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Winning in the New Banking Era High performance DNA: Next generation core banking, a catalyst for success

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Page 1: GDS International   FST - Summit - US

Winning in the New Banking EraHigh performance DNA: Next generation core banking, a catalyst for success

Page 2: GDS International   FST - Summit - US

Table of ContentsIntroduction

The new paradigm

Universal banking high performers’ DNA

Next generation core banking: a catalyst for success

What’s next?

3

4

6

16

19

2 | Winning in the New Banking Era

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Introduction

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It’s no overstatement to say that in the last few years banks have experienced a more challenging market than any in living memory. And for many the pressure is still on. They need to find new ways to reconnect with their customers and rebuild their trust. There really is no going back.

But in the race to the future some banks are taking a clear lead. Our work with these leaders around the world shows us that while each of them is different, they also share some common characteristics and principles that have allowed them to move ahead to profitable growth.

In this paper, we draw out the lessons their superior performance can offer to others in their own search for a return to growth. We take a close look at the strands of high performance DNA that we see running through all their businesses. We examine how their focus on the customer, their commitment to efficiency, and targeted investments in building a technology platform for growth are all helping them to prosper.

I hope you find the following an interesting and stimulating read. I’d welcome your feedback and would be delighted to discuss with you any of the issues we raise.

Sincerely,

Juan Pedro MorenoManaging Director, Accenture Core Banking Services

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4 | Winning in the New Banking Era

The new paradigm

Figure 1. ROE evolution (retail and commercial banks)

The legacy of the financial and economic crisis is still severely impacting banks’ performance across the world, especially in more mature markets. Banks are still subject to significant uncertainty and their customers’ trust and loyalty is at an all time low.

In response, many banks have focused intently on cost management. However, new market paradigms show that cost reduction alone is not enough. Lack of economic growth is questioning the viability of certain business models in some markets. In addition, a broader intervention by the public sector with a huge wave of regulatory reforms, requirements for greater capital reserves along with restrictions on funding will lead to a new, lower level of profitability by constraining balance sheets. Further, drastically reduced customer loyalty, and a new technological ecosystem

Source: Accenture Banking 2012 research1Non-cumulative model based on peer set of large US, European and Emerging Market banks; profitability rebuild excludes impact of potential NPL recovery

Developed market banks in crisis Developing market banks in more resilient economies

High performer ROE 2000-2007

Higher capital ratio

Shrink balance sheet

Higher cost of funding

Reduced fee income

NPL provision increase

Post crisis base case

Post crisis strategic options case

Pricing optimiza-tion

Effective risk manage-ment

Robust customer manage-ment

Strategic cost reduction

Divestures/inorganic growth

26%1

-5%

-6%

-6%

-2%

-3%

1% 1%+

3%

5%

1-5%

4%

15+%

-2% -1%

-1% -1%

-2% 3%

2%

19%

27+%

1% 1%+

1-5%

and competitive threats, all serve to increase the strength of the headwinds confronting all banks.

Banks need to rebuild profitability and reboot shareholder value by driving growth in their core businesses through innovative products and services, attracting and retaining customers, optimizing pricing, managing risks effectively, and all while continuing to cut costs. At the same time, some banks will explore M&A opportunities or divest non-strategic businesses (see figure 1).

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Source: Based on analysis of Top 50 Developed Market Banks by Market Cap; Accenture research analysis on Capital IQ and Bloomberg data

ROE Average 2007-2010

20

15

10

5

0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100

-5

-20

% of Retail and Commercial Banking Revenue

Nordea

Santander

National Bank of Canada

Svenska Handelsbanken

Commonwealth Bank of Australia

BBVA

Scotia Bank Westpac

State capital injection

State aid repaid

No state aid

Banks receiving state aid

UniversalBanks

Royal Bank of Canada

But while they understand what to do, how to achieve these goals is more challenging. That’s largely because, for many, their commercial and operating models as well as technology platforms are, bluntly, no longer up to the job.

5

In marked contrast, in spite of the impact on the balance sheet and P&L from new regulations, players (see figure 2) that had developed a high performance Universal Banking model are clearly outpacing the pack. They have been able to master a distinctive customer value proposition balanced with efficiency on the inside and masterful execution.

