Ontologies in financial services: Design and applications

Customization of financial products is the inevitable trend of financial industry and financial innovation strategy is the only way to go. Based on the analysis of existing problems in financial innovation, the authors suggested that the method of ontology could be used in the domain of financial service. The ontology model can facilitate financial innovation activities by promoting the knowledge sharing, reusing, and the level of intelligence. Taken the retail banking as the domain background, an ontology-based financial service model was built and its application significance was discussed. This study will not only further extend the research domain of ontology and ontology study, but also has great practical significance for financial product customization and financial innovation.