Final0410 data usability, data security and privacy, ethical considerations, artificial intelligence bank of ireland

INTRODUCTION Data management and data analysis are essential requirements in the operation of commercial banks The standard solution for most commercial banks worldwide is to innovate core technology. INTRODUCTIONData management and data analysis are essential requirements in the operation of commercial banks. The standard solution for most commercial banks worldwide is to innovate core technology to store and provide the necessary information in the banks operations. However, this is not enough to help commercial banks or Bank of Ireland to be more specific to take advantage of the data in their business operations. Business analytics is always helpful for quickly collecting a large amount of data and presenting it in an appealing visual format. It is also regarded as a means of achieving various specified goals and making better decisions about the Bank of Irelands business matters. This study will examine data usability, security and privacy, ethical considerations, and artificial intelligence applications in the Bank of Ireland.Data UsabilityData usability is defined as a service users ability to derive various useful information (Winter Hinely, 2012). In general, a database is a collection of various bank data, such as the Central Bankrun databases, which collect credit information from lenders monthly for loans of €500 or more (Nandy Shao, 2010). The database contains information lenders can use to make credit decisions on potential loans. When digital technology is widely used, the ability of commercial banks to profit from data increases significantly. However, commercial banks must solve the two most important problems of Data Usability to do this. Specifically:•The benefits and costs of a database to its stakeholders are as follows: The database system is a set of interconnected data and program sets that access those data. The Data Protection Commission fined Bank of Ireland €463,000 in April for a series of data breaches involving customer personal information, including some combination of name, mailing address, phone number, email address, passport number, account information, date of birth, and gender. (ODonovan, 2022). The issue resulted in some unauthorized disclosures of personal data and accidental changes to data on the CCR. However, it can be said that these databases provide a variety of benefits to their stakeholders, including:Effective data integration: Implementing a database system allows stakeholders to integrate with the Bank of Irelands various services (Semenov et al., 2019). It is also advantageous to see how processes in any of the banks segments affect others. While smallscale data integration deployments use customized programs or database procedures, mid to largescale data integration deployments such as Bank of Ireland or CCR often use generalpurpose data integration tools (Chen et al., 2015). General purpose tools can significantly increase development productivity by providing commonly used functionality for system interconnection and data standardization. Quick Decision making: A better database management system and procedures result in higher quality information. The growth of big data science, digital data and analytics are providing opportunities for banks and financial companies to improve credit decision models, achieve high approval rates, and help Quickly find and group potential customers with nonpotential customers. The speed of identifying objects will help reduce costs or significantly shorten deployment time (Bolhuis et al., 2019). With the automation of most of the components in the modern model, banks can also cut a significant part of costs from maintaining the manual steps of the traditional model. These initiatives will be beneficial in making faster and better decisions for various stakeholders of financial institutions.Providing additional services for customers: Based on the banks database, the bank can attract more or retain customers by introducing other services. For example, a bank may offer investments with attractive interest rates to customers with idle funds or conservative investors. The bank can also recommend shortterm loans to customers who have easy spending habits to meet daily needs or loans to meet the shortterm liquidity needs of the business and analyze the customers profile to bundle other services with offers focused on the customers needs.•Predictive, descriptive, and prescriptive applications for data available in software of required data analytics tool: Descriptive data is generally concerned with the collection and analysis of data in order to answer questions about what happened in the past of Bank of Ireland (Ma, 2020). It demonstrates that Bank of Ireland was the only Irish bank to win a prize for Best Customer Facing Technology on the night. The awards recognized achievements in the Retail Banking industry and challenged candidates to share their recent successes, with Bank of Ireland taking home the Best Customer Facing Technology award. It can also be a description or summarization of raw data from the Bank of Ireland, which can help make something more understandable to each bank user. Descriptive data consists primarily of data described in the past and is the location of an incident whenever it occurs, such as the €24.5 million fine imposed by the central bank in December 2021 for IT deficiencies that took over a decade to resolve.Predictive Applications of Data were widely regarded as forecasting techniques that explained what might happen in the future (Kogdenko, 2019). Customers will have other, more particular needs starting from the banks basic needs in the transaction process. With BOI, their mission is to research to find those needs and be proactive in providing and meeting customer needs. In the future, BOI plans to hire more leading experts in the field of information security and encryption to ensure that there will be no mistakes in managing and securing customer information. This will strengthen and gradually regain the trust of customers in Ireland.Data prescriptive applications are useful in optimization and algorithm simulation to provide advice on every possible outcome of what to do. This prescriptive analysis will primarily focus on quantifying various software tools that affect future decisions to advise all possible results using data analytics tools (Kogdenko, 2019). Prescribing bank data provides employees with a wealth of customization options and an extensive array of data structures and scenarios to optimize execution. Banks typically simulate data related to consumers, business customers, savings deposits, loans, and other credits and investments. With Prescriptive data, managers can easily manage the bank with many activities at both the spearhead and the administrative department in a single geographical market.Data privacy and securityData security It primarily explains BOI databases issues, which may be violated due to flaws in their features. Data security is guaranteed if data access rights are strictly managed, along with promoting the prevention and prevention of unauthorized data access (Tankard, 2012). BOI has been fined not only for the breaches but for delays in communicating with the affected customers. If BOIs user data is successfully sold, scammers can use this personal information for malicious purposes. In particular, scammers can use personal information such as full name, date of birth, phone number, home address, bank card number and account balance to borrow money from credit institutions.

