It is noted that, in recent times, banks in Sri Lanka have made some attempts to capture remittance flows through various means, by providing e-banking services through Internet banking, Tele-banking etc., free of charge. These e-banking products/services can also be extended to the remittance receivers where other infrastructure facilities like telecommunication facilities are available at affordable prices. 9. What should the strategy be? 9.1  Upgrade core banking solutions  9.1.1 Although the current IT environment has brought-in favourable results for banks, they should not ignore the use of major software and core operating system upgrades. It is necessary to change the systems when needed, if banks are to stay ahead of the game and sustain growth. For a long time, banks have considered core banking systems as a technology issue. Worldwide studies conducted on this subject clearly indicate that there is a need for robust core systems that link customers to core banking products and provide consistent information and services to them. The banks need to retain and enhance their credibility by providing a single version of answers to real time inquiries via different channels. BIS Review 13/2008  5  9.1.2 Multi-channel coordination, interbank payments, debit cards and Internet banking all drive customers to demand real time core banking services. Historically, banks have pursued a product-centric strategy and their IT architecture tends to reflect that mindset which has resulted in the application of ad hoc and stand alone systems. Some banks appear to have unrealistic fears regarding core system replacement.
Jean-Pierre Roth: No frontiers in monetary policy – from the fight to avoid internationalisation of the currency to the internationalisation of monetary policy Speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank, at the Swiss Institute of International Studies, Zurich, 6 May 2009. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  In view of the challenges with which it has been faced, the Swiss National Bank (SNB) demonstrated its adaptability time and again. Over the past thirty years, for instance, it abandoned its endeavours to prevent the use of the Swiss franc as an international currency. Moreover, it has gradually incorporated international elements into its monetary policy strategy and its monetary policy instruments. The goal when making these adjustments was always to improve the effectiveness of monetary policy in order to protect the country from any inflationary trend. In managing the current crisis, both the internationalised monetary policy strategy and the internationalised policy instruments have served the SNB well thus far. BIS Review 552009  1