision making could possibly one day be calculated perfectly. This AI powered investment index is a step towards that, as they will now begin to more of the data being provided. 

Source: https://insidebigdata.com/2021/03/15/how-financial-institutions-can-deal-with-unstructured-data-overload/