Figure 2. Developed market banks: State aid, profitability and retail operations (2007-2010 average)

Banks such as BBVA, Santander, Commonwealth Bank of Australia, Westpac, Nordea, Svenska Handelsbanken, Bank of Nova Scotia, Royal Bank of Canada and National Bank of Canada are all good examples.

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Universal banking high performers’ DNA

1. High performers strive for a customer centric—Universal Banking model with a focus on core customer groups and deep relationships.

Accenture’s extensive research and work with leading banks around the world—and the insights these provide—has enabled us to distil key attributes and capabilities that propel high performance banks to the front of the pack. We have been able to identify seven key “strands” of high performance DNA (see figure 3) that create a foundation for achieving growth and reigniting shareholder value.

Aside from the resilience of a few wholesale banking-oriented players, it is banks with a clear and diversified retail and commercial business mix that have reinforced their competitive position in the aftermath of the financial meltdown.

Their organizations pivot around customer segment management rather than product management, ensuring strong connections between different lines of business.

Their relationship model takes a holistic approach to customer needs in order to build prime provider relationships. Product offerings are based not only on client segments but are also specifically tailored to specific customer profiles/needs, while the sales force is supported by advanced CRM tools. These banks also deploy sophisticated pricing models based on customer lifetime value and behavior profiles (risk, channel, propensities), and a fee model linked to the value added services customers are willing to pay for. Finally, they have configured their sales and service approach with simplicity, convenience and transparency as the key guiding principles.

As a result, these players’ boost profitability and loyalty. For example, BBVA, Royal Bank of Canada and Wells Fargo enjoy higher cross selling ratios (above 4) and lower rates of customer attrition (less than five percent), significantly exceeding market average standards. They also achieve a remarkable percentage of first contact sale ratios1 and rapid time to market to launch new products or services.

6 | Winning in the New Banking Era

Figure 3. High performance universal banking anatomy

1 Number of conditional offers provided to the customer during the first commercial contact over number of customer product applications.

2. Multi-channeldistributionmodel

1. Customer centric Universal Banking model

3. Industrializedoperating model4. Prudent

riskmanagementpolicies

6. Ability to export the model

7. Leading edge technology

5. Strong capital management discipline

High Performance Bank DNA

Note: Superior talent management is an additional attribute of high performance DNA not covered in this report.

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2. High performers demonstrate that multichannel clients can be twice as profitable and exhibit greater loyalty. Proximity, accessibility and innovation are the trademarks of a “real” multichannel distribution model that delivers a true and consistent 24x7 online/real-time customer experience (e.g., access to a 360º single and integrated view, real-time processing, etc.) with seamless customer interactions fully orchestrated across all channels—as Commonwealth Bank of Australia is able to do after its recent core banking transformation program.

Branches maintain their role as the center of high value added customer interactions, but players like Santander focus on proactive sales and more profitable services to maximize employee productivity. They shift administrative tasks to central back offices or the most efficient channels, and use multiple branch formats and layouts to dynamically address market potential and customer needs.

In consequence, their sales-oriented branches operate with more than two-thirds of their time available for commercial purposes, delivering far higher employee productivity2.

In addition, high performers place particular emphasis on innovation. They build advanced self-service capabilities, especially around ATM and Internet functionalities, and are investing in the development of mobile banking and new devices that enhance customers’ experience and boost their engagement.

Take Nordea, for example. Its customers can start a purchase through one channel and close it from another. More than 70 percent of product offerings can be purchased online while 20 percent of sales are already performed through this channel. Nordea is also embracing social platforms as a new source of business intelligence and to deliver products and services.

Finally, high performers are investing in data capture, management and analytics capabilities to multiply their number of interactions per customer, achieve a more seamless and personalized customer experience, sell multiple products during each sales interaction (better sales ratio), and provide ubiquitous access through an optimized channel mix, cost-efficiently.

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2 Average operating income per employee is almost twice peer group average.

Finally, high performers are investing in data capture, management and analytics capabilities to multiply their number of interactions per customer, achieve a more seamless and personalized customer experience, sell multiple products during each sales interaction (better sales ratio), and provide ubiquitous access through an optimized channel mix, cost-efficiently.

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8 | Winning in the New Banking Era

3. High performers have been early adopters of industrialized operating models in order to deliver best in class cost operating performance balanced with excellent customer service.Leading banks today have cost:income ratios of 45 percent and below, while the industry average in mature markets is close to 60 percent. Yet many of the leaders also have highly productive customer models.

