24 Aug ING teams with Owlin for real-time news analysis
ING Bank has started working together with Amsterdam-based technology firm Owlin to deal with the overload of information of financial news. Owlin specialises in turning news into actionable intelligence using real-time data analysis. Owlin’s system feeds a constant news stream from more than 2.5 million different sources into a virtual newsroom. The feeds are then filtered through a control-dashboard using search keywords and phrases which are compiled in partnership with the client.
ING Bank has lots of clients that include financial institutions, mostly banks and insurance companies also called as counterparties. A credit risk may arise while entering into financial transactions with these counterparties. ING’s Credit & Trading Risk and Wholesale Departments got into contact with Owlin whose real-time news and trend detection system might be of great help to ING.
Owlin has worked closely with ING to customise a keyword set. Owlin’s system translates ING’s risk expertise into effective news insights. This helps ING to quickly spot any negative news emerging about a particular bank. ING can quickly act on the information as all this is produced real-time and visualised in a direct and intuitive way.
Doron Reuter, ING Wholesale Banking Head of Business Development Advanced Analytics said: “The programme has around a million possible combinations of keywords.” He added: “What’s more, by producing useful, early data on major company and industry news, Owlin´s system enables us to respond faster and more effectively.”
The Commodities dashboard which the companies have developed together tracks stories relating to 30 commodities produced by 60 or so companies, including multinationals such as Glencore, Tata Steel and Rosneft. It uses three filters – one risk-related, one operations-related and one based on financial news, which means the programme has around a million possible combinations of keywords.
Doron believes that teaming up with Owlin has already proved a valuable experience. He also said “With Owlin we hope to prove that using risk-based news information techniques can further enhance our core credit processes.”
