Case Study:
Google’s understanding of the Finance sector

April 2022

Executive Summary

Google uses Natural Language Processing (NLP) routines to convert its understanding of text into topics and concepts (Entities). We looked out how much understanding Google misses using this approach in the Finance sector.

InLinks analyzed the page content of the top 10 Google results (in the AU Market) ranking for the phrase cryptocurrency and compared the Named Entities recognized by Google’s NLP API with the proprietory routines designed by Inlinks to uncover gaps in Google’s machine learning in the Finance sector

The results showed that 9.1% of entities seen on the results in the Finance sector SERPS (search engine Results pages) were positively identified by Google.

This compares to 16.5% average across all analyzed industry sectors.

How the Sector Compares

Different sectors tend to be analyzed with a different degree of accuracy by the search engines. This stems from two main challenges.

  1. the more demand there is by consumers within a given sector, the more the need for search engines to apply more sophisticated entity recognition to better answer user queries.
  2. the more sophisticated the industry is in creating search-friendly content, the more search engines can surface topics and concepts.


Finance Industry Google Analysis InLinks Analysis
Avg. Number of words per page 2217
Avg. Number of Topics per page 5.7 62.3
Benchmark - Avg. nb of entities/page (all sectors) 8.1 51.1
Of which, Topic types are:    
- Persons 5 0
- Organizations 7 11
- Cities & geo. areas 3 1
- Concepts 16 304
Semantic Density   8.3

How the research was conducted

Google’s Search API returned URLs for the following sites competing for this phrase:


The texts of each page are then sent to Google’s NLP API, in order to determine which entities are identified by the search engine. These are important for search since Google is then able to link these to its Knowledge Graph to feed its services including Google Discover, Google search, Voice Search and Google News. (Although, correct identification does not guarantee inclusion in these results)

Here is first of all the synthesis of the results returned by Google:

  • 16 concepts, including Bitcoin (detected 4 times) Cryptocurrency (3) Superkey (2)
  • 7 organizations, including Australian Taxation Office (2) Australian Prudential Regulation Authority (2) Capital gains tax (2)
  • 2 geographical areas, including Australia (7) India (1)
  • 5 persons, including Australians (1) Australian dollar (1) ???? ???? (1)
  • 1 city, including Canberra (1)

Errors in Google’s Detection Rate

No error.

Most important entities (provided by InLinks), compared to those identified by Google:

  • Australia (seen 8 times) => detected by Google
  • Cryptocurrency (8) => detected by Google
  • Service (economics) (7) => NOT detected by Google
  • Currency (7) => NOT detected by Google
  • Investment (6) => NOT detected by Google
  • Asset (6) => NOT detected by Google
  • Market (economics) (6) => NOT detected by Google
  • Interest (6) => NOT detected by Google
  • Payment (6) => NOT detected by Google
  • Bitcoin (6) => detected by Google
  • Information (6) => NOT detected by Google
  • Finance (5) => NOT detected by Google
  • Profit (economics) (5) => NOT detected by Google
  • Money (5) => NOT detected by Google
  • Digital currency (5) => NOT detected by Google

Questions about Cryptocurrency found in the top 10 Serps results:

  • What is Cryptocurrency?
  • How Have Cryptocurrencies Changed?
  • Are Cryptocurrencies Money Today?
  • What are Cryptocurrencies?
  • How Does a Cryptocurrency Transaction Work?
  • What is Central Bank Digital Currency?
  • What Are Some of the Public Policy Implications?

How can the Finance Industry benefit from this report?

By understanding where Google is failing to recognize important concepts within the industry, there is an opportunity for companies in the sector to write clearer content that Google can better understand.

Another option is to explicitly state these concepts in Webpage schema for machine learning algorithms to take into account. This would require using and the "about" and mentions" properties for important concepts such as Currency, Interest, Finance, Money, Digital currency.


Internal linking of topics topages dedicated to each important topic will also help to reduce cannibalisation of content in Google’s understanding of contect within your content.

In Summary

Google's understanding of the Finance market, based on its NLP algorithms remains limited at 9.1% for this industry. Businesses either need to improve their schema or make their content more understandable by Google to improve its level of understanding.

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