INTRODUCTION Data management and data analysis are essential requirements in the operation of commercial banks The standard solution for most commercial banks worldwide is to innovate core technology to store and provide the necessary information in the bank's operations However, this is not enough to help commercial banks or Bank of Ireland to be more specific to take advantage of the data in their business operations Business analytics is always helpful for quickly collecting a large amount of data and presenting it in an appealing visual format It is also regarded as a means of achieving various specified goals and making better decisions about the Bank of Ireland's business matters This study will examine data usability, security and privacy, ethical considerations, and artificial intelligence applications in the Bank of Ireland Data Usability Data usability is defined as a service user's ability to derive various useful information (Winter & Hinely, 2012) In general, a database is a collection of various bank data, such as the Central Bank-run databases, which collect credit information from lenders monthly for loans of €500 or more (Nandy & Shao, 2010) The database contains information lenders can use to make credit decisions on potential loans When digital technology is widely used, the ability of commercial banks to profit from data increases significantly However, commercial banks must solve the two most important problems of Data Usability to this Specifically: • The benefits and costs of a database to its stakeholders are as follows: The database system is a set of interconnected data and program sets that access those data The Data Protection Commission fined Bank of Ireland €463,000 in April for a series of data breaches involving customer personal information, including "some combination of name, mailing address, phone number, email address, passport number, account information, date of birth, and gender." (O'Donovan, 2022) The issue resulted in some unauthorized disclosures of personal data and accidental changes to data on the CCR However, it can be said that these databases provide a variety of benefits to their stakeholders, including:  Effective data integration: Implementing a database system allows stakeholders to integrate with the Bank of Ireland's various services (Semenov et al., 2019) It is also advantageous to see how processes in any of the bank's segments affect others While small-scale data integration deployments use customized programs or database procedures, mid- to large-scale data integration deployments such as Bank of Ireland or CCR often use general-purpose data integration tools (Chen et al., 2015) General purpose tools can significantly increase development productivity by providing commonly used functionality for system interconnection and data standardization  Quick Decision making: A better database management system and procedures result in higher quality information The growth of big data science, digital data and analytics are providing opportunities for banks and financial companies to improve credit decision models, achieve high approval rates, and help Quickly find and group potential customers with non-potential customers The speed of identifying objects will help reduce costs or significantly shorten deployment time (Bolhuis et al., 2019) With the automation of most of the components in the modern model, banks can also cut a significant part of costs from maintaining the manual steps of the traditional model These initiatives will be beneficial in making faster and better decisions for various stakeholders of financial institutions  Providing additional services for customers: Based on the bank's database, the bank can attract more or retain customers by introducing other services For example, a bank may offer investments with attractive interest rates to customers with idle funds or conservative investors The bank can also recommend short-term loans to customers who have easy spending habits to meet daily needs or loans to meet the short-term liquidity needs of the business and analyze the customer's profile to bundle other services with offers focused on the customer's needs • Predictive, descriptive, and prescriptive applications for data available in software of required data analytics tool: Descriptive data is generally concerned with the collection and analysis of data in order to answer questions about what happened in the past of Bank of Ireland (Ma, 2020) It demonstrates that Bank of Ireland was the only Irish bank to win a prize for 'Best Customer Facing Technology' on the night The awards recognized achievements in the Retail Banking industry and challenged candidates to share their recent successes, with Bank of Ireland taking home the Best Customer Facing Technology award It can also be a description or summarization of raw data from the Bank of Ireland, which can help make something more understandable to each bank user Descriptive data consists primarily of data described in the past and is the location of an incident whenever it occurs, such as the €24.5 million fine imposed by the central bank in December 2021 for IT deficiencies that took over a decade to resolve Predictive Applications of Data were widely regarded as forecasting techniques that explained what might happen in the future (Kogdenko, 2019) Customers will have other, more particular needs starting from the bank's basic needs in the transaction process With BOI, their mission