It is well established that well developed and inclusive financial systems are associated with more rapid growth and better income distribution. Finance helps the rural poor to catch up with the rest of the economy as it grows. It also extends the range of Individuals, households, firms that can get a foothold in the modern economy and thus reduce damaging concentrations of economic power. There is now a greater sense of appreciation of "Empowerment" dimension of finance to the extent it can give ordinary people and poor an access to opportunity and ability to escape conservative social structure.
Key Benefits of ADF are:
- Enhanced data quality and security
- Improved productivity and efficiency
- Faster submission process
- Reduced Total Cost of Ownership (TCO)
- Extensible platform for centralized MIS and Analytics
- Eliminating manual intervention so that incidences of human error are substantially reduced
- Ensure data integrity and accuracy and timely reporting
- To improve upon bank's MIS and Decision Support Systems (DSS)
Banks are required to achieve automation of data flow which is explained below. The conceptual end state architecture representing data acquisition, integration, conversion and submission is represented in the Figure given below. Under this architecture, the Data Integration & Storage layer would integrate and cleanse the source data. Subsequently, the Data Conversion layer would transform this data into the prescribed formats. The transformed data would then be submitted to Reserve Bank by the Data Submission layer.
We have, at D2K, a strong dedicated team of experienced Bankers and technocrats which is implementing ADF Module in various banks
- An automated data flow from the IT systems of banks to Reserve Bank with no manual intervention will significantly enhance the quality and timeliness of data. This will benefit the Indian banking sector by enabling more informed policy decisions and better regulation. Over and above the regulatory benefits, there will be many other benefits in disguise to the internal operations, efficiency and management of banks.
- Firstly, the data acquisition layer will ensure higher data quality and higher coverage of source data by the systems in electronic form. This will eliminate any inefficiency in the operational processes of the bank as most of the processes can be automated using systems. Secondly, major benefits will be derived from the harmonized metadata in the bank at the data integration & storage layer. This will allow for smooth communication and lesser data mismatches within the bank which often take place due to difference in definitions across departments. Thirdly, the centralized data repository will have a wealth of data that can be easily leveraged by the bank for internal reporting purposes. This not only saves major investment towards a separate reporting infrastructure but also provides management of the banks with recent data of high quality for decision support. The automated flow of data from banks will have significant benefits in costs and efficiency of the returns submission process itself. The automated flow of data will ensure a smooth process with minimal delays in submission of data that is of much higher quality.
- The realization of the above benefits will accrue to the bank when the automation of data flow is accomplished and the final automated end-state has been reached. The end-state has a layer-by-layer flow of data from the place where it is generated to the central repository and finally to Reserve Bank.
Automated Data Flow ADF Online Demo
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