The target is typically a choice between three operating model end-states: manufacturing focus (efficiency champions), business-line centric (category killer) or distributor. However, regardless of the specific end state, high performers, such as BBVA or Santander, share common best practices. These include:

• Separation between distribution and servicing, where distribution is organized/ led by segments with a horizontal operating view rather than a vertical product management approach.

• Centralized service in consolidated manufacturing centers, organized according to functions, with multi-product/segment capabilities instead of product-siloed back offices.

• Lean processes are standardized, streamlined, digitized, automated and posted in real time, enabling paperless processes and fewer manual interventions.

• Structured to ensure control and transparency and supported by an audit trail and automated authorization management capabilities together with strict compliance and online validation of errors.

• Transactions are managed according to their value, driving customers to the most efficient channel.

• Players like BBVA are increasing delocalization of functions, supported by middleware and digitalization tools to facilitate workflow control and well designed, efficient processes and growing use of business process outsourcing (BPO) (see sidebar).

• Analytical information providing visibility of the granular drivers of operational performance.

• Proactive management of complexity across the organization.

BBVA operating modelBBVA is implementing a three-layer operating model for retail and commercial back office operations in which strategic functions are retained at bank level (5 percent), high value activities are also kept internally and performed sometimes by a segregated subsidiary (20-30 percent), while the rest of non-core functions (up to 60-70 percent of total) are outsourced to strategic partners. Depending on the starting point, these initiatives are expected to deliver 30 to 40 percent or more in savings during a 10-year timeframe.

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Moreover, players with a worldwide footprint manage retail and commercial banking businesses globally through:

• Product and/or segment global units, fostering best-practice cross-fertilization via competence centers or coordination through processes, with hierarchical reporting over or shared responsibility with the business areas/ geographies.

• Business, operational and IT corporate models, customized to local needs.

• Global operations centers of excellence, beyond traditional finance and accounting, procurement or HR activities, to support vertical lines of business such as cards and payments, asset management, foreign trade, or corporate functions like fraud detection and prevention.

3 “Once and done transactions” (Account maintenance and inquiries, monetary transactions, payments, etc.). Non-STP transactions are related to Legal Requirements, Corporate Security requirements, manual exception processing, etc.

4 Teller typical transactions migration ratio to alternative channels has increased 3 times throughout 2005-2010, above 90 percent in the case of cash withdrawals, accounts or cards inquiries, etc.

High performers achieve best in class operational efficiency ratios:

• They reduce management overheads, keeping levels of non-branch personnel to 20 percent or below and fewer than 5 percent of total headcount in back office operations.

• They achieve excellent turnaround times: e.g., originating a new current account in under 20 minutes, taking only 3-9 days to process a mortgage, same day processing of credit cards, and between less than one day to a maximum of two days to complete a consumer loan.

• Approximately 75 percent of servicing transactions are started and completed in one go (“once and done”3) and high performers migrate a high proportion of administrative tasks to non-branch channels4.

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10 | Winning in the New Banking Era

4. Despite the economic crisis, and the collapse of real estate prices in some markets, high performers have applied prudent risk management policies to ensure low bad-debt ratios, strong coverage for provisioning, along with low reputational and operational risk.High performers separate risk functions from lines of business while maintaining strong governance to coordinate risk and the business (e.g., through joint committees, sales force/risk analyst alignment, etc.). Furthermore, they segregate risk underwriting circuits by business segment (retail, commercial), pursuing business sales process optimization via:

• An end-to-end view of the risk cycle at the level of customers, policies and systems, reinforcing early detection, going beyond a traditional approach that focuses primarily on underwriting and second on collection.

• Extensive decentralization of credit risk authorization at the point of sale for certain amounts/segments, with system-controlled authorizations. Best practices, such as those at BBVA, show 65 percent of applications are approved by front-line staff and management, significantly reducing origination times.

• Extensive use of advanced analytic engines and tools have not only enhanced the risk function but also sales performance through, for example, the use of auto decisioning rules, preapproved loans, a holistic 360º view of customer risk/commercial information, and risk-based pricing tailored to each customer.

• Paperless risk underwriting process.

• Proactive and online (or near real-time) fraud validation.

• Sale force personnel are the first level of risk analysis, with bad debt ratios used as a key scorecard indicator for Front Office personnel.

