Software Requirements

Specification
for

<Banking system with Ai>

Version 1.0

Prepared by <Arjun Lodha>

<Ankit Pal>

<Harpreet Singh Chawla>

<Shri Vaishnav Institute Of Information Technology >

<05-04-2024>

Copyright © 1999 by Karl E. Wiegers. Permission is granted to use, modify, and distribute this document.
Software Requirements Specification for <Project> Page ii

Table of Contents
Table of Contents .......................................................................................................................... ii
Revision History ............................................................................... Error! Bookmark not defined.
1. Introduction ..............................................................................................................................1
1.1 Purpose............................................................................................................................................. 1
1.2 Document Conventions .................................................................................................................... 1
1.3 Intended Audience and Reading Suggestions .................................................................................. 1
1.4 Product Scope .................................................................................................................................. 1
1.5 References ........................................................................................................................................ 1
2. Overall Description ..................................................................................................................2
2.1 Product Perspective.......................................................................................................................... 2
2.2 Product Functions ............................................................................................................................ 2
2.3 User Classes and Characteristics ..................................................................................................... 2
2.4 Operating Environment .................................................................................................................... 2
2.5 Design and Implementation Constraints .......................................................................................... 2
2.6 User Documentation ........................................................................................................................ 3
2.7 Assumptions and Dependencies ...................................................................................................... 3
3. External Interface Requirements ...........................................................................................3
3.1 User Interfaces ................................................................................................................................. 3
3.2 Hardware Interfaces ......................................................................................................................... 3
3.3 Software Interfaces .......................................................................................................................... 3
3.4 Communications Interfaces ............................................................................................................. 3
4. System Features .......................................................................................................................4
4.1 System Feature 1 .............................................................................Error! Bookmark not defined.
4.2 System Feature 2 (and so on) ..........................................................Error! Bookmark not defined.
5. Other Nonfunctional Requirements .......................................................................................5
5.1 Performance Requirements .............................................................................................................. 5
5.2 Safety Requirements ........................................................................................................................ 5
5.3 Security Requirements ..................................................................................................................... 5
5.4 Software Quality Attributes ............................................................................................................. 6
5.5 Business Rules ................................................................................................................................. 6
6. Other Requirements ................................................................................................................6
Appendix A: Glossary....................................................................................................................6
Appendix B: Analysis Models .......................................................................................................7
Appendix C: To Be Determined List ............................................................................................8
Software Requirements Specification for <Project> Page 1

1. Introduction

1.1 Purpose
The purpose of a Banking system with AI is to enhance efficiency, security, and customer
experiences. It automates routine tasks like data entry and fraud detection, reducing
operational costs. AI-driven chatbots provide 24/7 customer support.

1.2 Document Conventions

The document conventions for the Banking syatem with AI include standard formatting
guidelines, such as consistent use of headings, font styles, and numbering systems.
Acronyms and abbreviations are defined in a glossary for clarity. References are cited
using a predetermined citation style. Any specific terminology or language unique to the
bank system’s domain is explained upfront.

1.3 Intended Audience and Reading Suggestions

The intended audience for the banking system with AI integration encompasses various
stakeholders within the banking industry, regulatory bodies, technology partners, and end-
users.Reading suggestions include exploring the user guide for comprehensive
instructions on utilizing the website’s features efficiently. For developers, delving into the
technical documentation offers insights into integration possibilities and customization
options.

1.4 Product Scope

The scope of banking systems with AI integration is broad and dynamic, encompassing
various aspects of financial services, operations, and customer interactions. AI
technologies offer opportunities for banks to enhance efficiency, mitigate risks, and
improve customer experiences across multiple functions. These include but are not limited
to like Fraud Detection and Prevention, Customer Service and Personalization etc.

