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Fully exploit the potential of data in financial services thanks to AI-supported anonymisation
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.
Data protection and innovation in harmony
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.
Identify relevant information
Anonymizing 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.
60 per cent more precise and automated
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.
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The advantages at a glance
Rely on AI-supported data anonymisation from Fincon Reply and benefit from the following advantages.
Comply securely with data protection regulations
Thanks to Fincon Reply's toolset and support, you can ensure compliance with data protection regulations such as the GDPR.
Minimise the risk of data leaks
Anonymisation allows you to protect your customers' privacy even in the event of a data leak.
Foster data-driven innovation
Our approach enables the secure use of data for analytical and business purposes, driving data-driven decisions and innovation.
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.