Basel II means big biz for IT firms

Basel II means big biz for IT firms

By siliconindia staff writer   |   Tuesday, 27 January 2004, 08:00 Hrs
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NEW DELHI: IT firms are in for a bonanza with the introduction of Basel II as banks may need to get new systems to monitor statistics and automate workflow, among other areas. Data warehousing, business intelligence and credit risk assessment will get a lot of attention, according to a report in the Computerworld Website, according to an Indian magazine.

Data warehousing and business intelligence look set to benefit from emerging banking industry requirements.

The report quoted Arvind Joshi, operations chief for Australia of ICICI Infotech, the technology provider arm of the $19-billion Indian banking conglomerate , as saying that the top 10 US banks are spending approximately $100 million on compliance with Basel II.

As a product provider to financial institutions, ICICI, which has no customers in New Zealand and just one in Australia, has a vested interest in Basel II compliance.

Banks don’t need to comply with Basel II until 2007, but many have already started gathering data in preparation, says Joshi.

(Source: Economic Times)

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