Financial institutions of all kinds have an essential need for clean, accurate data when making business predictions and decisions regarding their customers.

Bob Lytle, CEO of Rel8ed, sat down with Dave Vellante and Jeff Frick, cohosts of theCUBE, from the SiliconANGLE Media team, during RapidMiner Wisdom 2016 in New York to talk about how his company is partnering with RapidMiner (Rapid-I, Inc.) to access accurate data.

Public data shortcomings

Collection of public financial data, as it is traditionally done, often times results in several problems. The data is often incomplete or “dirty,” and because each state has its own framework, data from multiple states often does not mesh well, or at all.

“What we’ve found in the open data space, in the public data space, is that there is a significant amount of different information that is not traditionally available to those financial institutions,” said Lytle.

The need for clean data

Having concise, accurate data for a potential customer is essential for any financial company.

“The difficulty with open data has not been its availability, it’s been that it’s too dirty,” said Lytle. Rel8ed.to is using the RapidMiner platform to solve many of the traditional issues associated with open and public sources and produce clean, accurate, usable information.

Turnaround time is important

In the past, analysis of available financial data has not been a fast process. This can be problematic because the data could change on a much shorter timeline. RapidMiner has changed that.

“The reason we chose RapidMiner as our platform is I can do in RapidMiner in a day or two what it would take me weeks and sometimes months to do in other technologies,” said Lytle. “It’s a new paradigm for analytics.”

Watch the full interview below, and be sure to check out more of SiliconANGLE and theCUBE’s coverage of RapidMiner Wisdom 2016.

Photo by SiliconANGLE