Data integration for regulatory reports improves a bank's approach to data centralization
For the past few years, there has been a drastic change to Indian Banking. From evolving services to newer payment modes, more activities promote financial inclusion. This has given rise to newly introduced digital services and importantly – more data.
Subsequently, banks need to manage their assets and liabilities better. In doing so, they can also pro-actively adopt data systems that align with future goals. It all begins with data-centralization.
The Reserve Bank of India (RBI) looks to secure better assurance by urging banks to conduct business fairly. Here, in digitalization of processes, regulators see scope for huge improvements on risk monitoring. Instead of just being responsible for customers’ misdoings, a comprehensive approach to data-first banking also helps with pro-active risk management.
Hence, it’s important to see how policies that promote further digitalization like Automated Data Flow (ADF) benefit banks in the long run.
Automated Data Flow: One Answer to All Banking Reporting Woes
RBI introduced the initiative of Automated Data Flow (ADF) in 2010. The Reserve Bank of India's (RBI) approach paper outlines a framework for putting in place a Central Data Repository (CDR) with various layers for data acquisition, data integration, data conversion, data validation, and data submission.
Since there is heavy diversification of systems, banks require software experts that are either third-party vendors or in-house IT teams. The data used for ADF reports also works for internal information sharing and detailed reports like Ind AS, IGAAP and more.
Consequently, the process of centralizing data offers Banks a boost with other data requirements such as cleansing, democratization, and research. Considering these points, banks need to plan their data goals while implementing ADF – all while adhering to RBI’s deadlines.
CRisMac ADF: Build a Centralized Data Repository for Immaculate Regulatory Reporting and More
Even with deadlines in place many banks are yet to become ADF compliant. For this, D2K Technologies offers an out-of-the-box product based on its 20+ years of research in Banking Technology. Our product CRisMac ADF is created by banker-led technology teams, specializing in a comprehensive approach to data.
Our new age data-flow model is an enterprise wide solution that implements the prescribed Centralized Data Repository (CDR) concept. Our product has been modified and upgraded based on expertise gained in working with several banks and a host of successful implementations.
CDR is the main component facilitating internal reporting, as well as regulatory reports for RBI, Ministry of Commerce, SEBI, and other regulatory requirements. Here, data is principally sourced from Core Banking Systems (CBS), however, it also hosts data from peripheral transaction systems like Treasury, external credit entities, and CRMs etc.
ADF solutions also accommodate manual entries for missed/recalculated data. It is equipped with MOC screens for desired changes suggested by auditors.
Why Choose CRisMac ADF to Automate Banking Reports
In a nutshell, ADF implementation is designed to make the process of reporting easier and quicker. With minimal manual intervention, the reports would be in line with banks' financial statements ensuring consistency and comparability. With a lot of banks investing considerably in ADF, it’s important to consult experienced bankers to add value and accelerate efficiency.
Our consultants are a team of dedicated banking professionals who have worked on bettering banking-technologies for 20+ years. Today, products created by D2K Technologies are active in 8 out of 10 top banks in India.