How to Operationalize FIBO for Business Value

The Financial Industry Business Ontology (FIBO) is not only a conceptual ontology that conveys the standardized meaning of financial industry concepts and terminology, but it is also the basis for building dramatically new operational capabilities within financial and regulatory organizations. FIBO provides the semantic scaffolding to construct enterprise and line of business ontologies that can be developed to fulfill a variety of critical business use cases. FIBO will also play a critical role for blockchain distributed ledger capabilities as well as provide a foundational capability for knowledge graphs and artificial intelligence. This presentation will cover a number of examples of how FIBO can be applied now and in the future. It will also cover an overview of FIBO methodology and tools. This will include the following examples of how to:

Semantically harmonize disparate line of business data into an integrated customer warehouse
Support sensitive data profiling
Improve accuracy and efficiency of regulatory reporting using blockchain
Reduce the risk of loans and loan securitization across the financial industry using blockchain
Provide the basis for a knowledge graph
Perform entity resolution using machine learning
Provide capabilities to support virtual assistants
Work with deep learning to perform reasoning
Build, test, deploy and maintain ontologies

David Newman is Senior Vice President and Strategic Planning Manager for the Innovation Group at Wells Fargo Bank. David chairs the Financial Industry Business Ontology (FIBO) program for the Enterprise Data Management Council, which is an industry-wide initiative to develop semantic knowledge bases for the financial industry. FIBO is being developed as the next generation global financial data standard. At Wells Fargo, David provides leadership for innovation initiatives that utilize emerging technologies that will have positive impact upon Wells Fargo’s customers and internal operations. David’s area of concentration is the application of machine intelligence technologies to financial services. This includes a focus on semantic technologies, machine learning, natural language processing, and graph analytics. David also leads the Semantic Technology Community of Interest at Wells Fargo. David is a frequent speaker at technology, academic and financial industry conferences. David holds an MBA in Information Technology and an MSW in Psychiatric Social Work.

Dennis Wisnosky provides technical strategy and operational guidance to the EDM Council with regard to finalizing and implementing the FIBO standards. Dennis brings extensive experience of enterprise architecture, ontology development and semantic web technology from his former role as the Chief Technology Officer and Chief Architect in the U.S. Department of Defense Business Mission Area, within the Office of the Deputy Chief Management Officer, and his many years of system development and deployment in the private sector.