Implications of Dependable Computing in Banking Industry

Abstract

Summary form only given. Information systems (IS) play a crucial role in banking institutions' day-to-day business and the level of service customers expect from banking industry is becoming ever more demanding. Satisfying those demands is one of the most important critical success factors for sustaining competitive edge, especially in today's hard economic time. In this fiercely competitive world, a bank's major system failure could be fatal for its reputation and business itself. Quick and systematic recovery from the WTC (Wor1d Trade Center) disaster gives us valuable lessons for Korean banking institutions. The weaknesses of Korean banks in terms of "Dependable Computing" lie not in the area of adopting various state-of-the-art technologies but more in its culture. We need to step up our efforts especially on the areas such as contingency plan and disaster recovery. The author outlines: Business implications in terms of customer satisfaction; What can IS departments do to ensure dependable computing; What Korean banks are doing today? and Next steps for Korean banks.