Claims:We claim:
1) The system and method for easier filling of regulatory compliances in banking by using big data technology is comprising of the contents such as;
a. Any computing device with high definition;
b. Any open-source framework like Hadoop for data analysis which stored data on big data; and
c. The web application for easier filling of regulatory compliances in banking
2) The system claimed in claim 1 wherein, big data analytics the regulatory requirements by checking each individual application from the customer.
3) The system claimed in claim 1 wherein, banking rules can be applied to big data to validate customer application.
4) The system claimed in claim 1 wherein, invention application has good speed for data transfer and data analysis.
5) The system claimed in claim 1 wherein, invention application can archive all data integration including voice data.
6) The system claimed in claim 1 wherein, big data platforms can translate the complex and global assets into simple one.
, Description:FIELD OF THE INVENTION
The present invention discloses the system and method for easier filing of regulatory compliances in banking by using big data technology. The invention is related to banking sector, which are now well developed due to upcoming technologies. Big data is one of the best technologies which can be effectively used for filing of regulatory compliances in banking.
BACKGROUND OF THE INVENTION
Compliance management activities lack integration with the banks broader risk management processes. Compliance has evolved to encompass new risk sources such as channel, product, customer, and operations. In many banks, regulations are usually addressed by the lines of business that are the most affected.
Compliance department work a banks internal police force. It is the unit that ensures that a financial institution complies with applicable laws, regulations and rules, and it plays an essential role in helping to preserve the integrity and reputation of the bank.
Banking compliance is the process of making sure bank and employees follow the laws, regulations, standards, and either practices that apply to bank organization. Effective banking compliance will cover both internal policies and rules and federal and state laws.
When it comes to a business and banking management, compliance refers to the company obeying all of the legal laws and regulations in regards to how they manage the business, their staff, and their treatment towards their consumers. The concept of compliance is to make sure that banking organization act responsibly.
The present invention gives the help or method for easier filing of regulatory compliance in banking.
The present invention discloses the system and method for easier filing of regulatory compliance in banking by using big data technology. Big data analytics can analyse and keep track of all the regulatory requirements by going through each individual application from the customers for accurate validation. Big data analytics analyses the regulatory requirements by checking each individual application from the customer. When the regulatory compliance criteria are fed to the analytical dashboard, the banking rules can be applied to big data to validate customer applications.
OBJECT OF THE INVENTION
The main object of the invention is, system and method for easier filing of regulatory compliance in banking by using big data technology.
Another object of the invention is, big data analytics analyses the regulatory requirements by checking each individual application from the customer.
Other object of the invention is, business rules can be applied to big data to validate customer applications.
SUMMARY OF THE INVENTION
The present invention discloses system and method for easier filing of regulatory compliance in banking by using big data technology. Big data analytics analyses the regulatory requirements by checking each individual application from the customer. When the regulatory compliance criteria are fed to the analytical dashboard, the banking rules can be applied to big data to validate customer applications.
BRIEF DESCRIPTION OF THE DRAWINGS
Fig 1 shows flowchart of the method and computer program for this invention.
DETAILED DESCRIPTION OF THE INVENTION
The present invention discloses the system and method for easier filing of regulatory compliances in banking by using big data technology.
Big data is the vast volume of structured or unstructured data that is readily available at our collective fingertips. These large data sets are analysed to reveal previously unknown patterns and provide insights into businesses, human behaviour, and more. Big data analysis is used for everything from financial services, to gauging someone’s productivity, to even monitoring the weather.
The key feature of big data is to analyse, understand and interpret it in order to give user a full picture as possible about the easier filling of regulatory compliances in banking.
The system and method for effective easier filling of regulatory compliance in banking by using big data technology is comprising of the contents such as;
Any computing device with high definition
The web application for easier filling of regulatory compliances in banking
Any open-source framework like Hadoop for data analysis which stored data on big data
Big data consists of five stages such as-
Data sources- web and social media, machines, Sensing, IoT
Content format – structured, semi-structured, unstructured data
Data stores – document oriented, column oriented, graph database, key value
Data Staging – cleaning, transform and normalization
Data processing – Batch and real time
The system and method for easier filling of regulatory compliances in banking by using big data technology is comprising of the steps are as;
Step 1) The web application of easier filling of regulatory compliances in banking is created
Step 2) Banking team member open the invention application
Step 3) Big data analytics analyses the regulatory requirements by checking each individual application from the customer
Step 4) The regulatory compliance criteria are fed to the analytical dashboard, the banking rules can be applied to big data to validate customer applications
Role of Big data in invention application is as:
Big data analytics can help analyse the regulatory requirements by checking each individual application from the customers. When the regulatory compliance criteria are fed to the analytical dashboard, the banking rules can be applied to big data to validate customer applications.
Invention has some advantages such as;
Speed – real time analysis is a critical aspect here, coupled with scalability in production environments to handle high volumes of data, so big data platforms can help move large data fast.
Archive – Banks must also use analytics to understand the integrity of that data including voice data.
Complexity – the increasingly complex, global assets being traded and held in portfolios contain not just more data such as payments, fixed income, and derivatives but also a greater amount of unstructured data, which big data platforms can then translate.
Cost - with such high legacy costs and more personnel going to regulatory and financial reconciliation, firms have to comply at a lower total cost of ownership. These regulations and the market environment have greatly hampered banks abilities to just throw money at the problem. There is a high degree of automation that can be brought to bear with simple machine learning rules as an example.
Agility – as regulations continue to morph, so do markets, and the data platform must be able to adapt more rapidly.