Can you give us an overview of your role?
As Information Architect, my work focuses on Business Object Modelling (BOM) which is a modelling approach enabling organizations toward two competencies: Enterprise Data Management and Analytics. BOM enables organizations for information management by identifying, formalizing, and visualizing Business Concepts/ Objects, their definitions and interrelationships in a specific business domain. The result of BOM is a precise conceptual basis which aims at getting a grip on 1) business semantics/language, and 2) data landscape.
What prompted you to participate in BIAN?
BIAN introduces two landscapes as reference frameworks for banking industry: 1) BIAN Service Landscape; and 2) BIAN Capability Landscape. BIAN Service Landscape represents WHAT a bank can Deliver (services) to enable operability in its ecosystem. Furthermore, BIAN Capability Landscape represents WHAT a bank can Do (abilities) to create value in its ecosystem. Here, the main question is “What is the underlying of these two landscapes?”. This question refers to the contribution of BOM in BIAN as “BIAN Object Landscape” which represents tangible and intangible things to realize banking services and capabilities. We call these tangible and intangible things as “Business Objects”. We believe the BIAN Object Landscape (BIAN Object Model) can be served as a reference framework in banking industry for Enterprise Data Management internally and externally.
What do you see as the biggest challenge facing the banking industry in the next 5 years?
Banks need to adapt their business model to emerging trends (e.g., Open Banking and Cognitive Banking) and regulations (e.g., PSD2 and GDPR) in which data plays the critical role. To meet this requirement, many banking organizations continue to struggle with the challenge of aggregating and managing vast volume of data and accurately reporting to regulatory agencies, authorities and other stakeholders. They are facing difficulties in stablishing strong data architecture, extraction, transformation, movement, storage, integration, and governance processes which are the initial stage of implementation. In future, they will find difficulties to create artificial intelligence and advanced analytic solutions based on leveraging DATA (e.g., shared data, big data and fast data) for enabling more accurate reporting and decision making.
How would you sum up the future of banking in one word?
The future of banking hinges on one word: “Data”