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A synopsis is worth a thousand words

Providing real-time news synopses to clients was Credit Suisse's goal when it decided to incorporate knowledge extraction and business intelligence technology in its Web site. The technology will help the bank deliver relevant business information to its European customers by identifying significant business trends and events, extracted from thousands of daily news stories.

Specifically, Credit Suisse is using ClearEvents from ClearForest to process real-time text and data feeds from Reuters and deliver concise news summaries on key business events such as acquisitions, stock splits, mergers, joint ventures and company ratings. The system reads huge amounts of information and delivers a summary. The banks’ customers can “now read less but understand more, gaining instant snapshots into relevant financial information,” according to a press release from the software provider.

The bank launched the service to customers in July 2000. In its initial stage, the service has been offered to Credit Suisse’s Italian customer base. Following a short test period the bank will roll it out to the Pan-European e-Investment Service.

“ClearForest allows us to offer a distinctive, real-time news synopsis to our clients, and helps us to deliver and enhance our value proposition in this very competitive market,” says David Chinn, head of marketing and portals at e-Investment Services Europe of Credit Suisse e-Business. “We are pleased with our clients’ feedback to date.”

Unlike existing search and content delivery solutions that provide sets of documents as output, ClearForest’s technology takes documents as input, according to the company. In response to a user query, the platform generates a clear, single-screen interactive summary that delivers to the user the knowledge he or she was seeking. That knowledge is extracted from various information sources, such as news feeds, Web pages, search engine results and corporate databases.Credit Suisse Group is a global financial service company, headquartered in Zurich and employing a staff of 67,000.

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