The opportunity for WikiKore®: The global financial service industry is worth €15trillion, serving billions of individuals and businesses. Trillions of transactions, legal contracts, and business exchanges are executed every day, yet there is no standard technical language specifically designed to describe the features of products and services and their related processes.

To tackle this problem, we have developed WikiKore®, the world’s first global dictionary of taxonomy in financial services, open to all and AI-augmented. Wikikore® uses modern methods (AI, crowdsourcing, community curation) to make available to the industry the finest examples of best practices in financial taxonomy. These are selected across 5 key principles of client-centricity (ie terms need to be understandable by consumers), standardisation, simplification, harmonisations across jurisdictions, and fairness (ie the best practices need to be available to all, even small companies with limited access to regulatory advice).

The most urgent and compelling use case for WikiKore® is to support the industry in agreeing on standard reporting for regulatory annual assessments. We are currently working with the FCA to test the adoption of WikiKore® taxonomy for the creation of Consumer Duty end-of-year attestations and ESG reporting.

WikiKore’s 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 that develops dynamically as products evolve and multiply.