1.5 References
References for banking systems with AI integration can be drawn from a variety of
reputable sources, including academic papers, industry reports, and authoritative
publications. "Artificial Intelligence in Financial Services" by Edward L. Braunstein offers a
detailed examination of AI technologies and their impact on various aspects of the financial
sector, including banking.
Software Requirements Specification for <Project> Page 2

2. Overall Description

2.1 Product Perspective

In the Banking system, the product perspective involves its role as a standalone web
application interfacing directly with users. It operates independently, providing a user-
friendly platform for banking related works. its position within the broader financial
technology landscape and its interactions with other systems and stakeholders. From a
technical standpoint, the banking system serves as a centralized platform that leverages AI
algorithms and technologies to enhance various functionalities such as fraud detection,
customer service, risk assessment, and process automation

2.2 Product Functions

The functions of a banking system with AI integration are diverse and multifaceted,
leveraging artificial intelligence to enhance efficiency, improve decision-making, and
elevate customer experiences across various domains. Firstly, AI enables the automation
of routine tasks such as transaction processing, account management, and document
verification, reducing manual efforts and operational costs while improving accuracy and
scalability. Secondly, AI-powered algorithms play a crucial role in risk management by
analyzing vast amounts of financial data to assess creditworthiness, detect fraudulent
activities, and optimize investment portfolios.

2.3 User Classes and Characteristics

the user classes and characteristics of a banking system integrated with AI, it's essential to
recognize the diverse range of stakeholders who interact with the system and their varying
roles and requirements. These user classes can be broadly categorized into internal
stakeholders, including bank employees and management, and external stakeholders,
such as customers and regulatory authorities.

2.4 Operating Environment

The Banking system operates on web only, ensuring broad accessibility. It requires
internet connectivity for real-time data updates and synchronization. The website functions
optimally in various network conditions, adapting to fluctuating bandwidth and connection
stability. It utilizes device resources efficiently, minimizing battery consumption and
system resource usage

2.5 Design and Implementation Constraints

Designing and implementing a banking website entails navigating various constraints to
ensure security, usability, and regulatory compliance. Two significant constraints in this
process include security requirements and regulatory standards. Security requirements
impose strict measures to safeguard customer data and financial transactions from cyber
threats.. Regulatory standards, such as GDPR in Europe or HIPAA in the United States,
dictate stringent guidelines for handling sensitive customer information and ensuring data
privacy
Software Requirements Specification for <Project> Page 3

2.6 User Documentation

User documentation for the Banking system comprises comprehensive guides and
tutorials accessible within the website interface, providing step-by-step instructions for
utilizing its features effectively. It includes onboarding materials to assist new users in
navigating the website and understanding its functionalities. Troubleshooting resources are
available to address common user queries and issues promptly. The documentation
emphasizes clarity and simplicity, catering to users with varying levels of technical
proficiency.

2.7 Assumptions and Dependencies

Assumptions and dependencies in the banking site include users having smartphones with
internet access, providing accurate information, these assumptions and dependencies are
indispensable for the successful implementation and operation of a banking system with AI
integration, enabling banks to harness AI technologies effectively to enhance efficiency,
improve customer experiences, and mitigate risks.

3. External Interface Requirements

3.1 User Interfaces

The Banking site features an intuitive dashboard for proving all banking related to its
customers, facilitating various banking activities and transactions.

3.2 Hardware Interfaces

The Banking system interacts with various hardware interfaces such as server
infrastructure, data storage to store large volumes of transactional data and microphone
for voice commands.

3.3 Software Interfaces

Software interfaces for a banking system with AI integration play a crucial role in enabling
communication and interaction between different software components and systems , like
Application Programming Interface(API) for communication between different software
application, Middleware for providing an abstraction layer between different software
components and cloud services for offering a wide range of services.

3.4 Communications Interfaces

The Banking site utilizes various communication interfaces to keep users informed and
connected throughout their services. This includes email notifications for transactions,
updates, and itinerary changes. Additionally, it may incorporate push notifications to alert
users about important reminders.
Software Requirements Specification for <Project> Page 4

4. System Features
• User Authentication and Profile Management

• Mobile and Online Banking

4.1 User Authentication and profile Management

4.1.1 Description and Priority

This feature enables users to register, log in, and manage their profiles within
the website.
Priority: High
4.1.2 Stimulus/Response Sequences
• User selects "Log in" option.
• System prompts user to enter credentials.
• User enters valid provides necessary information for registration.
• System verifies credentials and grants access to the user's profile.
4.1.3 Functional Requirements
REQ-1: Provide options for user registration and login.
REQ-2: Validate user-entered credentials during login.
REQ-3: Allow users to reset forgotten passwords securely.
REQ-4: Encrypt and securely store user information in the database.
REQ-5: Provide options for users to update their profile information.
REQ-6: Implement measures to prevent unauthorized access or account
hijacking attempts.
REQ-7: Notify users of successful or failed login attempts

4.2 Mobile and online banking

4.1.1 Description and Priority

This feature enables users to use internet and mobile banking within the
website.
Priority: High
4.1.2 Stimulus/Response Sequences
• User selects "services -> personal internet banking" option.
• System prompts user to enter credentials.
• User enters valid provides necessary information for verification and
validation.
Software Requirements Specification for <Project> Page 5

• System verifies credentials and grants access to the user's internet

banking.
4.1.3 Functional Requirements
REQ-1: Provide options for user login.
REQ-2: Validate user-entered credentials during login.
REQ-3: Allow users to reset forgotten passwords securely.
REQ-4: Encrypt and securely store user information in the database.

