Banknet India brought together prominent speakers from major banks,
IIM Ahmedabad and global IT companies at the Second Annual CTO
Summit on 10th May'06 to discuss the major challenges faced by the
banking industry.

The summit witnessed engaging discussions on business continuity,
business intelligence, CRM, payment systems and implementation of
core banking solution among others. Risk management and Basel II
compliance emerged as two top priority matters concerning the Indian
banking industry.

Panelists at the summit agreed that as the deadline to start
implementing Basel II comes closer, Indian banks need to step up
their efforts to become Basel II compliant. Commercial banks must
see to it that they have tools and provisions in place that ensure
comprehensive data collection and analysis, which is the foremost
criteria for Basel II compliance.

Anti Money Laundering (AML) was another topic which generated quite
a bit of interest. Concern was raised about the ability of banks to
deal with AML issues in mobile transactions. The view was that AML
solution for banks needs to shift focus into dynamic risk profiling
and move into risk assessment matrix.

An expert on Data Mining, Business Intelligence in Banking and
Finance & CRM from IIM, Ahmedabad emphasized that Data Mining does
not require a high degree of analytical skills but the knowledge and
understanding of doing business

It was brought to the notice that RBI is working on an arrangement
for three concurrent sessions of the cheque truncation project for
clearing of high value cheques, local clearing of cheques and inter-
city clearing of cheques, with an ability to close these sessions at
any point of time.

On Core Banking Implementation, a prominent speaker said the
critical issues which need to be addressed at the implementation
stage are Data Migration, Vendor SLAs, Interface with legacy
software & IT security and control issues. The CTO summit which had
the theme of `Transforming Through Technology' concluded with the
consensus that technology will be the key for banks in their efforts
to achieve standardization and meet the challenges arising out of
business and regulatory requirements.

`CONTRIBUTIONS' – A Banknet India Publication was launched at this
gathering. This publication is a collection of 10 papers on Banking,
Finance & Technology written by faculty from top business schools
and senior executives.

Mr Anurag Khanna, CEO, Banknet India announced that Second Volume of
CONTRIBUTIONS will be released at Banknet India's Second
International Bank Tech Summit in Setember 2006.

For more visit- http://www.banknetindia.com/