Bank business comprises financial services; several activities take place in banks, such as saving accounts, loans, opening new accounts, and investments. Most of the services the bank offers can be done online by clients who want to work from home (Nickels, McHugh & McHugh, 2019). Businesses in banks must be between the individuals who wish to borrow money from investors who are willing to lend funds.
What is the purpose of DB?
Banks require DB for many reasons since they deal with complex and sensitive value information concerning money. They rely on DB to manage their client’s information and transaction records, among other official information. DB in a bank plays an important role in promoting security, accuracy, and all activities within the bank. They help the bank to operate quickly through easy access to information, which is crucial for their customers’ timely and personal services. DB also helps with debit cards, which is essential in bank operations. Debit cards help bank clients access funds in their accounts by checking and withdrawing balances. DB helps clients use debit cards to get online and offline services since their funds are electronically updated. Database in the bank helps in development bank, since without the DB, these services may not take place in the bank and are crucial aspect in analyzing the market and promoting economic development and growth (Benjamens, Dhunno & Meskó, 2020). Development banks cheap in to help economic growth through grants, technical assistance, and other support to fields such as agriculture and infrastructure.
Who is DB for, and what are the users?
The bank’s database is made for internal use, helping with bank activities and management. DB in the bank is also made for development banks to support economic growth and regional expansion. Generally, the bank’s has many people who use it for different activities with the help of DB. For people operating within the bank, the users are bank employees such as tellers, customer care representatives, loan officers, and management teams. This individual uses DB to access client information and assist them with any inquiries. DB users for development banks include those in the department of boosting the economy, such as governments, community authorities, and public sector agencies (Gonzalez-Galarza et al., 2020). Other users in the bank include customers who have savings accounts and use the bank products, Investors and regulators are the others of the bank.
Why is the DB necessary
A bank database is necessary for data storage. DB in banks proficiently keeps significant amounts of structured and unstructured information. The information kept in DB includes transaction records and account details. Information retrieval is another reason why DB is important in a bank. Banks need timely operation to retrieve client information and transaction histories. DB is important in transaction processing; it enables the clients to deposit, withdraw, and transfer payments and ensures this transaction’s recording is perfectly recorded. Databases in banks help customers offer personalized services to their clients based on their preferences and financial history, among others.
How will it be hosted?
In the bank, DB is hosted on-premises, cloud-based solutions based on resources and bank size, among others. DB is hosted on-premises, especially the large banks, since they have their IT team. The data centers within the organization are equipped with security, such as firewalls, in order to protect the data from unauthorized access. In banks, the database is hosted by a private cloud in their data centers. Banks may choose to keep their database in public cloud hosting, such as the Google Cloud platform.
Where is DB located
The bank’s database is physically located on the premises inside the bank. On these premises, there is equipment such as networking equipment. Sometimes, the bank may decide to host a database on their third-party co-location. Banks may locate their DB within the IT bank infrastructure in a logical location.
How will the data be stored?
The bank’s database is stored in a relational database management system such as PostgreSQL. These systems have enough space to store the database. In addition, the bank can be hosted through a data warehouse and storage infrastructure, which has a storage system. The bank’s database can be banked up regularly, full, and in backup rotation.
Establish business rule
A business rule in the bank can be established for account opening and closing, where the client is required to give full details and proof to open the accounts. On closing, the rule might be that the account with zero balance should be closed. A business rule for interest calculation might be that the interest established should match the total savings amounts.
References
Benjamens, S., Dhunnoo, P., & Meskó, B. (2020). The state of artificial intelligence-based FDA-approved medical devices and algorithms: an online database. NPJ digital medicine, 3(1), 118.
Gonzalez-Galarza, F. F., McCabe, A., Santos, E. J. M. D., Jones, J., Takeshita, L., Ortega-Rivera, N. D., … & Jones, A. R. (2020). Allele frequency net database (AFND) 2020 update: gold-standard data classification, open access genotype data, and new query tools. Nucleic acids research, 48(D1), D783-D788.
Nickels, W. G., McHugh, J. M., & McHugh, S. M. (2019). Understanding business. McGraw-Hill.
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