Company
Date Published
Author
Navneet Mathur
Word count
762
Language
English
Hacker News points
None

Summary

Building a connected data foundation is essential for innovative uses of enterprise data, including 360-degree visibility of customers and detecting fraud. However, integrating information into a single logical data model can be difficult due to the structure and location of much of the data making it challenging. Many banks have accepted their data will remain in silos and are now embracing a federated approach that leaves the data dispersed while maintaining control using centralized metadata. This approach makes it easier to relate entity identities, maintain data consistency, and describe end-to-end data lineage. To tackle the complexity of risk management and BCBS 239 requirements, graph database technology is necessary, and Neo4j is considered the most popular and successful native graph database that eliminates data consistency problems and provides dependable query performance. By choosing Neo4j for risk reporting compliance, banks get a lot more than just a leading graph database, including global financial terminology standards and professional services to guarantee success.