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5. Robust capital management discipline is a key pillar for high performers, combining high quality capital, appropriate liquidity and funding positions, with a proven successful track record of inorganic growth. They bring together a stable organic capital growth engine with new innovative sources (e.g., dividend reinvestment plan).

Functionally, they can best be characterized as robust and on time. Robust, because their:

• Capital management function is embedded in the annual budgeting and rolling forecast, to tackle the “Expected to be wrong” principle.

• Capital planning, capital consumption and risk and finance processes are managed in an integrated way. Hence, an enhanced understanding of the capital allocation and consumption of different products and business units, which improves management of risk-weighted assets and returns on capital.

And on time because they:

• Generate appropriate information to analyze historical data to help configure accurate early warnings.

• Use forecast results to inform decision-making.

• Incorporate advanced predictive real-time analytics in their day-to-day management processes.

• Act with speed and confidence.

Those banks with robust capital strength and capital management discipline, together with a sustainable ROE, are likely to be rewarded with reduced funding costs.

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12 | Winning in the New Banking Era

6. The success of the high-performance Universal Banking model has been demonstrated by the ability to export (replicate) the model to global markets. High performers have a diversified business and geographical mix, straddling developed and emerging markets. The Spanish banks BBVA and Santander are a particular case in point. They both now generate more than 50 percent of their net profit from foreign operations, with a broader international presence in emerging markets than their peer group.

For them, a highly industrialized operating and IT model has played a vital role in extending their customer-centric approach into new global markets.

They have gradually evolved from a single geography to a multi-local operating model. They have deployed a common corporate operating model that makes increasing use of strategic BPO partners, global policies and multi-geography back office operations and centers of excellence. All these have fostered synergies and the cross-fertilization of best practices while retaining local innovation and customization in line with specific regulatory or business culture considerations.

In conjunction with that approach, they have used a standard and scalable IT model, based on global IT governance, global hardware infrastructure, regional software factory hubs, regional IT retail banking platforms and global platforms for treasury and some wholesale and global retail lines of business.

As a result, BBVA, for example, has successfully exported this way of doing banking across more than 32 countries throughout the world, lowering its Group‘s cost-to-income ratio by 10 percentage points—down to 43 percent in the last decade—despite recent acquisitions.

Santander has demonstrated that the model can be made to work not only in Latin America but also in developed markets such as Continental Europe and the UK. For example, since entering the UK market in 2005 through 2009, Santander UK has increased revenues by approximately 15 percent on a yearly basis, even when eliminating the effect of further acquisitions. The cost-to-income ratio for Santander UK was 39 percent at the 2010 year-end, down from 70 percent five years ago. BBVA has lowered theirs 10 percentage points in the last decade, down to 43 percent.

The cost-to-income ratio for Santander UK was 39 percent at the 2010 year-end, down from 70 percent five years ago. BBVA has lowered theirs 10 percentage points in the last decade, down to 43 percent.

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14 | Winning in the New Banking Era

At the center of the model is the core banking platform: the capability to process daily customer and banking product operations, and manage customer information and their accounts. During the 90s and 00s, high performers such as BBVA and Santander focused their investments on “change the bank versus run the bank”, shaping a generation of highly automated, scalable and flexible customer centric core banking platforms.

These core platforms adopted innovative principles such as:

• Customer centricity, with a unique customer information database available and integrated enterprise-wide for multiple uses, personalizing product offerings; economic capital risk-based pricing; or underwriting analysis at a one-to-one client level.

• Business process orientation, seamless integration between product applications, covering the entire lifecycle, from set up to servicing and with process standardization as a key feature.

• Anytime anywhere, 24x7 availability through any channel providing similar functionality to serve all channels with no duplication of data or functions.

7. Technology is a crucial building block supporting the successful Universal Banking customer centric model.

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Figure 4. “From spaghetti to lasagna”

From complex and unmanageable IT solution landscapes…

...towards a flexible, scalable andcomponentizable technological solution.

Data warehouse

Server platform (mainframe)

Server platform (open)

Process & rules platform

Chan

nels

pla

tfor

ms Sy

nchr

onou

sor

ches

trat

ion

Message integration platform

Process rules

Process automation

Process monitoring Business rules

Events

Message integrator

Repository

Core bankingapplications

Sync

hron

ous

orch

estr

atio

n

Business rules

Core bankingapplications

15

• “Once and done” straight through processing, with a high degree of automation and real-time processing of all items, ensuring immediate updates to positions, providing a superior customer experience, and reducing exceptional cases and any subsequent back office rework. This also lowers operational risk as a result of easier control functions, online access to updated data and automated validations, an audit trail and advanced authorization management capabilities to meet audit and compliance requirements and to enhance transparency.

