Business, Roman Beck (ITU)
Roman Beck will talk about the increasing importance and challenges to deal with unstructured social media data and unstandardized financial reference data within the financial services sector which is a problem for commercial banks as well as financial regulatory authorities. The problem is amplifying because of the exponential increase of speed of the bank transaction systems while the backend processes could not keep up simultaneously. So more data of unknown quality and validity is flooding into the backend systems which are supposed to secure the stability and deal with financial risk management but are increasingly outpaced by the front end systems.