Public web data is radically transforming the way financial organizations interact with their clients, manage risks, and develop services. It is not just an option but a necessity to stay competitive and meet the growing demands of consumers. According to a recent report titled “The State of Public Web Data 2024”, 75% of the 500 surveyed industry leaders in banking and finance affirm that this data is crucial for their organizations.
Importance in Decision Making
Information extracted from public web data is essential for market analysis and identifying new opportunities. Many real estate investment companies, for example, use this data to gain real-time insights on properties, enabling dynamic pricing and providing data on new promising markets. A leading global asset management group has utilized a dataset from Glassdoor of 3000 companies to search for market indicators, allowing them to capture an early market share and establish themselves as industry leaders.
Customer Adaptation and Competitive Advantages
By using public web data, financial organizations can better understand customer sentiment and quickly adapt to their needs. A company connecting investors with prospective businesses in North and South America utilizes Crunchbase data to identify potential partners. Consumer benefits include better investments and more competitive prices through analyzing large volumes of data revealing hidden patterns and opportunities with higher potential returns or lower risks.
Security and Compliance
Public web data is crucial for fraud detection and prevention, cyber threat intelligence, and compliance monitoring. A bank in Central America uses this data to verify the Social Security status of new customers before approving their bank account applications. More than half of the surveyed leaders revealed using this data to build artificial intelligence models that prevent fraudulent activities.
Applications of Artificial Intelligence
Financial organizations are using artificial intelligence to automate research tasks and enhance customer service. A European startup is utilizing public web data to train virtual assistants in the financial industry, providing more accurate and personalized customer service, strengthening brand loyalty.
Continuous and Secure Access to Data
Ensuring secure and continuous access to public web data is a central concern for industry leaders. Evaluating providers’ capabilities and technology is crucial to ensure they can access the necessary information. Public web data is globally recognized as an essential tool for businesses, and banking and finance industries are uniquely positioned to maximize its impact.
Determining how to access this data is the first step in building a successful program that identifies new business opportunities and provides the information needed to make quick and informed decisions.