Global Web-based Aggregation for Financial Services...

Global WebGlobal Web--based based AggregationAggregation for for Financial Services and Financial Services and Other New ApplicationsOther New Applications

Stuart Stuart Madnick Madnick {{smadnicksmadnick@@mitmit..eduedu}}Michael Siegel {Michael Siegel {msiegelmsiegel@@mitmit..eduedu}}

Harry (Harry (HongweiHongwei) Zhu {) Zhu {mrzhumrzhu@@mitmit..eduedu} }

Center forCenter for eeBusinessBusiness@MIT@MITMIT Sloan School of ManagementMIT Sloan School of Management

© © MadnickMadnick, Siegel, Zhu 2002 , Siegel, Zhu 2002 (v10)(v10)

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eBusinesseBusiness & Financial Services Group& Financial Services Group

Strategy Strategy and Policy

Applicationand Policy

AggregatorsAggregators

Global Financial Account AggregationGlobal Financial Account Aggregation

Application

eCommerce eCommerce & & Financial ServicesFinancial Services

TechnologyTechnology

Web wrapper & Context mediatorWeb wrapper & Context mediator

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OverviewOverview

Aggregator definition, types & examplesAggregator definition, types & examples

Emerging Global AggregationEmerging Global Aggregation

Enabling TechnologiesEnabling Technologies

Legal, Cultural, and Policy IssuesLegal, Cultural, and Policy Issues

SummarySummary

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Aggregator DefinitionAggregator Definition

Transparently collects informationTransparently collects information

with with or withoutor without prior source arrangementprior source arrangement

resolves contextual differencesresolves contextual differences

Performs analysisPerforms analysis

not merely gathernot merely gather

Represents userRepresents user

acts as agent for useracts as agent for user

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Aggregator Types & ExamplesAggregator Types & Examples

Investment analysis, Investment analysis, policy analysispolicy analysis

Department calendarsDepartment calendarsComplementaryComplementary

Financial account Financial account aggregationaggregation

Customer Relationship Customer Relationship Management (CRM)Management (CRM)

RelationshipRelationship

Shop for best prices Shop for best prices (e.g., books)(e.g., books)

Benchmarking Benchmarking divisionsdivisions

ComparisonComparison

ExternalExternalInternalInternalSourcesSources

Types

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www.www.amazonamazon.com.com

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www.www.mysimonmysimon.com.com

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www.www.evenbetterevenbetter.com *.com *

Comment: Need for Mega-Aggregators* Now called DealTime.com

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Concept of a Financial Account Aggregator (FAA)Concept of a Financial Account Aggregator (FAA)

CitigroupCitigroupCredit Cards

AggregatorAggregator

Credit Cards

UserUser

FidelityFidelityBrokerageBrokerage

FleetFleetBankingBanking

BancOneBancOneCredit CardsCredit Cards

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Financial Account AggregatorFinancial Account AggregatorAggregateeAggregatee

AggregateeAggregatee


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Example FAA OfferingsExample FAA Offerings

Account Aggregation Technology SuppliersAccount Aggregation Technology Suppliers•• YodleeYodlee•• VerticalOneVerticalOne•• eBalanceeBalance

Account Aggregation OfferingsAccount Aggregation Offerings•• Chase, Fleet, Citibank (Chase, Fleet, Citibank (myCitimyCiti.com), . . ..com), . . .•• MerrillMerrill--Lynch, Fidelity Investments, . . .Lynch, Fidelity Investments, . . .•• Yahoo, AOL, . . .Yahoo, AOL, . . .

