retail banking - an ontological example by lauren madar
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Retail Banking Ontology
Lauren Madar
IE 500 Ontological Engineering
Dr. Barry Smith & Ron Rudnicki
Fall 2014
1
Introduction
What is Retail Banking?
Banks providing products and services targeted towards
consumers and individuals
Why is an ontology needed?
Communication problems inside the bank
Communication and data issues between different banks
that must work together
Outside parties requesting information from the bank, not
knowing what to ask for or terminology
But, many organizations face these same issues…
2
So…? How are retail banks different?
Retail Banks have additional challenges:
Requires massive amounts of recordkeeping
Errors and failures cause immediate customer concern
Differences in vocabulary from bank to bank
Traditional (long-lived) Banks also face:
High overhead and infrastructure costs due to ‘brick and mortar’ branches
Banking predates modern computers, resulting in residual and outdated processes and data structures
Redundant systems and processes due to acquisitions
Most traditional banks are not technology-oriented institutions
3
Why does this matter now?
Retail Banking competition
Easy for smaller companies to offer online banking services without high overhead
With more options, customers are less likely to be loyal, and will ‘jump ship’ for a bank that offers services they want
Changing customer base
More and more people are comfortable with and want online services
Branches are an advantage, but overhead costs must be balanced
Regulatory Agencies
4
It takes a long time to turn a big ship
Old, redundant, and inefficient systems
Changes to existing systems require:
Massive amounts of research time, and therefore are high
cost
Lack of documentation of data structures – “I’d have to look
at the database”
Communication difficulties
Easier and cheaper to add new, small, but possibly
redundant features and systems than to fix what is already there
5
Look at the database?
Subject matter experts on processes and products may not be technically oriented
Data structures may have been built by absorbed organizations or by vendors long ago and not improved
Barrier to sharing knowledge
Contributing to an ontology doesn’t require knowledge of database schemas
How it works today vs. what would be most optimal
High level mapping of what systems and processes interact doesn’t exist in an easily understood way (picture = 1000 words)
6
Construction & usage
Who would help build and use the Retail Banking
Ontology?
Banks that serve consumers
Other financial institutions, government and regulatory
agencies
7
Output, other benefits
What other benefits could RBO provide?
Querying and knowledgebase tools and services
Employee training
Documentation
Opportunity to identify redundant or inefficient processes
Drive prioritization of system improvement to align with bank
goals
8
In other words…
Agility
+
Desired products & services
+
Efficient processes
=
More customers
More customers + reduced cost = profit!
9
Relevant work
In addition to BFO, two other ontologies were imported.
FIBO – Financial Industry Business Ontology
http://www.omg.org/hot-topics/finance.htm
Beneficial features:
Financial terms useful to Retail Banking such as currency,
equity, assets
Terms regarding organizations such as organizational
subunits, agents, legal person
10
FIBO issues
Challenges and problems:
Structured without BFO
Many parent-level terms and definition of many “concepts”
that don’t fit well within BFO
Issues with numerous FIBO components in Protégé
prevented reasoners from running
11
Relevant work - IAO
IAO – Information Artifact Ontologyhttps://code.google.com/p/information-artifact-ontology/
Beneficial features:
Detailed terms relating to information artifacts
Structured to use BFO, making term reuse easy
12
IAO Issues
Problem:
Complex relationships created issues with
reasoners in Protégé
13
Other ontologies
Related in subject matter but not imported:
FEF: Financial Exchange Framework Ontology
http://www.financial-format.com/fef.htm
No longer updated, no response to requests for files.
Finance Ontology http://www.fadyart.com/ontologies/documentation/finance/index.html
Some similarities to FIBO, not BFO-compatible, possible future
integration opportunity.
Organization Ontologyhttp://www.cs.umd.edu/projects/plus/SHOE/onts/org1.0.html
Not based on BFO, focused on physical products, few
relationships. FIBO’s organization component was more
applicable.
14
Other ontologies
Related in subject matter but not imported:
REA (Resources, Events, Agents) Ontologyhttp://www.csw.inf.fu-
berlin.de/vmbo2014/submissions/vmbo2014_submission_24.pdf
No links found to ontology, paper discussing incorporating
an REA ontology to FIBO, possible future integration
opportunity.
IFIKR: Islamic Finance Ontology
http://ifikr.isra.my/if-knowledge-base
Specific to Islamic banks, possible future integration.
Interesting ontology map display.
15
IFIKR
16
IFIKR
17
RBO term deep dive
Information artifacts
Objects & aggregates
Specifically dependent continuants
Occurrents
Individuals
Relationships
18
19
Information artifiacts
Information artifacts
20
21
Information artifiacts - specification
Objects
22
Objects – computers
23
Objects – agent and legal person
24
Object aggregates
25
Object aggregate - organization
26
27
Qualities
28
Qualities
29
Qualities
30
Qualities
31
Qualities
32
Functions
33
Functions – bank account
34
Functions – transfer money
35
Functions - data
36
Roles
37
Roles – employee and customer
38
Roles – security assets and processes
39
Occurrents
40
Occurrents – bank process
41
Occurrents - temporal
42
Occurrents - temporal
Individuals
43
Relationships examples
‘has role’ instead of ‘bearer of’
‘owns’ and ‘is owned by’ bank account, account holder role
‘participates in at some time’ process, role bearers
‘represents’ legal entity, organization
‘manages’bank technology group, bank systemsbranch manager, branch
44
Relationships examples
‘is provided by’, ‘constrains’
bank account specification, bank account, bank
organization
‘is assigned to’
bank relationship manager, bank account holder
‘has member’, ‘is member of’
bank cost center, organizational sub-unit
45
Relationship examples
‘has person name’
legal person
‘is held by’
real estate, bank organization (eg rent, occupy, uses)
46
Detailed examination
Bank Account
Relationships between people, organizations and
representations of monetary value
Bank Organization
Banks, employee roles, systems, groups
47
48
Bank Account
49
Bank Account
50
Bank Organization
51
Bank Organization
Project challenges
Difficulties fitting FIBO “concepts” into BFO structure
Categorizing and defining Account term was a struggle,
as it is not just an information artifact and has
relationships and qualities
Difficulty importing FIBO and IAO components prevented the testing of inference and validation of relationships
Scope grew much larger than anticipated
52
Future tasks
Resolve issues with FIBO and IAO imports and complete
relationships between all currently defined terms
Define bank processes to greater level of detail
Publish RBO and provide information for other banking
organizations to contribute and edit
Create a searchable knowledgebase for banking terms
(using SparQL or similar) for use by developers and/or
vendors to document or find information about complex systems
53
Questions?
Thank you!
54
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