Top bankers to address Annual Banking Technology Summit on Sept 16

Mumbai, Sept 14 (ANI/Business Wire India): Banknet's Fourth International Bank Tech Summit will be held in Mumbai from September 16.

The summit will begin with a round table session where topics like effective implementation of technology, effective implementation of core banking, vendor management, outsourcing, business continuity and disaster recovery among others will be discussed.

Round table will be followed by three strategic sessions led by industry experts. These sessions will span the important topics like risk management, financial frauds, anti money laundering, data mining and warehousing, alternate channels and information security.

More than 20 COO's, CTO's, GMs, group business heads from major banks like State Bank of India, IDBI Bank Ltd, Bank of India, IDFC Ltd, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, IndusInd Bank, Development Credit Bank, Axis Bank, Citizen Credit Co-Op Bank, Shamrao Vithal Co-Operative Bank and Genpact , BT, Infrasoft, Check Point, Informatica, McAfee, Paymate and NMIMS will address the summit.

A technology exhibition in the pre-summit area will showcase products or services of technology companies.

According to Banknet Group CMD, Anurag Khanna, "BFSI Companies are spending a lot on technology. In this 'me too' environment, competitive advantage has unexpectedly lost relevance. We need to realign IT for getting companies back on track - to work towards the goal of competitive advantage".

"It is important to discuss that how technology can help banks in attaining the efficiency in their internal processes and given them competitive advantage vis-?-vis their competitors in the market," added Khanna.

Technology has played a significant role in improving the efficiency of the banking and financial system in recent years.

Information technology has also enabled sophisticated product development, better market infrastructure, implementation of reliable techniques for control of risks and reaching geographically distant and diversified markets.

An approach towards IT centralisation can benefit banks and financial institutions in terms of Customer Relationship Management (CRM), Customer Profiling and Differentiation and for improved customer service.

Adequate Disaster Recovery Systems and the regular periodical testing and auditing of critical systems would be needed to ensure fail safe Business Continuity Plans.

The role of technology service providers and intermediaries have now gained greater significance due to increased outsourcing; for the banks and financial institutions, the complexities in handling vendor management as part of outsourcing need to be addressed so as to ensure that risks arising out of outsourcing are minimised.

Implementation of core banking systems has almost reached its final stage and most banks have successfully implemented CBS in their branches.

Now there is a need for integration. Another crucial activity which needs to be completed in a time bound manner relates to the IT related aspects pertaining to conformity to the BASEL II requirements by banks. (ANI)