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“Aggregation . . . “Aggregation . . . The ‘killer app’ in the eThe ‘killer app’ in the e--finance revolution”finance revolution”

http://www.tfconferences.com/conferences/AAG01/index.html

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“After Aggregation” Services

FI FI #2#2

FI FI #3#3

Other Internet SourcesOther Internet SourcesFirst Call

FI FI #1#1

UserUserFAAFAA

Account Account Analyst Analyst

First CallAsset Asset

Allocation

ExcelExcel

AdvisorsAdvisors

WizardsWizards

AgentsAgents

Allocation

“After Aggregation” Services

Financial Financial SourcesSources

UserUserInformationInformation

Intranet SourcesIntranet Sourcesand applicationsand applications

• Emergence of Open Aggregation

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Wizards: Money Market (MMA) exampleWizards: Money Market (MMA) example

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MMA is also an MMA is also an aggregator,aggregator, of MM rate sourcesof MM rate sources

Better rates

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MultiMulti-- MegaMega-- Aggregator !Aggregator !

Our Universal Financial Aggregator (UFA) is:Our Universal Financial Aggregator (UFA) is:

Relationship AggregatorRelationship Aggregator::

AggregatesAggregates your financial informationyour financial information

several ways: totals and stock holdingsseveral ways: totals and stock holdings

Comparison AggregatorComparison Aggregator::

A Money Market rate A Money Market rate MegaMega--AggregatorAggregator

draws on multiple MM sourcesdraws on multiple MM sourcesincluding sources that are, in fact, including sources that are, in fact, aggregatorsaggregators of some MM sourcesof some MM sources

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Complementary Aggregator Complementary Aggregator (Internal & External Sources)(Internal & External Sources)

Real time Tibco

Integrated SpreadsheetIntegrated Spreadsheet

SourcesSources

Internal

External

External

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There may be value in aggregation but…There may be value in aggregation but…

The REAL VALUE is The REAL VALUE is after aggregationafter aggregation servicesservices

Books.comBooks.com -- How to price my books?How to price my books?

MaxMilesMaxMiles.com.com -- Who flies where and when?Who flies where and when?

IntershipperIntershipper.net.net -- Who ships, from where, to Who ships, from where, to where, how much?where, how much?

Money Market/CD ratesMoney Market/CD rates -- Will my offering be Will my offering be effective? Are the holes in the market?effective? Are the holes in the market?

UFAUFA -- Can I manage my finances better?Can I manage my finances better?

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Everyone is impacted:Everyone is impacted:If you are not an Aggregator,If you are not an Aggregator,you are an you are an AggregateeAggregatee

Books.com, Books.com, MySimonMySimon.com, .com, EvenBetterEvenBetter.com.comBarnes and Noble, Borders, Amazon, . . .Barnes and Noble, Borders, Amazon, . . .

MaxMilesMaxMilesUnited, American, TWA, US Air, . . .United, American, TWA, US Air, . . .

Universal Financial Aggregator (UFA)Universal Financial Aggregator (UFA)your banks, your brokers, your your banks, your brokers, your billersbillers , . . ., . . .

NOTE:NOTE: AggregatAggregateeeess --> Aggregat> Aggregatororss

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OverviewOverview





SummarySummary

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Global AggregationGlobal Aggregation

InternationalInternationalIntraIntra--nation (domestic)nation (domestic)

Global internal eGlobal internal e--businessbusinessExchanging information between Exchanging information between branches in different countriesbranches in different countries

Domestic internal eDomestic internal e--businessbusinessCrossCross--selling between domestic selling between domestic divisionsdivisions

IntraIntra--organizationorganization

* * Global eGlobal e--businessbusiness-- Global Financial Account Global Financial Account


-- Global Comparison Aggregator: Global Comparison Aggregator: Comparing prices of domestic and Comparing prices of domestic and foreign vendorsforeign vendors

Domestic eDomestic e--businessbusinessMost online shopping todayMost online shopping today

InterInter--organizationorganization

Transaction flow:Transaction flow:

Information/serviceInformation/service

Physical goodsPhysical goods

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Global Comparison Aggregator Global Comparison Aggregator

http://soursop.mit.edu/global



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Best global online priceBest global online price

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Global Price ComparisonGlobal Price Comparison

