Unstructured and semi-structured data make up an estimated 80% to 90% of all enterprise data, and the volume continues to grow.
The financial services industry houses a high volume of unstructured data, encompassing PDFs of loan agreements and insurance policy applications, emails with clients or business partners, call center recordings and more.
The processing of unstructured data increased 123% across the Snowflake Data Cloud since the features in Snowpark became publicly available on June 27, 2023. But within the financial services industry, that figure was 244% — nearly twice the overall rate.
One reason for this dramatic increase may be that the financial services industry inherently produces more unstructured data than other industries, because of record-keeping requirements particular to the industry.
Beyond that, though, is the fact that financial services firms are eager to unlock the value in such data to identify new customer segments, drive better services and streamline call center operations.
Tapping into the power of unstructured data will not only accelerate advances in 360-degree customer views, marketing analytics, fraud detection and investment research use cases, but will also enable generative AI applications including the creation of gen AI copilots.
