CTO Summit discuss major challenges faced by the banking industry
Mumbai, (India): Banknet India brought together prominent speakers from major banks, IIM Ahmedabad and global IT companies at the Second Annual CTO Summit on 10th May’06 to discuss the major challenges faced by the banking industry.
The summit witnessed engaging discussions on business continuity, business intelligence, CRM, payment systems and implementation of core banking solution among others. Risk management and Basel II compliance emerged as two top priority matters concerning the Indian banking industry.
Panelists at the summit agreed that as the deadline to start implementing Basel II comes closer, Indian banks need to step up their efforts to become Basel II compliant. Commercial banks must see to it that they have tools and provisions in place that ensure comprehensive data collection and analysis, which is the foremost criteria for Basel II compliance.
Anti Money Laundering (AML) was another topic which generated quite a bit of interest. Concern was raised about the ability of banks to deal with AML issues in mobile transactions. The view was that AML solution for banks needs to shift focus into dynamic risk profiling and move into risk assessment matrix.
An expert on Data Mining, Business Intelligence in Banking and Finance & CRM from IIM, Ahmedabad emphasized that Data Mining does not require a high degree of analytical skills but the knowledge and understanding of doing business
It was brought to the notice that RBI is working on an arrangement for three concurrent sessions of the cheque truncation project for clearing of high value cheques, local clearing of cheques and inter-city clearing of cheques, with an ability to close these sessions at any point of time.
On Core Banking Implementation, a prominent speaker said the critical issues which need to be addressed at the implementation stage are Data Migration, Vendor SLAs, Interface with legacy software & IT security and control issues.
The CTO summit which had the theme of ‘Transforming Through Technology’ concluded with the consensus that technology will be the key for banks in their efforts to achieve standardization and meet the challenges arising out of business and regulatory requirements.
‘CONTRIBUTIONS’ – A Banknet India Publication was launched at this gathering. This publication is a collection of 10 papers on Banking, Finance & Technology written by faculty from top business schools and senior executives.
Mr Anurag Khanna, CEO, Banknet India announced that Second Volume of CONTRIBUTIONS will be released at Banknet India's Second International Bank Tech Summit in Setember 2006.
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