ifkad articles

Big Data in Law: how to support banks in a decision making process

Ylenia Maruccia, Gloria Polimeno, Giovanni Battista Pansini, Marco Cammisa, Felice Vitulano

In this paper we present a Big Data application in the banking field, Norma Search, developed by Exprivia with the final aim of monitoring the advent of new legislations or the variations of the existing ones, to evaluate the potential impacts on both management and strategic activities and to give support in taking those strategic decisions that could minimise potential costs. Starting from an analysis of literature, we propose our solution developed to manage the data generated from different sources and often coming in an unstructured format, at the aim of adapting it in the banking system. In particular, we want to describe how this application works, made up of two distinct components with different purposes. Finally, it will be described its application in the banking field and its potential benefits, as the support it can give in a strategic decision making process. Norma Search is a Big Data solution developed by Exprivia at the aim of managing huge amount of data, in particular in an unstructured format, and extracting knowledge from them. This application allows to browse the web and to research and analyse specific information according to certain user-defined rules. The importance of this application is that, once trained, it allows to analyse webpages and documents on sites, blogs, forums and so on, according to a process specifically designed for linguistic analysis and conceptual online content. The added value is its field of application of Norma Search, i.e. the banking system. The outcomes of the application are very important in the banking system. In fact, the aim of this solution is finding new legislations, understanding what are the differences with respect to yet existing laws or if they introduce new aspects or constraints and evaluating what could be the impacts on both management and strategic activities. In this way, the real time analysis of these changes allows to forecast what are the impacts and to take strategic decisions to minimise potential costs in the banking system. Keywords –Norma Search, Deep Knowledge, Banking System, Big Data, Decision Making.

IN: Proceedings IFKAD 2016 – Towards a New Architecture of Knowledge: Big Data, Culture and Creativity
PP: 1875-1888