USMexico

BrazilUK

FranceGermany

SpainItaly

NetherlandsDenmark

NorwaySweden

Japan500

1000

1500

2000

Pric

e of

DC

R-IP

5 ($

)

N= 52 22 22 18 12 8 2 3 3 6 6 16 2

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Sources: Regional AggregatorsSources: Regional Aggregators

US Sweden France UK

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Benefits of Global AggregationBenefits of Global AggregationA tool for market studyA tool for market study

Timely and specific pricing informationTimely and specific pricing information

Reduce search costReduce search cost

Increase competition in marketIncrease competition in marketIncrease efficiencyIncrease efficiency

Evidenced by lower price on the Internet (6Evidenced by lower price on the Internet (6--16% lower 16% lower according toaccording to BrynjolfssonBrynjolfsson and Smith, 2000)and Smith, 2000)

Estimated potential of $23 Billion surplus in consumer Estimated potential of $23 Billion surplus in consumer electronics market in U.S. and Western Europe.electronics market in U.S. and Western Europe.

αφαφ+

−−−−=

1)1()1( 0000 xpxpCV

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Aggregation in Other DomainsAggregation in Other DomainsQ: How did CO2 emissionsQ: How did CO2 emissions

(total, per GDP, per capita) (total, per GDP, per capita)

change over timechange over time(between 1990 and 2000) (between 1990 and 2000)

in Yugoslavia?in Yugoslavia?User 1User 1: YUG as a geographic : YUG as a geographic region bounded before the region bounded before the breakupbreakupUser 2User 2: YUG as a legal : YUG as a legal autonomous stateautonomous state

New related efforts: - Laboratory for Information Globalization and Harmonization Technologies (LIGHT)- Computational Politics project

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World Bank’s World Dev. World Bank’s World Dev. Indicator DB; Indicator DB; UN Statistic UN Statistic Division;Division; Statistics Bureaus

45604560

282282

1.281.28

104.8104.8

2952329523

20002000

28002800

535535

1.51.5

66.566.5

3560435604

19901990

User 2User 2User 1User 1

1100110028002800GDP/CapitaGDP/Capita

640640535535CO2/GDPCO2/GDP

1.461.461.51.5CO2/capitaCO2/capita

24.224.266.566.5GDPGDP

15480154803560435604CO2CO2

2000200019901990CountryCountry

Total CO2 in 1000 tons per year; GDP in billions USD; Total CO2 in 1000 tons per year; GDP in billions USD; CO2/Capita in tons per person; CO2/GDP in tons per CO2/Capita in tons per person; CO2/GDP in tons per million USD; GDP/Capita in USD per personmillion USD; GDP/Capita in USD per person

2.02.071627162SVNSVN

2.02.0608.7608.7MKDMKD

4.54.5266.9266.9HRVHRV

3.93.913.613.6BIHBIH

10.610.61627.81627.823.723.7698.3698.3YUGYUG

PopPopGDPGDPPopPopGDPGDPCountryCountry

2000200019901990

SITSITTolarTolarSVNSVNSloveniaSlovenia

MKDMKDDenarDenarMKDMKDMacedoniaMacedonia

HRKHRKKunaKunaHRVHRVCroatiaCroatia

BAMBAMMarkaMarkaBIHBIHBosnia and Bosnia and HerzegoviaHerzegovia

YUNYUNNew New YugYug. . DinarDinar

YUGYUGYugoslaviaYugoslavia

CurCodeCurrencyCurrencyCodeCodeCountry CurCodeCountry

225.93225.93SVNSVNUSDUSD

64.75764.757MKDMKDUSDUSD

8.0898.089HRVHRVUSDUSD

2.0862.086BIHBIHUSDUSD

67.26767.26710.510.5YUGYUGUSDUSD

2000200019901990ToToFromFrom

39813981SVNSVN

33783378MKDMKD

54055405HRVHRV

12791279BIHBIH

15480154803560435604YUGYUG

2000200019901990CountryCountry

CO2 EmissionCO2 Emission

OAK Ridge’s CDIAC DB; OAK Ridge’s CDIAC DB; WRI;WRI; GSSD;GSSD; EPAs Olsen (Web)Olsen (Web)EPAsStatistics Bureaus

