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Banks should 'modernise IT to tackle credit crunch'

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Breaking news from ihotdesk, the home of IT outsourcing in London:
British banks need to improve their IT technology and management in order to help consumers through the current credit crunch, according to industry experts.

Category Outsourcing
16 April 2008
 
British banks need to improve their IT technology and management in order to help consumers through the current credit crunch, according to industry experts.

The new UK voluntary Banking Code means it is imperative that banks and building societies can identify and contact those customers who may be at risk so they can provide them with support, according to vnunet.com.

However, technology consultancy Detica has said that old and inefficient data management systems are preventing lenders from handling these responsibilities, reports the technology news provider.

Maggie Scott, executive manager at Detica's Financial Services unit, told reporters: "The stream of recent regulatory requirements means that banks actually have a great deal of data in place to build an accurate profile of their borrowers.

"However, banks have only used this data to assess their customers' financial circumstances when applying for credit."

She went on to say that better data management would mean customers receive the support they need and banks reduce their quantity of bad debt.

The news follows advice last week from US-based IT security provider Websense suggesting that the best way for companies to improve their online security is to focus on data protection rather than securing devices, networks or infrastructure.


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