Datawatch had been encouraged to organise an event in Hungary, after joining a London Chamber of Commerce Trade Mission to Budapest. Rob Graham, Product Manager for Datawatch commented on the quality of support provided by the Trade department of the British Chamber of Commerce. Furthermore he described Hungary as a suitable target market for Monarch software, given its skills in assisting with compliance imperatives such as the Basel ll Accord â which is a current issue there.
The conference commenced with introductory remarks from Andrew Jackson, Chairman of the British Chamber of Commerce Hungary.
Rob Graham then initiated the focus on compliance and the use of Monarch software in offering a 'Business as Usual' response. He also highlighted the many benefits of taking a positive approach to Basel ll.
Mr. Franz Otto, Managing Director of Takarekbank Rt spoke on the state of the banking sector in Hungary and set out his views on regional developments over the next ten years. In brief, the three key drivers for the future would be the introduction of the Euro, a new sales culture and the industrialisation of the banking sector. The key messages to the banks of the future include:
Banks would have to differentiate themselves from their competitors
They would have to initiate a sales technique rather than uniquely serving and consulting.
They should not just being focused on technology but on the concepts around the use of it
Secondly Ms Julia Kiraly, Chief Executive Officer of ITCB Consulting and Training Ltd spoke on the subject of the financial stability of banks and the Basel II Accord. Ms Kiraly comments incorporated the slowing growth of the financial market and the introduction of new risk factors.
The final part of the seminar was assisted by Steve Caiels, Product Trainer for Datawatch, who demonstrated the key benefits of using Monarch and how the product is rightly seen as the industry benchmark for data and report mining and a leading player in the business process management sector.
This event proved to Datawatch that the issue of Basel II is of great interest to the Hungarian finance market and that the attendance demonstrated this. Rob Graham commented "I was very impressed with the caliber of delegate and the quality of organizations supporting the event. I was pleased with the manner in which those attending grasped the concept of adding value to their existing systems rather than starting afresh when responding to the new compliance environment."