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Why semantic technology will have major impact on data of financial institutions July 1, 2011

Posted by sayemmarquette in Summer 2011 1st Session.
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The critical components of semantic web technology

According to my opinion,critical components  of semantic web technology are in the information parsing.The process is already there.The work of the parsing tool is to process the data and making it readable for the machine. Information are gathered from different sources.There are different types of data some are relevant and some are not relevant then some are structured and some are not structured,it can deal with all types data and parse it and makes it machine readable.It can make the data transferable from one machine to another machine.

Impact on financial data of financial institutions

The financial institutes can use this semantic technology and if they use this technology they can make their work more flexible.In the financial institutions there is lots of work dealing with money and also the financial institutions deals with a large range of matters, including bank and commercial lending, secured and unsecured lending, asset-based lending, leasing, project finance, structured finance, asset securitization, debt and equity securities offerings, trust services and regulatory counseling and representation before federal and state agencies. Dealing these types of matters needs so much information about the rules and regulations currently going on those matters.They just don’t need information they need the correct information.They can use some application that will collect the perfect information and store it in the database.The application can also parse the information for verification,it can be done through web.By the use of semantic web technology it can make information available to all publicly and privately.If information are transparent then the clients those who need to go to the financial institutions can get some idea before visiting those institutions.

I think if this type of application can be built then it will be very flexible for both the side clients and financial institutions.It also has better future impact.

 

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