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Banks need to assess risk factor

Mar 4, 2010 7:00:00 PM - aussieindolanka.com
While banks are moving into latest technologies with internet and mobile banking, they should also be concerned about the risk factor it carries, Central Bank Governor Ajith Nivard Cabraal said. "In a time where people are concerned of the greater potential with less inputs in any industry, savings banks too have introduced fast moving technology into banking transactions", Cabraal said at the World Savings Banks Institute (WSBI)’s Cross Regional Conference 2010 held at Colombo Hilton yesterday. There are more than 4000 branches and outlets of savings banks in Sri Lanka. At present these banks have adopted new technologies such as retail banking, internet banking and mobile banking. But, the personal touch the customers enjoy in coming to the branch will also have to be addressed by the branchless banking system, he said. The Governor emphasized the need to consider the risk involvement mobile and internet banking applies. Banks should play a key role in risk management, ensuring the integrity of the services provided by branchless banking, he said.   http://www.dailynews.lk/2010/03/05/bus03.asp