Compliance with regulations is crucial for banks to safeguard customers and maintain trust within the financial system. To streamline compliance efforts, data visualization is emerging as a valuable solution. By leveraging data virtualization, banks can integrate data from various sources, such as core banking systems, customer relationship management systems, and external data sources. This unified view enables the efficient monitoring, analysis, and identification of potential risks, thus facilitating compliance with regulatory requirements.
For instance, data virtualization aids banks in adhering to anti-money laundering (AML) regulations by swiftly identifying and analyzing suspicious transactions across multiple accounts and geographies. It also assists with compliance under the General Data Protection Regulation (GDPR) by providing a comprehensive overview of customer data and enabling prompt responses to customer requests related to personal information access or deletion.
Many large financial institutions have embraced data virtualization to simplify complex data architectures, increase business agility, and reduce operational costs, while also addressing compliance challenges effectively.
