Enabling open banking and analytics in the cloud through a distributed data anonymization pipeline
Abdellah Berkaoui, Youssef Gahi · 2023
In recent years, the banking sector has undergone several environmental changes due to a fierce concurrence, new entrants, growing use of digital technologies, and regulatory constraints. Banks are becoming aware of these changes and are consequently trying to leverage big data, analytics, and open banking as a revolutionary approach that aims to transform the way financial services are delivered to consumers. To achieve these goals, banks must use their technology infrastructure to process vast amounts of data, unlock meaningful insights and share them with external third-party service providers such as FinTechs. Fortunately, the IT landscape has evolved to offer new technologies like cloud computing, big data platforms, and analytics solutions. However, these ambitions are confronted with regulatory constraints related to the usage of customer PII (Personally Identifiable Information). De facto, processing big data and implementing analytics in the cloud or adopting open banking have vital prerequisites related to customer data privacy. Therefore, banks willing to take this shift need to have a rugged look at considerations such as customer data anonymization. This paper addresses these needs and suggests a distributed solution that combines anonymization and encryption techniques and fulfills multiple data privacy and compliance constraints requirements. The proposed solution is implemented, and key results are discussed with perspectives and future research areas.