INKUBIT had the opportunity to participate in the Financial Services Data Platform (FSDP) boot camp from the SAP SE. The boot camp took place in the run-up to the “forum for banks and insurance companies”, where users from the financial services industry can exchange information on current innovations and trends. The aim of the boot camp was to explain the Financial Services Data Platform to the visitors as comprehensively as possible within one day. We are happy to share our new knowledge regarding the platform with you.
Modern Data Management and New Analytic Capabilities
With FSDP, SAP SE wants to lay the foundation for next-generation analysis for the banking and insurance industry:
- Realization of financial, risk, compliance, and customer analysis to minimize data replication and reconciliation efforts.
- A standardized business-based financial services data model with full integration to the SAP HANA® database and extensive extension options.
- Facilitate access to consolidated data sets using the Logical Data Platform architecture, which supports access to multiple data sources across the enterprise.
- State-of-the-art database technologies with SAP HANA® Data Management Suite and SAP® Cloud Platform with integrated Data Lake concept.
Simplifying and Standardization of Data Management
- Central data storage: Standardization and access along all domains - SSOT approach with a full history for traceability.
- Comprehensive, scalable and powerful multi-purpose data model with common semantics.
- Elimination of redundancies by merging front, middle and back offices (Logical Data Warehouse).
- High granularity combined with aggregation capabilities for aggregated data - Ad hoc processing and reporting capabilities.
- Scalable solution - Manage data volume with the “Multi Temperature” concept.
- State-of-the-art analysis capabilities such as predictive modeling and machine learning.
- Possible cloud deployment.
- Simplify the architecture for analysis in financial services - Reduce system constraints and persistent layers.
The chart gives an overview of how SAP SE wants to achieve these goals. Instead of the many different persistent layers, SAP SE adds a virtual layer and combines the remaining persistent layers into a uniform layer. Virtual access replaces physical data and thus reduces redundancies in the system.
Financial Services Data Management and the FSDP Solution
The focus is on providing data management for analytical purposes for financial services that can be processed by SAP® and third-party applications. Thus, use cases in finance, risk, compliance and analytics can be widely covered.
The Financial Services Data Platform is based on following products:
- Financial Services Data Management 1.x provides:
- The conceptual data model for financial services.
- The physical data model optimized for SAP HANA®.
- Infrastructure (mainly deployment support, versioning and partitioning).
- SAP® PowerDesigner® 16.6 provides:
- Options for generic data modeling.
- SAP HANA® integration via Common Data Services.
- SAP HANA® 2 (SAP® WebIDE on SAP HANA®) provides:
- Generic database and possibilities to use data warehouses.
Thanks to standardized data management based on the latest SAP HANA® technology, go-live scenarios will be significantly shorter in the future. For one of the first customers, the go-live could be implemented within 4 months. By comparison, a go-live without the FSDP technology can take up to 12 months. Therefore, it is not surprising that SAP SE will be relying completely on the new technology in the near future. Sooner or later, every financial institution will have to switch to the new platform.