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Accenture’s framework for core banking transformation provides a structured process from initial idea, through business case development to securing the full commitment of business and IT.
Seeking to increase revenues, lower costs and mitigate risks, many banks are confronting the limitations of their legacy operating models and assessing the need for technology-enabled core banking transformations.
Every core banking transformation must begin with shaping the journey that lies ahead. Drawing on Accenture’s experience, we have developed a framework to help you in any phase of your core banking transformation journey. This framework delivers a structured process for building momentum from initial idea, through business case development to securing the full commitment of business and IT.
Depending on your specific business context and target objectives, we can work with you in many ways. For some clients, our involvement begins with a diagnostics exercise to identify and quantify business improvement opportunities across the core. For others, we help execute specific step-changes against an existing roadmap or institute checkpoints to measure and refine the journey.
Core banking transformation is about developing the industrialized capabilities needed to respond to volatile market conditions and achieve high performance through:
Differentiation. Rapidly tailoring offerings for diverse customer segments through multiple channels
Simplification. Implementing standardized products, processes and systems across bank operations
Execution excellence. Demonstrating both operational excellence (sustainable improvement of key performance metrics) and transformation excellence (superior performance in the delivery of complex business change)
Each bank’s transformation journey differs from that of its peers and competitors, depending on the bank’s context, type and scope, and the extent and nature of change needed to realize targeted benefits.
The immediate priority is to understand the approach to transformation that best aligns with your objectives and organizational culture. A number of factors need to be taken into account—from the urgency of the planned transformation and targeted business outcomes, to the scope of change and optimal delivery approach for achieving these outcomes.
Based on Accenture’s experience in helping 200 clients to plan for, implement and deliver banking transformation projects, we can identify three principal types of change journey:
Continuous improvement. Focused on getting as much as possible from the core business today by improving IT capabilities and bank flexibility (usually involving Lean Six Sigma and other complexity reduction techniques, with large numbers of small changes being introduced within departments)
Targeted intervention. Precise adjustments to the operating model that address specific developments or channel opportunities (usually self-contained within business units and confined to changes in individual IT modules)
Transformational program. Redefining the end-state business to achieve a quantum improvement in performance or competitive positioning and aligning all organizational capabilities in support (introducing complex and interdependent changes across business units, products and systems)
Implemented strategically, these programs provide banks with the step-change needed to leapfrog the competition and create sustainable market positions.
We use various Accenture assets and accelerators to help clients shape and progress their transformation journeys.
These assets include:
High Performance Bank (HPB) Repository. Intellectual capital and talent to help clients formulate transformation strategies, translate these strategies into implementable designs and provide transparency against the measurable strategic outcomes
Business Case Toolkit. Step-by-step guidance and tools for developing comprehensive business cases against strategic priorities
TIT assessment tools and frameworks. Such as the Application Portfolio Optimization Toolkit and the Infrastructure Assessment Toolkit, which facilitate analysis of the current core banking situation and enable discovery of key issues and areas for improvement
Accenture Delivery Suite. Delivery methodologies, estimators, reference architectures and tools that can be used to define and plan the solution
Core and Universal Banking Evaluation. Accenture’s core banking software selection framework, including evaluation frameworks, reporting templates and business requirements
Longstanding alliances and innovative software-based solutions. Proprietary Alnova Financial Solutions™ software, as well as experience with Oracle, SAP and other global and regional software solutions such as Fidelity, Finacle, Mysis, Silverlake and Temenos
Whatever the circumstances, Accenture’s early involvement in the planning phase helps clients adopt best practice approaches from successful core banking transformation projects in banks worldwide.
May 20, 2013
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