Big Data in Financial Services and Banking (White Paper)
Authors: Oracle Enterprise
Title of Journal: Oracle Enterprise Architecture White Paper
Volume Number: 1
Date: February 2015
Author’s Purpose: To find and provide an overall overview for the adoption of the information system technique known as Big Data alongside traditional analytic understandings to develop the architecture of the next generation of financial institutions and regulations in the banking industry.
Approach or Methods: This paper studies current trends in Big Data outside of the banking and financial world and applies similar nuances towards the banking industry, to help figure out how the architectural pattern can fit in the operational abilities of a banking institution. By applying these methods theoretically towards a banking atmosphere, they showcase and predict the efficiency of advanced Big Data integration in forwarding the motives and strategies of the banking industry.
Hypothesis: The authors of this white paper believe that by using information technology or information systems properly, the customer experience can be enhanced in both business and retail banking, assisting in the growth of fee-based and interest-based revenue. They see that only through a complete adoption of Big Data can a banking institution fully reap the benefits of what it can provide. Big Data sources can include ATMs, call centers, credit cards, mortgage units, debit cards, mobile and web-based sources, and many more sources that banks already have access to.
Review and Remarks:
Understanding the effects of implementing Big Data on the banking industry requires heavily studying its potential effects and how these can assist an individual bank. Personally, I believe that dealing with Big Data in the banking industry is a two-way street: on one hand, the proper implementation of this knowledge can assist any bank in understanding how to better serve its clientele and provide better services
Conclusion: To find the best results for the adoption of Big Data, there must be a true alignment between the information system architecture deployment and design with the business goals and needs of the company. The key sponsors must be engaged at all times to create the best success possible. There must be an understanding of the current state of the company and its current relationship with information system and how this can move forward to the intended state where Big Data and other related information systems are predominantly used. As banking and financial institutions are highly competitive, it is assured by the authors of this paper that those who take advantage of information system elements such as Big Data first will be those who will lead the financial world into the future, and they will be the first to develop and invent better products, services, and processes, thus attracting the best and most customers available. All banking institutions must be quick in the adoption of Big Data and other information system methods to compete with the future of the industry.
Oracle Enterprise. (2015). Big Data in Financial Services and Banking. 1. Oracle Enterprise Architecture White Paper.
The Evolving Understanding of Information Systems: A Response to P.B. Checkland’s Information Systems and Systems Thinking: Time to Unite?
Paper Title : Information Systems and Systems Thinking: Time to Unite? Journal Title : International journal of Information management (1988), 8 (239-248). Author : Checkland P. B
Summery of Content of Paper
Ray J. Paul’s white paper editorial entitled Challenges to Information Systems: Time to Change is an interesting analysis on the problem currently facing the Information Systems world, although whether or not this ten-year paper is still accurate in today’s world is certainly a question that should be addressed. Paul’s ideas on why Information Systems or IS seems to be a field that is slowly closing in on itself do have some merit, although perhaps the direction of his definition of what Information Systems should be called is exactly the problem that the field of Information Systems or IS faces. In other words, perhaps the reason why those outside of the IS community do not understand what Information Systems is (and therefore do not respect it) is simply because it shouldn’t be a separate field from IT or IT management in the first place.
In Paul’s definition of Information Systems, he seems to struggle to sick to a single, universal definition, even while purporting to find one for the sake of a definition. The problem is not that no one in Information Systems is enough of a wordsmith to pinpoint an accurate definition that everyone can agree on; rather, the problem is with the field itself. There seems to be an internal disagreement on what areas Information Systems covers, and this disagreement may stem from the fact that the line between the Information Systems field and those adjoining it are too close; the Venn Diagram of the IS fields and related fields overlap so widely that we are struggling to define the niche that we purport to represent. And in the effort to define this niche, we are only further proving that what we do in the Information Systems field is something that is already accomplished by holistically educated individuals in related fields.
And this is a problem that perhaps may only be resolved through an acceptance of the similarities between the Information Systems field and those surrounding it. Once we stop struggling to define the tiny and specific corner that Information Systems covers alone will we come to a universal understanding of what we seek to accomplish through these studies. There should be no subtle shame or resistance in the acceptance that the knowledge and theory practice by Information Systems is shared by those in Information Management, Information Technology and other related fields, in the same way that various studies in the Humanities have little resistance towards sharing their own knowledge and definitions between their fields.
While Paul’s attempt at understanding the problems behind crafting a consistent understanding of what Information Systems truly is, he only reinforces the problem by delving deeper into the specialization of the field, as the deeper one’s knowledge of the field needs to be to have any chance of understanding what the field represents, the more removed it will be from the general population, thus further ostracizing the field from those who do not already know it and further minimalizing any possibility of it becoming bigger than it is.
INFORMATION SYSTEM- Digital portfolio blog post RKC
Information Systems in the Banking Industry:
How It Helps and How It Can Continue to Improve
Shafi A. Yusuf email@example.com