Evaluation of Banking Standards to ascertain their suitability for building Data Models for Big data based Data Lake for Banking Domain

Abstract

Data Lakes for banks are built to take care of the reporting and Analytics needs of the banks. Hence Data Lake is designed to provide the decision-making queries and results that are analyzed for Banking needs. Data Lakes of banks are OLAP in nature. A mere duplication of source system schema doesn’t translate into an effective Data Lake. It requires a restructuring of data and creating appropriate data models to suit the required Banking needs. The three notable standards in Banking are BIAN, ISO 20022 and FIBO. In this paper, we explore the suitability of these standards for building the data models that can be used by Banks for its Big data based Data Lake.