In 1000 tons per yearIn 1000 tons per yearGDP in billions local currency; GDP in billions local currency; Population in millionsPopulation in millions

Many sources needed:Meanings in sources & users might differ

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Challenges to Global AggregationChallenges to Global Aggregation

Screen Scraping

Direct Data Feed

Data Collection

Sematic Integration

Security

Technical

Data Reuse

Privacy

Liability

Jurisdiction

Legal

Internet Penetration

Trust

Online Shopping

E-Banking Adoption

Cultural

Challenges

Some of these addressed inOur eReadiness studies

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OverviewOverview





SummarySummary

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MIT MIT COntextCOntext INterchangeINterchange (COIN) Project(COIN) Project

AppliAppli--cationscations

OUTPUT OUTPUT PROCESSINGPROCESSING

ODBC DriverODBC Driver

Web Web --PublishingPublishing

CONTEXT CONTEXT MEDIATIONMEDIATION

** Automatic Automatic conflict conflict detection and detection and conversionconversion- Derived dataDerived data

-- Source selectionSource selection

-- Source attributionSource attribution

INPUT INPUT PROCESSINGPROCESSING

* Automatic * Automatic web web wrappingwrapping

-- SemiSemi--structured textstructured text

--MultiMulti--source source query plan and query plan and executionexecution

Data Data basesbases

Web Web PagesPages

ReceiversReceivers SourcesSources

TRUSTED TRUSTED AGENTSAGENTS

BrowsersBrowsersAPPLICATIONS: Financial services, electronic APPLICATIONS: Financial services, electronic commerce, asset visibility, incommerce, asset visibility, in--transit visibility.transit visibility.

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Emerging TechnologiesEmerging Technologies

Web wrappersWeb wrappers

ExtractExtract selected information from webselected information from web

Allows web to be treated as large databaseAllows web to be treated as large database

Context mediatorsContext mediators

ResolveResolve semantic (meaning) semantic (meaning) differencesdifferences

Enable meaningful aggregationEnable meaningful aggregation

& comparison& comparison

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Role Of ContextRole Of Context

CONTEXT VARIATIONS:CONTEXT VARIATIONS:- GEOGRAPHIC ( US vs. UK )GEOGRAPHIC ( US vs. UK )

-- FUNCTIONAL (CASH MGMT vs. LOANS )FUNCTIONAL (CASH MGMT vs. LOANS )

-- ORGANIZATIONAL ( CITIBANK vs. CHASE )ORGANIZATIONAL ( CITIBANK vs. CHASE )

Context Context

Context

Data:- Databases- Web data- Email

$ £

¥

01-02-03

03-02-01

02-01-03

?

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Example : Context DifferencesExample : Context Differences( from multiple web sources)( from multiple web sources)

Daimler Benz ( DAI ) Key RatiosDaimler Benz ( DAI ) Key Ratios

P/E RatioP/E Ratio EPSEPS DividendDividend

ABCABC 11.611.6 0.290.29

BloombergBloomberg 5.575.57 15.3215.32 8.1278.127

DBCDBC 19.1919.19 4.364.36 0.8990.899

MarketGuideMarketGuide 7.467.46 10.8310.83 0.470.47

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The 1999 OvertureThe 1999 Overture

UnitUnit--ofof--measure measure mixup mixup tied to tied to loss of $125Million Mars Orbiterloss of $125Million Mars Orbiter

“NASA’s Mars Climate Orbiter was lost because “NASA’s Mars Climate Orbiter was lost because engineers did not make a simple conversion from engineers did not make a simple conversion from English units to metric, an embarrassing lapse that English units to metric, an embarrassing lapse that sent the $125 million craft off course. . . .sent the $125 million craft off course. . . .

