WikiKore logo wide
The first-ever digital encyclopedia of taxonomy for the global financial services industry
Winner of Innovation in professional services 2024 – Innovate UK award
Winner of Innovate UK Smart Grant 2023 Strand 1 Category
Winner of Innovate UK Smart Grant 2021 Scaleup Category
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FCA Innovation Pathways

Kore has been accepted onto the FCA Innovation Pathways programme as part of the development of our new service WikiKore. This FCA initiative is established to support financial services firms to launch innovative products and services.

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Client needs taxonomy

WikiKore includes Kore’s client needs taxonomy, the most robust and detailed catalogue of client needs to date, created by Bayes Business School (formerly known as Cass Business School) in collaboration with Kore.

The first-ever open-content platform for product taxonomy in financial services. It will include Kore’s client needs taxonomy, the most robust and detailed catalogue of client needs to date, created by Cass Business School in collaboration with Kore.

WikiKore – a global standard for technical financial language

All encompassing

Grouping of technical terminology, metrics, and process elements in logical subsets.

Real-time

Self-correcting taxonomy, based on a global community of contributors.

Decentralised

Open-content, web-based wiki platform, hosting a global crowdsourced taxonomy.

Curated

Maintained through a rigorous curation process, augmented by AI and by collective intelligence.

Augmented by AI

AI driven curation and crowdsourcing, ensure the taxonomy remains relevant, up-to-date and comprehensive.

Sponsored by the UK Innovation Agency

WikiKore has won three competitive grants for “game-changing innovation”.

There is no common taxonomy supporting the global financial service industry​

The global financial service industry is worth £14trn, serving billions of individuals and businesses. Trillions of transactions, legal contracts and business exchanges are executed every day. Yet, there is no global standard technical language accepted across the industry​.

Instead, each transaction, legal document, product or service, and each client exchange is beset with complex terminology, jargon, and ambiguity.

​The lack of standard taxonomy inhibits transparency and efficiency, resulting in poor product governance that is widespread, costly and leads to lower productivity.

WikiKore Terminology
WikiKore screenshots

WikiKore has been designed for usability by practitioners and consumers​

Worryingly, financial language is mostly incomprehensible to consumers. This puts them at significant risk of mis-selling, increasing market vulnerability to fines and affecting confidence in the industry.

WikiKore is the first ever open-content platform for global product taxonomy for financial services. WikiKore’s taxonomy is created by its global community of contributors and maintained through a rigorous curation process, based on established principles for dictionaries curation, and augmented by AI. 

WikiKore has been designed for usability by both individuals and enterprises. 

Our proprietary data model sets us apart from any other technology solution

Our product taxonomy expands beyond technical features, to include a broad data set of events, processes, decisions, people’s actions and client needs.

These can be defined, organised logically and grouped. The result is a truly golden source of product data which develops dynamically as products evolve and multiply.

Kore does not collect individual transactional data or personal client data but is able to extract aggregate information from the containers where these reside (e.g. CRM) for the purpose of better describing products and their lifecycle.

This has been done before…

In 1879, James Murray, a self-taught taxonomy scholar took the lead in the creation of a global community to crowdsource contributions for the development of the Oxford University Dictionary of English language.

Others thought it would be an impossible task to create the dictionary, but James applied extraordinary methods to successfully complete an extraordinary endeavour.

This was the first example of a decentralised approach for engaging the wisdom of the crowd. It led to the creation of an open-content resource, with contributions from all but curated by a central trusted organisation.

It worked.

BW photo of James Murray

Wiki Kore is a new initiative and it will launch on…

OCT2022

Extraordinary endeavours require extraordinary methods