Banks are subject to numerous regulations that are designed to protect customers and ensure the stability of the financial system. Compliance with these regulations is essential, not only to avoid fines and legal penalties, but also to maintain the trust of customers and the broader financial community. One way that banking can improve their compliance efforts is through data virtualisation.
Data virtualisation enables banks to bring together data from multiple sources, including core banking systems, customer relationship management systems, and external data sources. This unified view of data enables banks to more easily monitor and analyse customer transactions, identify potential risks, and ensure compliance with regulatory requirements.
For example, data virtualisation can help banks comply with anti-money laundering (AML) regulations by enabling them to quickly identify and analyse suspicious transactions across multiple accounts and geographies. Similarly, data virtualisation can help banks comply with the General Data Protection Regulation (GDPR) by providing a comprehensive view of customer data and enabling them to quickly respond to customer requests for access or deletion of personal information.
By leveraging data virtualisation, banks can also improve their reporting capabilities and ensure that they are able to provide regulators with accurate, timely information. This can be particularly important in the event of an audit or investigation, as regulators will expect banks to be able to provide detailed information on customer transactions and compliance efforts.
Many large financial institutions are adopting data virtualisation to address the challenges outlined above, and they gain the additional benefits of simplifying complex data architectures, increasing business agility, and lowering operational costs.
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