. . . The navigators ( JPL ) . . . The navigators ( JPL ) assumed metric unitsassumed metric units of of force per second, or force per second, or newtonsnewtons. In fact, the numbers . In fact, the numbers were in poundswere in pounds of force per second as supplied by of force per second as supplied by Lockheed Martin ( the contractor ).”Lockheed Martin ( the contractor ).”

Source: Kathy Sawyer, Boston Globe, October 1, 1999, page 1.

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COntextCOntext Interchange (COIN) TechnologyInterchange (COIN) Technology

ContextContextMediatorMediator

Source (s)Source (s) Receiver (s)Receiver (s)

ReceiverReceiverContextContext

ConversionConversionLibrariesLibraries

SourceSourceContextContext

SharedSharedOntologiesOntologies

ContextContextTransformationTransformation

Context ManagementContext Management

ConceptConcept: Length: Length

Meters FeetMeters Feetfunction( )function( )

meters feetmeters feet

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COIN Implementation of COIN Implementation of Global Comparison AggregationGlobal Comparison Aggregation

USA France UK Sweden

WEB

Regional Aggregators

…

Cameleon Web Wrapper

Ontology,ElevationAxioms

ContextKB

COINMediator Optimizer

Users get meaningful aggregated results

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Sample Contexts and ConversionsSample Contexts and Conversions

Live Demo: http://soursop.mit.edu/gcms/demo/Demo.jsp?app_id=431&qindex=0

http://soursop.mit.edu/gcms/demo/Demo.jsp?app_id=431&qindex=0

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OverviewOverview





SummarySummary

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Legal, Cultural, and Policy IssuesLegal, Cultural, and Policy IssuesRegarding AggregationRegarding Aggregation

Protection of investment in data Protection of investment in data vs vs rere--useuseEU Database DirectiveEU Database Directive4 proposed bills in US4 proposed bills in US

Protection of consumer privacyProtection of consumer privacyEU Data DirectiveEU Data DirectiveGLBA most relevant to account aggregationGLBA most relevant to account aggregationand many other related lawsand many other related laws

Liability, consumer protection, jurisdictionLiability, consumer protection, jurisdiction

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Database ReDatabase Re--Use Lawsuits and ClaimsUse Lawsuits and Claims

Example CasesExample CaseseBayeBay vs. Bidder’s Edgevs. Bidder’s Edge

HomeStoreHomeStore.com vs. .com vs. Bargain NetworkBargain Network

First Union vs. First Union vs. PayTrustPayTrust

mySimon mySimon vs. vs. PricemanPriceman

Register.com vs. Register.com vs. VerioVerio

TicketmasterTicketmaster vs. vs. Tickets.com

Principles UsedPrinciples Used•• Copyright infringementCopyright infringement

•• Trespass to chattelsTrespass to chattels

•• Breach of contractBreach of contract

•• MisappropriationMisappropriation

•• False advertisingFalse advertising•• Violation of the Computer Violation of the Computer

Fraud and Abuse ActFraud and Abuse Act•• . . . . . . Tickets.com

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“ Copyright infringement ”“ Copyright infringement ”Protects original works of authorship Protects original works of authorship

Usually not applicable to data reUsually not applicable to data re--useuse

“ Trespass to chattels ”“ Trespass to chattels ”eBay vs. Bidder’s EdgeeBay vs. Bidder’s Edge

Injunction on May Injunction on May 24, 200024, 2000

Ticketmaster Ticketmaster vs. vs. Tickets.comTickets.com

“it is hard to see “it is hard to see how entering a how entering a publicly available publicly available web site could be web site could be called a trespass”called a trespass”

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Battle over Database ReBattle over Database Re--Use Use --continuedcontinued

New Paradigm New Paradigm –– “sweat of the brow”“sweat of the brow”Collections of InformationCollections of Information AntipiracyAntipiracy Act, Act, H.R.354 (1999) H.R.354 (1999) –– Coble billCoble bill

