|
AUTOMATING the systems of banks leads to more efficiency
and cost savings, and banks in the region are
undertaking this transfer from manual-based operations.
Still, it’s a tall order, according to a pioneer in
financial-systems automation.
“Core
banking systems are very, very difficult projects, and
banks are struggling with its implementation around the
region,” said managing director John Haley of Fidelity
National Information Services Inc. Asia, one of the
providers of such automated systems.
Core
banking system refers to the computerization of basic
processes involved in banking such as credits, debits,
storage and access of customer or client data, etc. that
involves running sophisticated and secure software.
Haley
implied that one of the difficulties experienced by
Philippine banks involves the software. Based on his
company’s 20-year experience in the Philippines, he said
“[Philippine] banks don’t need new software or replacing
their core system or rewriting their core [computer
language] codes, [but] they have to know what to do with
it.”
The
difficulties, he said, had heightened competition as the
banks seem to believe automating is the way to greater
success. Haley said, however, he doesn’t “believe that
software architecture is a magic bullet” that could help
banks survive the competition. He reiterated the greater
need is to understand the software.
Haley
flew in from
Thailand
to relaunch fidelity information services (FIS)
operations in the Philippines, specifically to sell
their services beyond software and to focus on the
credit-card and automated teller machine (ATM) segment
of the country’s financial markets.
He noted
the country is the third-largest market for FIS in Asia,
following Thailand and China, in terms of the assets of
their customers and “the services we do for them.”
The FIS
relaunch comes after its subsidiary Certegy Check
Services Inc. reportedly offered to settle a
class-action lawsuit filed on behalf of 8.5 million
people whose personal data were stolen and sold last
year.
In terms
of security, he said they “can bring to the bank a great
depth of experience.”
Haley
and other FIS executives from its
Asia headquarters will be in
Manila
to talk to top executives of bank, card companies and
ATM businesses on new offerings. |
