Fincon Reply's experts show how banks, insurers and financial institutions can protect sensitive personal information without reducing the business value of the data. Learn how you can benefit as well in compliance with GDPR.
Claims, incoming payments or user behaviour: Banks, insurers and financial institutions have a wealth of data that allows them, for example, to better align their services or products with the needs of their customers. At the same time, the demand for smart banking and insurance solutions that require extensive data analysis is increasing as a result of the economic pressure in the industry.
But due to the regulation of the General Data Protection Regulation, the data, which is often highly sensitive in this field, cannot always be used without further action. That’s why it is often necessary to anonymise personally identifiable information.
Anonyming personally identifiable information quickly becomes a challenge for banks or insurers, especially when dealing with unstructured text. Named Entity Recognition (NER) is typically used to identify the relevant information in this case. NER is a digital, Machine Learning based method in which all objects of a text are compared with available lists such as census data or company registers to identify personal or enterprise names for example. This approach is very resource-intensive and the accuracy of the recognition depends on the completeness of the respective lists.
Fincon Reply has developed an approach for dealing with cases such as these that is precisely tailored to the needs of the finance and insurance industry. Therefore, the experts combine the NER process with various AI-based methods. Part of speech tagging (POS), is aimed at recognising the grammatical group of a word within the unstructured text, for example. This means that it is no longer necessary to compare every single word with the available lists and the computing effort can be significantly reduced.
The experts also rely on special NLP frameworks, modern search algorithms and customised deep learning models. With this toolset, they can not only significantly speed up the process, but also increase the accuracy of recognising relevant text passages by more than 60 percent and make them anonymous automatically.
Rely on AI-supported data anonymisation from Fincon Reply and benefit from the following advantages.
Providing a secure basis for smart insurance and banking solutions
Our experts are very familiar with the challenges of using personal data in financial services and know how to deal with them. Let's find the optimal solution for your data together - perfectly customised to your business context.
Fincon Reply is a business and IT consultancy specializing in the financial services industry. Fincon Reply proactively advises banks, the Sparkassen Finance Group, insurance companies and near-financial companies as well as their suppliers on their digital transformation. The company provides on-site support with specialised teams of consultants and developers and delivers turnkey solutions.