With most countries either de-regulating or having deregulated their financial markets, the international financial market place is seeing ever increasing competition. To combat this, financial institutions are seeing ever increasing pressure to reduce costs, improve efficiency and enhance profits. They are also faced with improving the quality of information that they have and the method in which they use it. New players entering new markets are helping to erode the traditional client bases of many institutions and, in return, forcing these institutions to diversify activities.
As the world has grown smaller due to the pace at which information is exchanged and responses are demanded, financial institutions are faced with real opportunities and threats. These include the Y2K issues that institutions are still facing, as well as the Euro. Product cycles and development and response times have shrunk, requiring solutions to be available and modifiable immediately.
In order to succeed against these challenging circumstances, financial institutions are harnessing information more effectively. Through the proper use of information, banks can eliminate redundant work that raises costs. And through reallocating resources to revenue generating activities, profits can be
|enhanced. Financial institutions
can accomplish these goals while augmenting the quality
of information available for management decisions and
improving control and compliance needs.
However, in the past, financial institutions have had relatively few choices in this area of information technology, relying on either expensive software packages from the U.S.A. and Europe, tailoring existing software packages, or custom building applications. These solutions have not addressed the complexities and reporting requirements endemic to the local markets within which these banks operate. Nor have they allowed financial institutions an open platform on which to build solutions and extend the life of existing technology investments.
Over the past decade, ABIS Systems has filled this gap, creating and refining international financial management software packages for the global market place. The ABIS solution uses client-server architecture to manage information within a financial institution, automating back office operations and simplifying the creation of audit and compliance procedures. To date, ABIS's client list includes financial institutions, in China, England, Germany, Hong Kong, Japan and Singapore.