I have been passionate about capacity-boosting solutions for years and have directly supervised projects related to retail and internet banking, credit issue, risk management and frontline optimization. Part of such work has led to the construction of automatically updating predictive models and economic forecasters for private banking and wealth management organizations.
In 2008, Iceland experienced the collapse of its financial system. Using the same exact methods now built-into the ICESTAT framework, I was able to provide the Parliamentary Special Investigative Commission with exact and accurate information as to how the banking system had evolved from 1995 to 2008, including all preceding domestic mergers and acquisitions. The data was reviewed and verified by Supreme Court Judge, Mr. Pall Hreinsson, Parliamentary Ombudsman of Iceland, Mr. Tryggvi Gunnarsson, and Mrs. Sigridur Benediktsdottir Ph.D., lecturer and associate chair at Yale University, USA in addition to several accountants and statisticians involved. ICESTAT is listed in the report as the source of the data that enabled Iceland to take action (see the recommendations section on LinkedIn).
Another financial crisis is bound to happen unless we can track all business – from microlevel upward – using the same method. It has been a decade since the crisis and I suspect tourism and real estate will play a large part in the next event. In order to diminish the impact, we need a vaccination against our ingrained herd behavior, which means that we have to get accurate metrics on business and sector performance so that informed decisions can be made from the ground up. It took ten years to figure out how this can be achieved efficiently and cost effectively and the key to do so lies within the digital banking environment.
Snorri H. Gudmundsson, MBA-Marketing.