REQ-5: Implement measures to prevent unauthorized access or account

hijacking attempts.
REQ-7: Notify users of successful or failed login attempts

5. Other Nonfunctional Requirements

5.1 Performance Requirements

The Banking site must load and respond swiftly, ensuring seamless user interactions even
under peak usage conditions. It should efficiently handle concurrent requests, such as
itinerary updates or balance inquiries, without compromising responsiveness. Additionally,
the site's data synchronization process should occur in the background, minimizing
disruptions to the user experience. Furthermore, it should have a robust caching
mechanism to store frequently accessed data locally, reducing reliance on network
connectivity for basic functionalities

5.2 Safety Requirements

The Banking site must prioritize the security of user data, employing encryption techniques
to safeguard personal and financial information. It should implement authentication
measures, such as secure login credentials and multi-factor authentication, to prevent
unauthorized access. Additionally, the site must adhere to industry standards and
regulations regarding data protection and privacy, ensuring compliance with laws like
GDPR or CCPA. It should provide users with clear privacy settings and options for
controlling the sharing of their information. Moreover, the site should have mechanisms in
place to detect and mitigate security threats, such as malware or phishing attempts,
through regular security audits and updates

5.3 Security Requirements

The Banking site must encrypt sensitive user data both in transit and at rest to prevent
unauthorized access. It should implement secure authentication mechanisms, such as
strong password policies and possibly biometric authentication, to verify user identities.
Software Requirements Specification for <Project> Page 6

Additionally, the site should have robust access control measures to restrict data access
based on user roles and permissions. Regular security audits and updates should be
conducted to identify and patch vulnerabilities promptly. Furthermore, the site should
adhere to industry standards and regulations, such as PCI DSS for payment card data
protection, to ensure comprehensive security compliance.

5.4 Software Quality Attributes

The Banking site prioritizes usability, ensuring an intuitive interface for easy navigation and
task completion. It emphasizes reliability, minimizing errors and crashes through rigorous
testing and bug fixing. Performance is optimized for responsiveness, with swift loading
times and seamless interactions even during peak usage. Security is paramount,
employing encryption, authentication, and access control measures to protect user data.
Scalability is built in to accommodate growth, allowing the website to handle increasing
numbers of users and data without compromising performance

5.5 Business Rules

The Banking site enforces business rules such as cancellation policies of payment,
ensuring consistency and clarity for users
.
Know Your Customer (KYC): Require customers to provide valid identification and proof of
address to open accounts and access banking services. KYC rules help prevent identity
theft, fraud, and money laundering.

Anti-Money Laundering (AML): Monitor transactions for suspicious activity and report any
unusual or potentially illicit transactions to regulatory authorities. AML rules help prevent
the laundering of money obtained through criminal activities

6. Other Requirements

Appendix A: Glossary
1. Banking Management System (BMS): A software platform designed to automate
and streamline various banking operations, including account management,
transaction processing, risk assessment, and customer service.

2. Artificial Intelligence (AI): The simulation of human intelligence processes by

machines, including learning, reasoning, and problem-solving. In banking systems,
AI is used to enhance efficiency, improve decision-making, and personalize
customer interactions.

3. Machine Learning (ML): A subset of AI that enables systems to learn from data
and improve performance over time without being explicitly programmed. In banking
systems, ML algorithms are used for fraud detection, risk assessment, and
customer segmentation.
Software Requirements Specification for <Project> Page 7

4. Natural Language Processing (NLP): A branch of AI that enables computers to

understand, interpret, and generate human language. In banking systems, NLP is
used for chatbots, virtual assistants, and sentiment analysis of customer feedback.

5. Chatbot: A computer program designed to simulate conversation with human

users, typically through text or voice interactions. In banking systems, chatbots
provide customer support, answer inquiries, and assist with transactions.

