IBM has rolled out software that allows banks and other financial institutions to connect data repositories strewn across the enterprise, allowing them to integrate, manage, and analyse data generated by their customers.
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Meeting the guidelines set down by the upcoming Basel II Capital Accord mandating updated international banking regulations, IBM claimed its Risk and Compliance product can cut down the time it typically takes to identify and reconcile discrepancies in banks' business records from weeks to hours.
It can do this through its ability to provide a single and integrated view of disparate data sources across the enterprise.
The ability to connect repositories and other unconnected pockets of data through the technology also makes it possible for banks to gauge future profits more accurately, boost product positioning, and improve the investment and allocation of assets.
The offering also aims to help banks manage the information requirements associated with Basel II, including recording, accessing, presenting, and analysing several years' worth of customer and operational data in a customised way. For instance, for the first time Basel II will ask banks to evaluate the default rates of old loans to customers in a specific industry or geographic location. Risk and Compliance helps trace the source of information originally used to determine the risk of loans, and then correlate it to the outcomes of those transactions.
"We honestly believe that the BI of the past was really designed for a subset of users in an enterprise who understood deep analytics, the PhDs in analytics," said Karen Parrish, IBM vice president in charge of business intelligence. "Our view is you can't solve business problems unless we move BI closer to the user, and that is where our investments are going."
Risk and Compliance is available immediately and carries with an entry-level price of approximately $350,000.
Ed Scannell writes for InfoWorld