Information Overload: Banks Automate in the Era of Big Data

Editor’s Note: The author of this post is heading up a business that works with banks to extract data from derivative trading contracts. By Mike Lines, Director of Financial Services, Recommind In today’s connected world, the sheer volume of unstructured data being created is reaching exorbitant heights. This, coupled with the stringent regulations encroaching on the banking sector such as Dodd-Frank, EMIR and Basel III, makes it imperative for banks to control collateral costs and optimize capital allocation. Investment banks now hold more Over-the-Counter (OTC) International Swaps and Derivatives Association (ISDA) agreements than at any time in history, and managing them is only getting more difficult given each OTC derivatives contract now has hundreds of data points. In some cases, banks have lost between $5 million and $25 million in…

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