6. Predictive Analytics: The use of data, statistical algorithms, and machine learning
techniques to forecast future outcomes based on historical data. In banking
systems, predictive analytics is used for credit scoring, customer churn prediction,
and investment forecasting.

7. Fraud Detection: The process of identifying and preventing fraudulent activities,

such as unauthorized transactions, identity theft, and money laundering. In banking
systems, AI-powered fraud detection systems analyze transaction data to detect
suspicious patterns and anomalies.

8. Risk Management: The process of identifying, assessing, and mitigating risks that
may affect the financial stability and operations of a bank. In banking systems, AI is
used for credit risk assessment, market risk analysis, and compliance monitoring.

9. Customer Segmentation: The process of dividing customers into groups based on

common characteristics or behaviors. In banking systems, AI algorithms segment
customers based on demographics, transaction history, and financial preferences to
personalize marketing and services.

10. Algorithmic Trading: The use of computer algorithms to execute trades in financial
markets automatically based on predefined rules and parameters. In banking
systems, AI-powered algorithms are used for algorithmic trading to optimize
investment portfolios and execute trades at optimal times.

11. Robotic Process Automation (RPA): The use of software robots or "bots" to
automate repetitive tasks and workflows, such as data entry, document processing,
and account reconciliation. In banking systems, RPA improves operational
efficiency and reduces manual errors.

12. Compliance Monitoring: The process of ensuring that banks adhere to regulatory
requirements, industry standards, and internal policies. In banking systems, AI-
powered compliance monitoring systems track and analyze transactions for
suspicious activities and ensure adherence to legal and regulatory standards.

Appendix B: Analysis Models

Here are some analysis models commonly used in the development and evaluation of
Banking management system :
Software Requirements Specification for <Project> Page 8

1. Use Case Diagrams: Use case diagrams depict the interactions between users
(actors) and the system to achieve specific goals, such as customer interact with the bank
system to perform various task. This model helps to identify and understand the functional
requirements of the website.

2. Activity Diagrams: Activity diagrams illustrate the flow of activities or processes within
the bank management site, including steps such as system authentication, transactions
selection and fund verification. They help in visualizing the sequence of actions and
decision points within the system.

3. Sequence Diagrams: Sequence diagrams show the interactions between various

components or objects within the website over time, representing the exchange of
messages or actions triggered by user inputs or system events. These diagrams help to
understand the dynamic behavior of the website and the sequence of steps involved in
different scenarios.

4. Class Diagrams: Class diagrams depict the structure of the website's data and the
relationships between different classes or entities, such as users, balance, transactions,
and accommodations. They help in modeling the data schema and understanding the
organization of data within the website.

5. State Diagrams: State diagrams represent the different states or modes that objects or
components within the website can transition through in response to events or actions. For
example,

• State 1: Open
• Represents the initial state of a bank account when it is opened by a
customer.
• Transition 1: Deposit
• Triggered when the customer deposits money into the account.
• Transition 2: Withdrawal
• Triggered when the customer withdraws money from the account.
• Transition 3: Close
• Triggered when the customer chooses to close the account.
• State 2: Closed
• Represents the state of a bank account when it has been closed by the
customer.
• No transitions are possible from this state.

Appendix C: To Be Determined List

Here's a "To Be Determined" (TBD) list specifically tailored for a banking system with AI
integration:

1. AI Use Cases Identification: Determine specific areas within the banking system
where AI can add value, such as fraud detection, customer service automation, risk
assessment, or personalized financial recommendations.

2. Data Sources Assessment: Identify potential sources of data required for AI

algorithms, including transaction records, customer profiles, market data, and
external sources. Evaluate data quality, availability, and privacy considerations.
Software Requirements Specification for <Project> Page 9

3. Algorithm Selection: Evaluate different AI algorithms and techniques suitable for

the identified use cases, considering factors such as machine learning models,
natural language processing (NLP), deep learning, or reinforcement learning.

4. Training Data Collection: Determine the need for labeled training data sets to train
AI models effectively. Assess data labeling methods, annotation tools, and
strategies for acquiring or generating training data.

5. Model Training Infrastructure: Define the infrastructure and tools required for
training AI models, including computing resources, data storage, and model training
frameworks. Consider cloud-based solutions, distributed computing, and GPU
acceleration.