• Simplification, facilitating lean processes with horizontal applications (origination, product factory, collateral management, etc.) supporting different products and lines of business, hence avoiding function duplication, with a consistent user-interface and seamless integration of all applications based on the same technical and architectural principles (see figure 4).

• Scalability, as IT processes enable system consolidation among business units, entities, countries, etc.

• Multi concepts, with multi-product, multi-language, multi-currency, multi-entity, multi-country functional coverage.

These foundational investments freed up resources during the first decade of the new millennium to work on high value added applications (Integrated Desktop, CRM, Risk, MIS, Analytics, Multichannel Architecture, Digitalization and Workflow, etc.), seamlessly integrated with the core banking platform that contributed to cost-efficient growth.

High performers unlock this leading edge core functionality for their customers by providing:

• Advanced alternative channels (especially online banking, ATMs, and now mobile banking) embedded in an integrated multi-channel architecture.

• Strong and efficient leverage of outsourcing (infrastructure or application management) that facilitates IT expense management and control.

As a result, while in some comparable mature banking markets peers were focusing their IT expenditure on day-to-day platform maintenance or replacement, leading edge technology has helped the high performers to achieve a significant, cost efficient, leap of scale, excelling peers in terms of technological and operating efficiency5, characterized by:

• Strong IT quality ratios: 50 percent discretionary6 and 60 percent flexibility7 expenditure ratios.

• Higher business return from IT spending, with an average of a 4 percent IT spending over revenues.

• Low IT cost8 per transaction: 0.05€.

5 Source: Accenture IT Cost Study 2010 (Spanish Banking Sector. Average 2007-2010).

6 Discretionary ratio: IT FTEs allocated on new applications or infrastructures over Total IT FTEs.

7 Flexibility ratio: Variable IT expenses over total IT expenses.

8 Defined as the cost of technology required to process a basic banking operation.

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16 | Winning in the New Banking Era

Cost cutting is no longer enough to succeed in tomorrow’s world. Instead, the IT function needs to work shoulder-to-shoulder with the business to support the growth agenda.

CIOs must no longer focus solely on excellent execution, but need to balance this with agility, to respond promptly to a changing business agenda, and innovation, playing a partner or incubator role rather than being an order taker or, at best, a fast follower.

In this scenario, CIO’s attention is moving beyond cost reduction towards customer experience, speed to market for new offerings, analytics, and distribution channel enhancements, taking advantage of several levers that will shape the technology agenda in the near future:

• Data as a platform, distributed wherever it is needed.

• Analytics at the heart of achieving enhanced customer insight and more efficient business processes.

• Cloud computing creating value higher up the business through applications and services.

• Service-centric rather than server-centric architecture to create flexible, responsive and agile business models and capabilities.

• Reflexive and appropriate IT security that identifies and prioritizes gaps and vulnerabilities.

• A risk-based approach to data privacy.

• Social platforms to drive business intelligence and create new customer channels.

• User experience becomes the paramount driver of new products, services and marketing.

Leveraging these new technologies, and driving new business requirements, a resurgence of core banking transformation programs is to come. This is not only because some players see their core banking systems as a significant obstacle to achieving their strategic business objectives. High performers, too, realize they need to evolve to achieve lasting profitable growth.

Nevertheless, embarking on a core banking transformation is a complex decision. Banks moving in this direction perceive this strategic initiative with a return on investment beyond just cost reduction.

The business rationales that trigger core banking transformations vary, and might include:

• Response to new business growth strategy, typically requiring substantial changes to the business operating model; it may involve renewal or replacement of core systems.

Next generation core banking: a catalyst for success

• Post merger integration, determined by the need to deliver synergy benefits; normally entailing migration onto one of the existing technology architectures.

• Obsolete technology hindering the business, and creating risk or sometimes when a business “buys” an operating model; imply a core system replacement.

• “Right-size and right-shape”, to reduce the scale of the operating model; where a superior customer experience coupled with product, process, data and technology simplification is at the core.

