Humbly report, The Guardian: "Don't bank on survival."
UK banks fear a millennium mess.
online.guardian.co.uk
Clive Davidson reports
26 November 1997
Partial quotes:
"Banks are among the heaviest users of information technology, and because of this they've been among the first to address the year 2000 problem. But British banks are now worried they will be dragged into a millennium mess by their colleagues overseas, their customers and the telecoms companies who handle their international business.
The countries furthest ahead in preparing for European Monetary Union are furthest behind in addressing the year 2000 problem and vice versa, according to Ian Hugo, editor of Millennium Watch, a newsletter sponsored by the UK Government's Taskforce 2000.
UK banks are not only worried about their European colleagues, but also about how their customers are addressing the millennium bug.
The signs are not good. A recent survey by IT services supplier Cap Gemini and market research organisation IDC says that 13 per cent of large organisations in the UK have not yet started year 2000 work and that 11 per cent of organisations will miss the deadline. As the BIS report and several others suggest, missing the deadline could mean bankruptcy for a company. So year 2000 compliance is now a major credit risk factor for lending banks.
The BBA has produced a booklet on the problem that banks can give to customers. NatWest has just published what its staff call "the bug book" - The Year 2000 Computer Problem: A Practical Guide for Business.
At least the banks can get to grips with their customers. A more difficult concern to deal with is telecommunications, especially the global links necessary to support international trading, settlement, credit card transactions and so on. Locally, banks hook into BT, and BT generally appears to be on top of the year 2000 problem. UK banks are less confident about other countries' telecoms providers.
BT has been pressurising the International Telecommunications Union to make sure its membership is dealing adequately and consistently with the problem. After months of stalling, the ITU finally agreed to set up a year 2000 group in September chaired by Mili Lewis, BT's year 2000 communications manager.
British Bankers Association: 0171-216 8800. The NatWest "bug book" costs œ2 to customers and œ9 to non-customers (tel: 0171-726 1000). Millennium Watch: 01189-261424 ihugo@hassocs.netkonect.co.uk BIS bis.com "
Humbly report, getting a grip on a booklet just ain't gonna cut it when it comes to this huble customer's confidence.
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