Consumer and Investor Access to Information Consumer and Investor Access to Information Act of 1999, H.R. Rep.1858 (1999) Act of 1999, H.R. Rep.1858 (1999) –– BlileyBliley billbill

Two other failed bills in 1996, 1997Two other failed bills in 1996, 1997

EU Database DirectiveEU Database Directive

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Privacy ProtectionPrivacy Protection63.6% users and 76.1% non63.6% users and 76.1% non--users believe users believe that online users that online users put their privacy at riskput their privacy at riskPrivacy law is highly decentralizedPrivacy law is highly decentralized

Title V of Title V of GrammGramm--LeachLeach--BlileyBliley ActActFair Credit Reporting ActFair Credit Reporting ActRight to Financial Privacy ActRight to Financial Privacy ActElectronic Communications Privacy ActElectronic Communications Privacy ActComputer Fraud and Abuse ActComputer Fraud and Abuse ActFederal Educational Rights and Privacy ActFederal Educational Rights and Privacy Act

TradeTrade--off: Industry relies on information sharing and reoff: Industry relies on information sharing and re--useuseOver protection will cause reduction in efficiency, fraud detectOver protection will cause reduction in efficiency, fraud detection ion capability, and quality of servicescapability, and quality of services(call centers, pre(call centers, pre--filled applications, relationship pricing, proactive filled applications, relationship pricing, proactive offers, targeted marketing, 3offers, targeted marketing, 3rdrd party services)party services)

Financial Service Roundtable estimate impact: $17B; 320 M HrsFinancial Service Roundtable estimate impact: $17B; 320 M Hrs

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International DifferencesInternational Differences

U.S. E.U.DecentralizedDecentralized

SelfSelf-- regulationregulation

No DB protection lawNo DB protection law

OptOpt--out for privacy

CentralizedCentralized

Specific, strict regulationSpecific, strict regulation

DB DirectiveDB Directive

OptOpt--in for privacyout for privacy in for privacy

Reciprocity provisionReciprocity provision•• Not protected if home country does not have similar law for DB Not protected if home country does not have similar law for DB

protectionprotection

•• No data flow to countries without similar privacy protection lawNo data flow to countries without similar privacy protection law

Harmonization is neededHarmonization is needed•• Safe Harbor Agreement between US and EUSafe Harbor Agreement between US and EU

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Other Trade BarriersOther Trade Barriers10 Categories identified by Office of U.S. Trade Representative:10 Categories identified by Office of U.S. Trade Representative:

1.1. Import policiesImport policies (e.g., tariffs, customs barriers)(e.g., tariffs, customs barriers)

2.2. Standards, testing, labeling and certification Standards, testing, labeling and certification 3.3. Services barriersServices barriers (e.g., limits on financial services offered by foreign (e.g., limits on financial services offered by foreign

financial institutions, regulation of international data flows, financial institutions, regulation of international data flows, restrictions on the use restrictions on the use of foreign data processing)of foreign data processing)

4.4. Trade restrictions affecting electronic commerceTrade restrictions affecting electronic commerce (e.g., tariff (e.g., tariff andand nontariffnontariff measures, burdensome and discriminatory regulations and measures, burdensome and discriminatory regulations and standards, and discriminatory taxation)standards, and discriminatory taxation)

5.5. Government procurement Government procurement 6.6. Export subsidies Export subsidies 7.7. Lack of intellectual property Lack of intellectual property 8.8. Investment barriers Investment barriers 9.9. Anticompetitive practices with trade effects tolerated by foreigAnticompetitive practices with trade effects tolerated by foreign governments n governments 10.10. Other barriers (barriers that encompass more than one category)Other barriers (barriers that encompass more than one category)

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OverviewOverview





SummarySummary

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Key Global Aggregation Insights & ImplicationsKey Global Aggregation Insights & ImplicationsInsightsInsights•• Everyone impactedEveryone impacted

