Zions selects Infosys credit risk system for Basel II
In an effort to enhance the delivery of its credit risk management systems and strengthen compliance with Basel II regulations, Zions Bancorporation (NASDAQ:ZION), one of the nation's premier financial services companies, is implementing Infosys Technologies' (NASDAQ:INFY) Credit Risk Management solutions delivered by its unique Global Delivery Model.
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The agreement provides Zions' loan officers an end-to-end web execution of Zions' existing risk rating models that supports a more strategic approach to financial risk management.
"We are very pleased with Infosys' application development model for our credit risk management solutions which has brought greater consistency to the financial risk management model we have in place," said Gerald Dent, chief credit officer at Zions Bancorporation. "With the challenges of industry regulations and a desire to remain competitive, Zions is focused on executing the best risk assessment strategies."
Zions Bancorporation is benefiting from Infosys' unique development approach. This approach combines Infosys' engagement experience, technical expertise, and industry best practices.
"Infosys' priority is to help companies turn the increasing challenges that come with the ever-changing market into profitable opportunities and we are honored that a prestigious financial institution such as Zions has partnered with us to assist the company in implementing an advanced risk system that will allow it to gain a competitive edge in the industry," said Ashok Vemuri, senior vice president and head of Infosys' Banking & Capital Markets business unit.
"With Infosys' wide range of unique, pioneering solutions, we are looking beyond its credit risk management services to enhance our services and our cost savings," said Michael DeVico, executive vice president and head of operations/technology at Zions Bancorporation. "In the increasingly competitive banking industry our priority is to stay a step ahead of the continuously changing market and Infosys' services are helping us achieve this with its overall leadership in aligning infrastructure services."