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Learn how Accenture worked with a large Australian bank to develop a single, coordinated group payments strategy, as well as a roadmap to support its implementation.
This major Australian bank had significant presence in the wholesale, corporate, business and retail banking markets.
In the mid-2000s, the bank was the leading payments provider in Australia, but intense competition in payments meant that other players were beginning to match or outpace its payments capabilities.
Each of the bank’s business units had its own payments agenda, resulting in a highly fragmented payments and governance structure. This resulted in:
Higher maintenance costs, unnecessary complexity and duplicated systems. For example, modifications to one payments system could render another inoperable.
Difficulty meeting changing customer demands. Customers began expecting banks to provide more than just basic payment functionality (e.g. services such as social media payments, cash flow information) and competitors were beginning to offer more comprehensive payment solutions to the market.
Challenges to achieving regulatory compliance. Without a consolidated view of payments across the entire business, the bank faced challenges in meeting regulatory reporting requirements, as well as setting appropriate capital reserves.
The bank chose to work with Accenture to develop a coordinated payments strategy that would consolidate processes and resources across the business. It knew it could rely on Accenture’s experience within the Australian banking industry; its global payments experience; and its established methodologies, processes and templates.
Accenture adopted a business-led approach to ensure the new payments strategy aligned with the bank’s overall business strategy and distribution capabilities. The bank’s payments processes, capabilities and operating model were analyzed according to the Accenture High Performance Banking model, and the results benchmarked against similar businesses in the market—a capability that only Accenture could offer. Based on those findings, Accenture supported the bank to:
Identify key growth opportunities, based on market and industry assessment.
Define the target capabilities and prioritize the required investments.
Assess the implications of the new payments strategy on the bank’s processes, technology and governance.
Define a high-level, prioritized investment roadmap to deliver the payments strategy, clearly articulating when key capabilities will be available.
The bank now has a payments committee that oversees all business units, and can engage the business units on their payments needs and objectives. It also has a clear plan to transform its payments strategy that will, over the next five years, enable it to grow revenue through new products.
Accenture teamed with the bank to develop a single, coordinated group payments strategy, as well as a roadmap to support the investment and implementation of the strategy. Delivery of the roadmap is underway. Notably, the bank has identified 21 systems to be decommissioned and replaced with 11 new systems. This will:
Reduce the complexity and maintenance requirements of the bank’s payments environment.
Increase the speed and accuracy of payments processing.
Enable the bank to adapt more quickly to regulatory changes and changing customer needs.
In addition, Accenture provided the bank with a reusable framework to refresh its payments strategy. The framework can be leveraged in other business units to address top strategic priorities, and has already been used by the bank’s mobile banking strategy team.
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