Depending on the business trigger, size and market mix, players will follow different approaches. For example, big banks in mature markets usually follow a gradual (by components) core banking journey,while small banks tend to opt for global transformations, often leveraging a “utility” approach through ASP, SaaS or Cloud services.

In any case, market specifics are a critical driver. For example, large Chinese banks with very fragmented/compartmentalized operating models tend to adopt a co-development or custom development approach to tune their IT platform to fit their models’ needs.

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Customer centric

Anytime, anywhere

“Once and done” processing

Business process oriented

Simplification

Scalability

Multi-concepts

Current

Decoupling distribution and manufacturing

Decoupling manufacturing and

corporate core

Advanced componentization

and granularity

Platformand database

agnostic

Multi-layered architecture

Integration of rules engine,

BPM and process flow tools

Enhancements and Innovations

Technical

Applications

Functional

Enterprise/Process

17

Overall, this new generation of core banking solutions will improve pre-existing capabilities, introduce new innovations and drive qualities such as flexibility and scalability (see figure 5). It will achieve this by:

• Decoupling of:

- Distribution and manufacturing, with configurable common services and functions to serve all lines of business, channels and segments, with no duplication of data or functions.

- Manufacturing and corporate core (accounting, MIS, risk management, analytics), with an integration layer that ensures information granularity, consistency and traceability.

• Multi-layered architecture that decouples processes, functions, applications and technicalities.

• Advanced componentization and granularity for sharing and reusability, cross-channel, cross-line of business, cross-segment, cross-product, etc.

• Platformanddatabaseagnostic,allowingmultiple combinations to support the bank’s different needs.

• Integration of rules engines to enhance systems flexibility and advanced process management tools: BPM, image capture, document management.

All these enhancements will promote customer centricity allowing product and service differentiation, as well as a flexible and efficient operating model decreasing technology and operations costs.

Figure 5. New core banking platform generation

In summary, technology will be a key pillar supporting the banking industry, to grow organically and inorganically/domestically and internationally at an efficient level of cost, hence fostering share-holder value.

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18 | Winning in the New Banking Era

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So what’s required to emerge out of the crisis as a winner and deliver sustainable profitable growth? One thing is clear: sticking to past formulae won’t work.

To escape from the current value trap, high performers will continue to undertake holistic transformation programs with innovation playing a major role.

Banks that emerged successfully from previous downturns were not necessarily those that made the deepest cuts. Instead, they focused on optimizing and reinvesting immediate savings into strategic areas in order to be in the best position for growth on the upswing.

Business levers will concentrate on enhancing the distribution model, specifically around two axes: customer centricity and the potential of new and emerging devices to deliver true multichannel experiences. High performers will enable customers to personalize autonomously and proactively their own product bundle offerings, pricing and fee models and service levels.

At the same time, they will continue evolving their business and operating models and underlying products, process, and data models to reduce complexity. To this end, operating models will have to embed two key principles, simplification and flexibility, to drive lean organizations.

To make it work, all of the above will have to be supported by the new technology wave that is rapidly reshaping the way businesses and customers interact and deploy technology. This will be shaped around trends like cloud computing, service-centric architecture, IT security and data privacy, user experience, social platforms or data accessibility and analytics.

On top of that, a new generation of core banking IT solutions is expected. This will improve existing capabilities and bring new innovations to provide the degree of flexibility, simplicity, ubiquity and scalability that customers, regulators and all stakeholders will require in the “new normal”.

What’s next?

Banks that emerged successfully from previous downturns were not necessarily those that made the deepest cuts. Instead, they focused on optimizing and reinvesting immediate savings into strategic areas in order to be in the best position for growth on the upswing.

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Accenture Core Banking Services, a business service within Accenture’s Financial Services operating group, has helped design and implement core banking systems for more than 200 institutions worldwide. Alnova Financial Solutions, part of Accenture Software, Accenture’s dedicated software business, is a leading core banking solution with more than 100 clients in more than 20 countries, including many of the world’s largest and most successful financial institutions. To learn more, visit www.accenture.com/corebanking or www.accenture.com/bankingsoftware.

About AccentureAccenture is a global management consulting, technology services and outsourcing company, with more than 244,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$25.5 billion for the fiscal year ended Aug. 31, 2011. Its home page is www.accenture.com.

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Accenture, its Signature, and High Performance Delivered are trademarks of Accenture.