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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
...
So…? How are retail banks different?
 Retail Banks have additional challenges:
 Requires massive amounts of recordkeepin...
Why does this matter now?
 Retail Banking competition
 Easy for smaller companies to offer online banking services
witho...
It takes a long time to turn a big ship
 Old, redundant, and inefficient systems
 Changes to existing systems require:
...
Look at the database?
 Subject matter experts on processes and products may not
be technically oriented
 Data structures...
Construction & usage
 Who would help build and use the Retail Banking
Ontology?
 Banks that serve consumers
 Other fina...
Output, other benefits
 What other benefits could RBO provide?
 Querying and knowledgebase tools and services
 Employee...
In other words…
Agility
+
Desired products & services
+
Efficient processes
=
More customers
More customers + reduced cost...
Relevant work
 In addition to BFO, two other ontologies were imported.
 FIBO – Financial Industry Business Ontology
http...
FIBO issues
 Challenges and problems:
 Structured without BFO
 Many parent-level terms and definition of many “concepts...
Relevant work - IAO
 IAO – Information Artifact Ontology
https://code.google.com/p/information-artifact-ontology/
 Benef...
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.fin...
Other ontologies
 Related in subject matter but not imported:
 REA (Resources, Events, Agents) Ontology
http://www.csw.i...
IFIKR
16
IFIKR
17
RBO term deep dive
 Information artifacts
 Objects & aggregates
 Specifically dependent continuants
 Occurrents
 Indi...
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
 ...
Relationships examples
 ‘is provided by’, ‘constrains’
bank account specification, bank account, bank
organization
 ‘is ...
Relationship examples
 ‘has person name’
legal person
 ‘is held by’
real estate, bank organization (eg rent, occupy, use...
Detailed examination
 Bank Account
 Relationships between people, organizations and
representations of monetary value
 ...
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 ...
Future tasks
 Resolve issues with FIBO and IAO imports and complete
relationships between all currently defined terms
 D...
Questions?
 Thank you!
54
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Retail Banking - an ontological example by Lauren Madar

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How can Ontology benefit large organizations? Ontologies facilitate knowledge discovery and transfer across different domains, and here's a case for the retail banking industry, from the Fall 2014 class taught by Barry Smith, PhD at the University at Buffalo.

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Retail Banking - an ontological example by Lauren Madar

  1. 1. Retail Banking Ontology Lauren Madar IE 500 Ontological Engineering Dr. Barry Smith & Ron Rudnicki Fall 2014 1
  2. 2. 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
  3. 3. 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
  4. 4. 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
  5. 5. 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
  6. 6. 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
  7. 7. Construction & usage  Who would help build and use the Retail Banking Ontology?  Banks that serve consumers  Other financial institutions, government and regulatory agencies 7
  8. 8. 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
  9. 9. In other words… Agility + Desired products & services + Efficient processes = More customers More customers + reduced cost = profit! 9
  10. 10. 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
  11. 11. 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
  12. 12. Relevant work - IAO  IAO – Information Artifact Ontology https://code.google.com/p/information-artifact-ontology/  Beneficial features:  Detailed terms relating to information artifacts  Structured to use BFO, making term reuse easy 12
  13. 13. IAO Issues  Problem: Complex relationships created issues with reasoners in Protégé 13
  14. 14. 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 Ontology http://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
  15. 15. Other ontologies  Related in subject matter but not imported:  REA (Resources, Events, Agents) Ontology http://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
  16. 16. IFIKR 16
  17. 17. IFIKR 17
  18. 18. RBO term deep dive  Information artifacts  Objects & aggregates  Specifically dependent continuants  Occurrents  Individuals  Relationships 18
  19. 19. 19 Information artifiacts
  20. 20. Information artifacts 20
  21. 21. 21 Information artifiacts - specification
  22. 22. Objects 22
  23. 23. Objects – computers 23
  24. 24. Objects – agent and legal person 24
  25. 25. Object aggregates 25
  26. 26. Object aggregate - organization 26
  27. 27. 27 Qualities
  28. 28. 28 Qualities
  29. 29. 29 Qualities
  30. 30. 30 Qualities
  31. 31. 31 Qualities
  32. 32. 32 Functions
  33. 33. 33 Functions – bank account
  34. 34. 34 Functions – transfer money
  35. 35. 35 Functions - data
  36. 36. 36 Roles
  37. 37. 37 Roles – employee and customer
  38. 38. 38 Roles – security assets and processes
  39. 39. 39 Occurrents
  40. 40. 40 Occurrents – bank process
  41. 41. 41 Occurrents - temporal
  42. 42. 42 Occurrents - temporal
  43. 43. Individuals 43
  44. 44. 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 systems branch manager, branch 44
  45. 45. 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
  46. 46. Relationship examples  ‘has person name’ legal person  ‘is held by’ real estate, bank organization (eg rent, occupy, uses) 46
  47. 47. Detailed examination  Bank Account  Relationships between people, organizations and representations of monetary value  Bank Organization  Banks, employee roles, systems, groups 47
  48. 48. 48 Bank Account
  49. 49. 49 Bank Account
  50. 50. 50 Bank Organization
  51. 51. 51 Bank Organization
  52. 52. 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
  53. 53. 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
  54. 54. Questions?  Thank you! 54

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