Priyanka Yadav
TechEela helps connect its users with the latest updates with the latest news, trends, and developments in the fields of artificial intelligence (AI), machine learning (ML), and data analytics. The website is designed to be a one-stop shop for anyone interested in these areas, providing a wealth of information on topics ranging from basic concepts and principles to the most advanced techniques and applications.
Benefits of Data Modernization in Banking
Banking legacy system data modernization initiatives can have a number of advantages, such as:
Efficiency gains, Improved customer experience, Increased adaptability, Enhanced data security
Several regulatory requirements, including the know-your-customer (KYC) and anti-money laundering (AML) laws, must be complied with by banks. By examining client information and transaction patterns to find potential hazards and suspicious behavior, AI-based fraud detection in banking systems can assist banks in adhering to these requirements
What data modernization in banking refers to in risk and compliance is the delivery and design of operating models and system architectures that smoothens the end-to-end procedure of sharing, processing, and collecting data which increases efficiency and allows room for innovation.
Modern data strategies must include master data management (MDM), which supports organizations in preserving data completeness, correctness, and consistency. Multiple apps and systems throughout an organization can access and exchange master data from a centralized repository provided by an MDM platform.
Explore the captivating history of digital transformation, from its inception to present-day innovations. Uncover how technology has revolutionized industries at Techeela.
Modern data pipelines are responsible for much more data than outdated systems. A vast amount of data is generated daily, and it needs somewhere to go. This guide will discuss advanced-level practices for managing data pipelines in the real world for data engineering. Before proceeding, let’s understand more about the modern data pipeline.
