Understand the language of the financial industry automatically
Analyze your financial contents to interpret them according to a standard vocabulary (FIBO). Detect, disambiguate and standardize the financial concepts that appear and use this information to extract data, define categorization models or perform domain-specific sentiment analysis. Make your financial documents more automatically exploitable, analyzable and valuable.
Text analytics for the financial Industry by MeaningCloud
In the financial industry, precision of meaning is of paramount importance. In the commercial, legal, risk management and regulatory fields of this industry it is indispensable to know exactly what operation, product or condition is being discussed. In few activities a data misinterpretation can have more serious consequences.
Unfortunately, financial terminology has suffered an explosion that sometimes impedes to accurately understand the information: inconsistent nomenclature makes it difficult to compare data and even harder to understand inherently complex financial processes. To counteract it, various organizations have advanced in the construction of ontologies for the industry, which define and allow to standardize and disambiguate typical concepts and relationships in the field. Applying them, it is easier to interpret financial documents by automatic means in accounting, regulatory compliance or risk management scenarios.
MeaningCloud’s Financial Industry Vertical Pack is based on the FIBO (Financial Industry Business Ontology) Vocabulary.
A standard vocabulary for financial services
FIBO, developed by the Enterprise Data Management Council (EDMCouncil), is an ontology that defines the set of things that are of interest in financial business applications, and the ways that those things can relate to one another. FIBO uses Web Ontology Language (OWL) to semantically define core financial industry concepts and relationships, so that each real-world concept is framed in a way that is unambiguous and that is readable both by humans and machines. FIBO can give meaning to any data (e.g., spreadsheets, databases, documents) that describe the business of finance.
The FIBO Vocabulary is implemented within the vertical pack as a dictionary that allows to detect the occurrences of the concepts, disambiguate them according to the context and provide complementary semantic information such as the link to the node of the FIBO ontology from which they come.
The dictionary is structured according to the FIBO Vocabulary domains, which are:
- Foundations: Organizations, Products and Services, Accounting, Agreements, Laws ...
- Business Entities: Corporations, Government Entities, Legal Entities
- Financial Business and Commerce: Debt and Equities, Financial Instruments ...
- Indices and Indicators: Economic Indicators, Interest Rates ...
- Securities: Debt, Equities ...
- Derivatives: Derivatives Contracts, Rate Derivatives ...
The dictionary is accessible from the Topics Extraction, Deep Categorization, Sentiment Analysis, and Lemmatization, PoS and Parsing APIs, to allow the use of the identified financial concepts in information extraction, rule-based categorization, domain-specific opinion analysis, and morphosyntactic and semantic tagging of the text.
Benefits of a standard vocabulary
FIBO is like a “Rosetta stone” that provides a common language between organizations and systems, reduces the costs of doing business and promotes confidence in data among users. A common vocabulary helps to explore connections and relationships between instruments and business entities to determine financial flows, unravel risks and identify relationships that were not previously possible.
From this unified view of meaning, firms can use MeaningCloud’s Financial Industry Vertical Pack to:
Data harmonization and integration
The alignment of content to its explicit meaning makes the integration of data sources easier, reduces errors of interpretation, and fosters reusability.
Reporting and analytics
Analyze financial reports with a unified, inference-based perspective to identify complex relationships, detect risks and classify financial instruments.
Regulatory compliance
Automatically assess your compliance related documents (plans, policies) to understand, manage and apply them better, avoiding risks of non-compliance.
Risk management
Analyze and mine financial documents to discover patterns and detect risks of various kinds.
Process automation
Extract the meaning and relevant data from financial documents to automatically incorporate them into your processes in RPA scenarios.