is to research to find those needs and be proactive in providing and meeting customer needs In the future, BOI plans to hire more leading experts in the field of information security and encryption to ensure that there will be no mistakes in managing and securing customer information This will strengthen and gradually regain the trust of customers in Ireland Data prescriptive applications are useful in optimization and algorithm simulation to provide advice on every possible outcome of what to This prescriptive analysis will primarily focus on quantifying various software tools that affect future decisions to advise all possible results using data analytics tools (Kogdenko, 2019) Prescribing bank data provides employees with a wealth of customization options and an extensive array of data structures and scenarios to optimize execution Banks typically simulate data related to consumers, business customers, savings deposits, loans, and other credits and investments With Prescriptive data, managers can easily manage the bank with many activities at both the spearhead and the administrative department in a single geographical market Data privacy and security Data security- It primarily explains BOI databases' issues, which may be violated due to flaws in their features Data security is guaranteed if data access rights are strictly managed, along with promoting the prevention and prevention of unauthorized data access (Tankard, 2012) BOI has been fined not only for the breaches but for delays in communicating with the affected customers If BOI's user data is successfully sold, scammers can use this personal information for malicious purposes In particular, scammers can use personal information such as full name, date of birth, phone number, home address, bank card number and account balance to borrow money from credit institutions Data Privacy- Data privacy was about controlling the data collected and the process used by BOI, and it explained how various relational databases were developed The increasing development of digital technologies also increases security flaws and the behaviours and tricks of high-tech criminals According to (Verizon's) Data Incidents 2021 report, financial institutions have the second largest number of data-related incidents compared to other professions The IT system in Ireland always faces many risks such as hackers, computer viruses, malicious code attacking the server system, data as well as personal computers of bank employees Accuracy Issues- Data accuracy is considered critical to the success of any credit institution, and it also refers to various data values stored with correct values (Robinson, 2014) Currently, the data sources the bank uses can come from within the organization, data from the Internet and data provided by third parties Still, these data sources are not always reliable (Mitnitski et al., 2003) Many distributed data warehouses of BOI can also lead to inefficient data governance, increasing the risk of data leakage to the outside Due to the existence of many data warehouses serving different purposes, the reports from these repositories will vary However, these repositories all get data from a common source, and the output results will be different due to different ways of getting it Therefore, BOI plans to cooperate with Infosys and Amigo to implement the Data Warehouse project after the data breach in April(Charlie., 2022) Ethical Considerations Ethical consideration of BOI is generally the issue raised by every individual whose data has been corrupted There are a few ethical considerations that should be discussed, including: • Ethical Considerations whether BOI’s users have options to opt in and out of their stored data: BOI may own certain types of customer information either directly or through third parties (McKenna, 2022) The customer will provide basic information such as name, address, email and date of birth when doing banking transactions Additionally, goods and service providers will collect information such as forte, demand for products and shopping habits This collection of customer data by BOI is within the jurisdiction of the financial institution, but it is necessary to ensure data security • Ethical issues of maintaining, gathering, and using those data: In addition to assisting customers in avoiding attempts by fraudsters to steal their account details, BOI recognizes the importance of keeping their customer information as safe and secure as possible while complying with relevant data protection legislation Each year, their colleagues across all jurisdictions are required to complete information security training to ensure that they know how to keep customer information private and secure and avoid data breaches (Hewitt, 2022) The promotion of technology application in data governance in Ireland has been helping to exploit data resources effectively BOI has many advantages to using data from both external and internal sources, but taking advantage of them requires good data governance and promotes new technologies such as computer science and artificial intelligence in processing and decision-making Details will be presented in the following sections: Artificial Intelligence Artificial intelligence provides security services for banks when users make online transactions, AI technology will send instant notifications to users and warn them of any suspicious transactions happening On the other hand, AI also eases the card validation process