Demystifying Data: Structured vs Unstructured. Plus: Latest fintech and tech developments in SEA

Hello Finance Leaders!! ??

Welcome back to another edition of Finance Bulletin ; your weekly Fintech & Innovation Newsletter!

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Any business today relies heavily on data. No wonder they say that “data is the new oil”. But although data is of prime importance we often fail to understand that data is not created equally. And as such a lot needs to be done to refine data into a consumable format that can be utilized.?

Data is the new oil, but it’s worthless if it can’t be refined." – Ginni Rometty, Former CEO of IBM

It is estimated that nearly 80%-90% of the world’s data is currently unstructured. This data is present in industries like lending, healthcare and surveillance.?

As such, understanding the nuances b/w structured and unstructured could be the secret sauce you need to unlock business insights that can drive growth and innovation.

Structured Data?

Structured data, to put it simply, is data that is in a predefined format. For example, the rows and columns in tabular data mostly are related to each other; this is what we call Relational Databases.?

Structured Data is quantitative, organized & easy to interpret using machine learning algorithms.?

To manage structured data, you can use programming languages like SQL to conduct a search query in a database and extract valuable information.?

Unstructured Data?

On the other hand, any information that has no predefined organization and a defined framework is unstructured data. This could include Images, reports, emails etc.?

Finding insights within unstructured data is not an easy task. But when analyzed properly it could give valuable qualitative insights to help organize business data.??

What is the difference b/w Structured & Unstructured Data??

Now that you have a fair idea of what structured and unstructured data is; Let’s look at some key differences.?

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How To “Structure” Unstructured Data??

As unstructured data comes in various formats and types, attempting to sort them out manually can lead to several problems.?

These problems however, can be avoided by making use of Data Automation Solutions. Such solutions can convert unstructured data into consumable data points that can be used instantly.?

Data automation solutions, like PowerCred, leverage advanced OCR tech and cutting-edge GenAI language models to “read” unstructured data, analyze them and then convert them into a meaningful insight.

All this in a fraction of the time it would otherwise take.?

Key Takeaway?

Any business decision should be backed by data, it doesn't matter if it’s structured or unstructured data.?

Structured data represents a quantitative view of your customer; on the other hand, unstructured data gives you a qualitative view. The key lies in making use of both of these to generate insights that give the true picture of your customers.?

Book a demo with us to see how PowerCred can help you transform unstructured data into valuable business insights.

Now it’s time to catch up on what’s been happening around us in the world of finance.?

QuickBites?

Bite-sized fintech headlines for the time-crunched finance leader.

1. ???? Elevate's $5M Boost for Filipino Freelancers: Fintech startup Elevate secures $5M to enhance its USD payment platform for Filipino freelancers, offering competitive FX rates and a Mastercard debit card for easier spending and maximizing earnings.
2. Fundiin partners with Vietnam’s National Credit Information Center ?? to enhance credit scoring and financial inclusion. They aim to improve personal financial management in Vietnam by accessing credit information ??.
3. ???? Singapore's AI-powered Tourism Transformation: The Singapore Tourism Board is using artificial intelligence to revolutionize tourism, improving visitor experiences and operational efficiency.
4. EastWest Pay has launched its NFC mobile payment app in the Philippines ????, allowing cardless transactions with enhanced security. This move aims to advance the country towards a cashless society.
5. Maybank now supports its credit and debit cards on Google Wallet ????, enabling cashless transactions via Android devices in Malaysia, and completing integration with all major mobile payment platforms.

That’s all for this week. See you in the next edition!?

Cheers!

Team PowerCred :)?

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