Some top-level programmers says they plan to make their own private runs on the banking system.
This story appeared in INFORMATIONWEEK (Nov. 10).
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How serious is the problem for the banking industry? According to surveys conducted by Gartner Group Inc., although U.S. banks have completed 30% of their compliance efforts, "they have a probability of 10% system failure," says Lou Marcoccio, director of year 2000 research at Gartner. Part of the problem:Surveys of vendor compliance efforts are rarely accurate because most vendors "don't know what they don't know," says Marcoccio.
That has plenty of people worried. Out of 1,100 IT professionals worldwide, 38% said they may withdraw personal assets from banks and investment companies before the year 2000.