and makes transactions safe and secure by tracking users' dealings with the bank so that suspicious event can be detected These AI products will use algorithms to identify specific and unusual customer buying positions and conduct analyses of customer shopping behaviour, normal price range and shopping time of each customer These algorithms will help identify strange behaviour quickly and lock the account until the customer provides clarification As of 2018, BOI has used 70 robots to perform 200 tasks for more than a million customers, successfully distinguishing 500,000 operations that customers can request from banks This helps BOI secure information and minimize financial risks (Kennedy, 2022) CONCLUSION With the development trend of the economy in general, good data governance is gradually becoming a tool to help businesses become more efficient In particular, commercial banks need to pay special attention to this issue because of the safety and confidentiality requirements for customer data This report is structured by addressing the various areas related to the above issues of the Bank of Ireland, focusing on its ethical considerations, data security, privacy, data usability and artificial intelligence The increasing development of digital technologies also increases security flaws and the tricks of high-tech criminals Since financial institutions have the second largest number of datarelated incidents compared to other professions, BOI plans to implement the Data Warehouse project after the data breach in April for safer customer information storage This customer data collection is within the bank's jurisdiction, but it is necessary to ensure data security To keep up with technology development, as of 2018, BOI has used robots to perform tasks for more than a million customers, successfully distinguishing many operations that customers can request from banks REFERENCES Bolhuis, E., Voogt, J., & Schildkamp, K (2019) The development of data use, data skills, and positive attitude towards data use in a data team intervention for teacher educators Studies In Educational Evaluation, 60, 99-108 https://doi.org/10.1016/j.stueduc.2018.12.002 Charlie, T (2022) Banking on success: BoI’s use of robots allows it to be more human The Irish Times Retrieved 12 April 2018, from https://www.irishtimes.com/business/technology/banking-on-success-boi-s-use-of-robotsallows-it-to-be-more-human-1.3455854 Chen, H., Ouyang, Y., & Jiang, W (2015) An optimized data integration model based on reverse cleaning for heterogeneous multi-media data Multimedia Tools And Applications, 75(23), 15571-15586 https://doi.org/10.1007/s11042-015-2683-5 Cybercrime thrives during pandemic: Verizon 2021 Data Breach Investigations Report (2022) Retrieved October 2022, from https://www.verizon.com/about/news/verizon2021-data-breach-investigations-report Hewitt, O (2022) Ethics and Behaviour - Irish Banking Culture Board Irish Banking Culture Board Retrieved October 2022, from https://www.irishbankingcultureboard.ie/ethics/ Kennedy, J (2022) Bank of Ireland prepares for the Netflix-style future of banking Silicon Republic Retrieved October 2022, from https://www.siliconrepublic.com/enterprise/bank-of-ireland-data-science Kogdenko, V (2019) Descriptive, predictive, and prescriptive analytics: Data, methods, and algorithms Economic Analysis: Theory And Practice, 18(3), 447-461 https://doi.org/10.24891/ea.18.3.447 Ma, A (2020) Making Data Reports Useful: From Descriptive to Predictive Cureus https://doi.org/10.7759/cureus.10920 McKenna, L (2022) Bank of Ireland: Placing ethics at the heart of banking | Let's talk financial services - Mazars Let's talk financial services - Mazars Retrieved October 2022, from https://financialservices.mazars.com/placing-ethics-at-the-heart-of-banking/ Mitnitski, A., Mogilner, A., MacKnight, C., & Rockwood, K (2003) Data integration and knowledge discovery in biomedical databases Reliable information from unreliable sources Data Science Journal, 2, 25-34 https://doi.org/10.2481/dsj.2.25 Nandy, D., & Shao, P (2010) Why are Institutional Loans More Expensive than Bank Loans? Evidence from the Syndicated Loan Market SSRN Electronic Journal https://doi.org/10.2139/ssrn.1573325 Robinson, E (2014) Gartner warns of big data security problems Network Security, 2014(6), 20 https://doi.org/10.1016/s1353-4858(14)70062-5 Semenov, V., Ilyin, D., Morozov, S., & Tarlapan, O (2019) Effective consistency management for large-scale product data Journal Of Industrial Information Integration, 13, 13-21 https://doi.org/10.1016/j.jii.2018.11.006 Tankard, C (2012) Big data security Network Security, 2012(7), 5-8 https://doi.org/10.1016/s1353-4858(12)70063-6 Winter, J., & Hinely, M (2012) Examining Correlations in Usability Data to Effectivize Usability Testing E-Informatica Software Engineering Journal, -1(-1) https://doi.org/10.2478/v10233-011-0028-y ... the above issues of the Bank of Ireland, focusing on its ethical considerations, data security, privacy, data usability and artificial intelligence The increasing development of digital technologies... summarization of raw data from the Bank of Ireland, which can help make something more understandable to each bank user Descriptive data consists primarily of data described in the past and is the... Prescribing bank data provides employees with a wealth of customization options and an extensive array of data structures and scenarios to optimize execution Banks typically simulate data related