Resources for Basel II Capital Accord (Basel II)

Basel II work creates customer service opportunity

www.thestandard.com

The financial regulatory standard Basel II came into effect last November, leaving the banks wheezing in the wake of a massive two-year effort to get their data in order. Such an undertaking was opportunity to consolidate and optimize their data stores, but, say analysts, most banks are not capitalizing on this opportunity--or the resulting customer service benefits.

While everyone likes the sound of a "customer-centric business model," it can, admittedly, be hard to actually get there when managing a complicated compliance project, and chasing down one-sided information secreted away in multiple locations.

Said Doug McKibben, research vice-president of banking with Gartner Research: "Compliance and risk are starting to align. But it's often still siloed. When it comes to customer relations information aligned with operational risk information or performance data, a recent Gartner study found that less than 50 percent of businesses are not doing this. All have built their compliance systems separate from their core business functions, so they're not taking advantages of the opportunities there."

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