APRA team eyes Indian IT outsourcing standards. Photo-illustration: Rob Homer Paul Smith The prudential regulator is sending a team to India to evaluate the standards of service providers in that country as Indian firms play an increasingly important role for the Big Four banks, overseeing critical back-office functions. The move mirrors similar visits by the United States Securities and Exchange Commission and the UK’s Financial Services Authority. The Australian Prudential Regulation Authority’s delegation will assess the operations of companies that outsource for local financial services players, the Indian operations of other multinational IT suppliers, and the ring-fenced operations of Australian institutions, such as ANZ Banking Group, it is understood. APRA’s team will fly out in the final quarter of 2012 under the stewardship of the head of IT risk, David Pegrem. CBA currently has work conducted on its behalf in India by IBM, HCL Technologies, Tata Consultancy Services, HP and Accenture.
Lateline Business - 24/10/2011: Bendigo warns of internet challenge to banking. Australian Broadcasting Corporation Broadcast: 24/10/2011 Reporter: Emily Stewart The Bendigo and Adelaide bank has warned shareholders at its annual general meeting they face challenges including internet-based banking and billing technology from internet search giant Google. TICKY FULLERTON, PRESENTER: The internet search giant Google is among a number of companies hoping to cut a big slice from the profits of Australian banks.
They hope to win customers over with new and cheaper internet-based technology to pay bills and do banking. The Bendigo and Adelaide Bank held its AGM today with management warning that was just one of the challenges facing the banking industry. Emily Stewart reports. EMILY STEWART, REPORTER: The Australian banking sector can't hide from events in Europe, but with no direct involvement in wholesale markets, the Bendigo and Adelaide Bank has fared better than most. MIKE HIRST, MD, BENDIGO & ADELAIDE BANK: Our new ratings position the bank well for future growth.
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