As you probably know the money is very important in our life :)) Let's think for a while and analyse the financial services companies. What is their data model, what are the main activites they are responsible for?
The main role of Financial services companies is to provide services for managing money. We can talk here about banks, credit unions, brokerage services, securities firms and insurance companies. The most important thing is to focus on the needs of an enterprise providing banking, brokerage, and securities services. Financial service companies concern on issues connected with identifying and supporting the financial needs of our customers, supporting products and services to meet those needs, improving customer service and maintaining our customer relationships, maximizing revenues, minimizing costs, maintaining excellent service levels. Such financial service enterprises have to be focused on customers, prospects, affiliates, suppliers, employees, and internal organizations, their product and service offerings that support required customer needs, compliance with regulatory requirements, and the continual improvement of those services, the proper delivery mechanisms to get the information about the product to the customer, Servicing and assistance for the customers, providing access to services through the customer’s account, managing proper use of the customer’s information, budgeting and accounting information and human resources management.
As you see, this sector of market is responsible for many activities and that is why is so important in today's life.
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Hence financial services products require a highly flexible data structure that can provide custom design. What is more, the flexibility is necessary since financial products are rather services with some arrangements around them than products itself. The model should allow applying changes in product specification during time to fulfill customers’ demands. On the other hand, there are some government regulations that are necessary to be obeyed. They also change in time. The common situation in financial products is standardizations. There are various reasons of it, i.e. wealth or asset management or private banking institution need different products than commercial or lease banks.
Source:
Silverston, Len. " The Data Model Resource Book: A Library of Universal Data Models by Industry Types", Revised Edition, Volume 2" Charter 6 – Financial Services
John Wiley & Sons © 2001 &lsbooks24x7.com&gr
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I have been reading about financial industry in The Data Model Resource Book: A Library of Universal Data Models by Industry Types, Revised Edition, Volume 2by Len Silverston.
The model that I have investigated is for PARTY, PARTY ROLEs, and PARTY RELATIONSHIPs within financial services enterprises.
I can see some differences between Party Relationship described in Volume 1 in the “People and Organization” section and one described in “Financial Services”. However, the main difference is Party Relationship type, that does not exist in Vol.1 data model. This entity has an extreme value in FS data model because of its often complex relationships.
In FS we are striped from convenient one to one or triangle relationships, and set in the situations where a party can play different roles, and moreover, few parties can form a new one, for example syndicates, producing more, and more complex relations that cannot be described with any simpler model. Keeping this information (entity) is crucial to reading and analyzing data in FS.
Use of an additional table, one that holds data about group parties, would be my choice in some cases when these kind of relationships would occur more often. This way complexity of reading and analyzing hierarchical party structures would be simplified.
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