1、AuthorParesh AsharaVice President,Data AnalyticsQUINTE FINANCIAL TECHNOLOGIESDATA ANNOTATIONAS A STRATEGIC ASSET IN THE BANKING INDUSTRYFinancial Technologies2ContentsIntroductionForecasting Comprehensive Market Trends Why you need Data Annotation Types of Data Annotation Techniques in Data Annotati

2、on 345-678Financial institutions(FIs)have been the early adopters of technology.The use of technology has enabled them to streamline data collection processes by reducing manual effort and improving efficiencies.The FIs are sitting on a treasure trove of data collected from their customers/members.B

3、y leveraging new age technologies in artificial intelligence(AI)deep learning and machine learning(ML),and now generative AI(GenAI),FIs can use their in-house data to their advantage to cater to various aspects of operations that could improve both their employees and customers/members experience.Da

4、ta annotation refers to the systematic process of adding meaningful tags or labels to various types of datasuch as images(photos,scanned documents),text(standard documents,transcripts,speech-to-text),audio(customer/member service related),and video(property mortgage underwriting)making it easier for

5、 ML algorithms to interpret and analyze the information.For instance,in computer vision applications like self-driving cars,data annotation helps distinguish between objects(e.g.,pedestrians and vehicles)by providing labeled examples from which the algorithms can learn.ML and deep learning algorithm

6、s need data points to be called out meaningfully to understand the context.FIs have humongous data gathered over their lifespan.With the buzz on AI and large language models(LLMs)and now with the focus shifting to small language models(SLMs)or company function-specific language models(FLMs),FIs need