Banks need smarter solutions

IBM reviews local banking sector:

Harshini PERERA

Sri Lanka’s economic system will grow from a cash economy to financial economy.

The country has a healthy environment and market growth for the use of financial systems in financial institutes. IBM’s General Manager, Shanker Ramamurthy said.

IBM Country General Manager Chrishan Fernando and Global Banking and Financial Markets General Manager Shanker Ramamurthy

IBM’s Smarter Banking solutions was introduced to the local banking industry.

“The banking systems are now into sophistication. Beyond that they should concentrate more on how to achieve growth while differentiating on products and do things much more efficiently,” he said.

“Among one of the dominant themes in the banking system, risk management plays an important role. In any financial institute fraud has to be managed ensuring the public trust on the institutes.

Many financial institutes are pacing with widening their geographical footprint into many areas in the country including the North and East.

Hence, the function of risk management will be important in those areas,” he said. The GM said institutions have to understand where it differentiates from the competitors. Banking institutes specialize within themselves as if to keep the cost down while targeting towards growth.

IBM has been providing infrastructure, software facilities and larger consulting engagements with institutions globally while in Sri Lanka, IBM will provide solutions to the banking and financial field,” IBM, Country General Manager Chrishan Fernando said.

He said that at present many banks have invested on IT infrastructure and maximize on it and expects the return on investments.

IBM will bring in new capabilities, knowledge and expertise from global partners in the future.