•• AggsAggs not limited to price not limited to price comparisoncomparison

•• AggsAggs can be combined and can be combined and aggregatedaggregated

•• AggsAggs create new info spacescreate new info spaces

•• AfterAfter--agg agg even more importanteven more important

•• New technologies emergingNew technologies emerging

•• Business models and market Business models and market conditions continue to changeconditions continue to change

ImplicationsImplications•• Be part of strategy planningBe part of strategy planning

•• Identify new Identify new Agg Agg applications applications and business opportunitiesand business opportunities

•• Entirely new types of Entirely new types of applications can be definedapplications can be defined

•• Who will own this spaceWho will own this space

•• This must be exploitedThis must be exploited

•• Exploit these technologiesExploit these technologies

•• Must be prepared for changesMust be prepared for changes

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The 1805 OvertureThe 1805 OvertureIn 1805, the Austrian and Russian Emperors In 1805, the Austrian and Russian Emperors

agreed to join forces against Napoleon. The Russians agreed to join forces against Napoleon. The Russians said their forces would be in the field in Bavaria by said their forces would be in the field in Bavaria by Oct. 20Oct. 20..

The Austrian staff planned based on that date in The Austrian staff planned based on that date in the the Gregorian calendarGregorian calendar. Russia, however, used the . Russia, however, used the ancient ancient Julian calendarJulian calendar, which lagged 10 days behind., which lagged 10 days behind.

The difference allowed Napoleon to surround The difference allowed Napoleon to surround Austrian General Mack's army at Austrian General Mack's army at UlmUlm on Oct. 21, well on Oct. 21, well before the Russian forces arrived.before the Russian forces arrived.

Source: David Chandler, The Campaigns of Napoleon, New York: MacMillan 1966, pg. 390.

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Current Projects Current Projects ( partial list )( partial list )• Aggregation strategies Aggregation strategies (e.g., Open aggregation)(e.g., Open aggregation)•• Regional & Global Aggregation: Regional & Global Aggregation: Cultural & legalCultural & legal•• MultiMulti--enterprise enterprise eBusinesseBusiness: : Trust & relationshipsTrust & relationships

•• Financial services/Internet support for Financial services/Internet support for SME’sSME’s•• Future Financial Services Future Financial Services (e.g., Wireless aggregator)(e.g., Wireless aggregator)

•• Context Mediation & Web data extraction *Context Mediation & Web data extraction *•• Data Quality & What XML will and will Data Quality & What XML will and will notnot dodo•• Internal & Industry data standards effortsInternal & Industry data standards efforts•• Other new technologies Other new technologies (e.g., Mobile aggregation)(e.g., Mobile aggregation)

* Patents awarded in 1999* Patents awarded in 1999

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For Further Information and ContactsFor Further Information and Contacts

MIT Research:MIT Research:–– http://context2.http://context2.mitmit..eduedu and and

http://context2.http://context2.mitmit..eduedu/aggregation/aggregation–– http://web.http://web.mitmit..eduedu//tdqmtdqm

MIT Technology Licensed Software:MIT Technology Licensed Software:–– http://web.http://web.mitmit..eduedu/smadnick/www/patents.html/smadnick/www/patents.html

Email Contact: Email Contact: –– Stuart Madnick at smadnick@Stuart Madnick at [email protected]–– Michael Siegel atMichael Siegel at msiegelmsiegel@@mitmit..eduedu

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AcknowledgementsAcknowledgementsResearch funded, in part, byResearch funded, in part, by

Center for Center for eBusiness eBusiness @ MIT@ MITFleet BankFleet BankMerrill LynchMerrill LynchSuruga BankSuruga Bank

Other SponsorsOther SponsorsBanco SantanderBanco Santander (BSCH)(BSCH)CitibankCitibankDoDDoD Advanced Projects Agency (DARPA)Advanced Projects Agency (DARPA)MITRE CorporationMITRE CorporationPricewaterhouseCoopersPricewaterhouseCoopersSingaporeSingapore--MIT Alliance (SMA)MIT Alliance (SMA)

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