Transforming banking. A refocus on growth and efficiency in the digital era
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1 Transforming banking A refocus on growth and efficiency in the digital era
2 EY member firms work with clients on several transformational agendas, including: Growth-oriented transformation: An evolving product landscape, non-bank entrants and new technologies will require changes to the way banks grow and interact with customers. Market and regulatory forces are changing product features and interaction models, which favor greater transparency and real-time feedback. New digital capabilities will be fundamental to a bank s ability to compete and grow market share under this new paradigm. Non-bank FinTech firms are disrupting the market by introducing faster, customer-oriented interaction channels and processes that target specific and attractive customer segments. Banks will need to increase the flexibility of their platforms to attract and retain customers, integrate acquisitions and grow in this new environment. For the past decade, the banking industry has been impacted by a slower economy, lower interest rates and a strict regulatory environment. As EY s 2016 Global Consumer Banking Survey indicates, customers preferences, behaviors and attitudes have been changing significantly as well. Today, banks are entering into a new monetary and fiscal policy environment and encountering new market entrants with digital capabilities. Despite shorter-term pressures, banks should consider a long-term approach to navigate through the rapidly evolving technological, macroeconomic, geopolitical and competitive landscapes and, ultimately, position themselves for future success. Sustainable operations: Operating efficiency has been impacted in the past few years by economic volatility, degraded credit performance and regulatory enforcement actions that have left operations with significantly higher costs. As these factors start to stabilize, banks can begin the process of transforming operations that rely heavily on manual processes and several layers of controls meant to produce a target level of quality to more streamlined, automated processes that will maintain high quality at a sustainable cost. Key technologies, including robotics, artificial intelligence, digital processing and advanced analytics, will be vital tools in this transformation and will provide the foundation for a more flexible, controlled and sustainable operating model. A solid provider model will allow institutions to balance fixed and variable costs, aligned to strategic business objectives. Platform transformations: The move to a digital world, to support both increased customer and regulatory expectations, will often include upgrades to core transaction processing platforms that are built on legacy or proprietary technology that is many decades old and lacks the capabilities to support current market demands or the features to compete in this new environment. Selecting a technology and provider strategy that balances the requirements of reliable processing and flexible interaction channels is critical to long-term success and must be coupled with a robust transformation approach that enhances customer experience and accelerates employee effectiveness while minimizing disruption to ongoing operations. 1 Transforming banking A refocus on growth and efficiency
3 As banks look forward to an environment with shifting competition, stabilizing regulation, evolving customer expectations and continued economic volatility, they will need to prepare for the changes associated with transforming key strategic and foundational aspects of their business and operating models. EY member firms support their clients with insights and innovative ideas, bringing multidisciplinary teams to address critical business and operational challenges. Through its combination of practitioners with deep industry, technology and risk management knowledge and a strong focus on execution and enabling tools and methods, EY brings perspectives and approaches that help its clients compete effectively in an ever-changing market. Our Banking group brings an experienced team of more than 500 professionals with deep knowledge across a wide spectrum of financial products, services and channels, and experience working with a broad range of industry participants, including banks, non-bank providers and secondary market participants. EY brings significant business and operating experience in: Consumer and small business: retail, small business, captive and auto finance EY takes an account-centric approach to client challenges to intimately understand specific business issues. We deliver services through our four service lines: Advisory, Assurance, Tax and Transaction Advisory Services. And our dedicated Financial Services Organization brings together geographic, sector, service line and regulatory strengths to serve financial services clients. Credit cards: issuers, acquirers and payment networks Mortgage: originations, servicing and default, and secondary marketing Wholesale banking: commercial lending, treasury, cash management and securitization Channels: online/mobile, contact center, branch, ATM/kiosk and direct mail Our functional experience allows us to provide a broad array of services that help clients transform their operations, develop integrated solutions and drive enterprise value in the digital era. Strategy and operating model design: operating strategy definition, operating model design, cost optimization, diagnostics and planning, and risk management Delivery: business case development, requirements definition and functional design, test management and execution, implementation and post-implementation support, and utilization of third-party provider capabilities Transformation: solution blueprint, digital enablement, data services, systems integration, architecture design and infrastructure, compliance support, customer satisfaction and communications, automation (core system enhancements, robotic process automation (RPA), business process management, artificial intelligence, machine learning and advanced analytics) and remediation Transforming banking A refocus on growth and efficiency
4 3 Transforming banking A refocus on growth and efficiency
5 ser ices Ad isory Our Advisory professionals work with large enterprises and government institutions to help them protect their businesses, improve performance and enable change. They have deep competencies in operations, digital, risk, finance, supply chain, actuarial, cybersecurity, internal audit, and customer and technology. Assurance Our network of Assurance practices at EY member firms around the world provide audit and accounting services to clients that give a clear perspective to audit committees and stakeholders that our clients accounts comply with required standards. Assurance services are divided into five subservice lines: Financial Statement Audit, Financial Accounting Advisory Services (FAAS), Climate Change and Sustainability Services (CCaSS), Accounting Compliance and Reporting (ACR) and Fraud Investigation & Dispute Services (FIDS). Our Banking professionals have served more than 20 leading global and domestic banks and more than half of the top 30 mortgage institutions and prominent credit card companies, working closely with business, operations and technology teams to help build innovative approaches addressing the highest-priority matters and preparing institutions for the future. The following page highlights some of these services. a Our Tax professionals help clients assess, improve and monitor their tax-related processes, controls and risk management. They focus on understanding and managing tax compliance and reporting requirements, and help clients maintain effective relationships with tax authorities. We provide services for business tax, indirect tax, international tax, tax accounting and risk advisory, human capital and transfer pricing. ransactions Our Transaction Advisory Services professionals work with a wide range of clients around the globe to help manage their capital agendas by preparing them to make educated decisions about strategic capital management and transactions. Strategic planning on how to raise, invest, preserve and optimize capital helps clients gain a competitive advantage. We offer specific services related to transaction support and tax, integration and real estate, valuation and business modeling, restructuring, sell-side and mergers, and acquisitions advisory. Transforming banking A refocus on growth and efficiency 4
6 S t rat e gy and op e rat ing mod e l d e sign D e l iv e ry Developed multiyear transformation program that supported benefits rationalization, operations and technology benchmarking, and target operating model development for large regional bank s deposits, consumer lending, mortgage, card and small business segments Developed comprehensive target operating model for small business, retail, cross-border and commercial lines of business at a diversified global banking institution that defined product, channel and infrastructure components in an integrated strategy Conducted market assessment and business planning for a consumer financing lender in the developing international market. Delivered a comprehensive multiyear business plan, including target operating model, organization structure and implementation strategy to support launch of joint venture Developed payments strategy and road map, including an assessment of the current-state payment capabilities across multiple applications, the end-to-end customer experience review and the target-state plan. Established an innovative approach to payments that will improve customer satisfaction and provide significant operational cost savings Created multi-generational plan, supported by process and application function catalogs and process flows, to help prioritize high-value functionality and optimize the benefit realization opportunities. Implemented an integrated call center desktop for deposits, card and CD/IRA products across the consumer and small business customer segments Created original high-level business future-state design and customer requirements for a deposit-oriented, onlineonly bank and managed the final transition of the deposits and lending platform across multiple geographies and multiple currencies to a unified, central transaction system. Additionally, conducted a current-state assessment and process redesign for several lines of business including retail banking deposit operations, retail and wholesale mortgage originations, and fulfillment Conducted rapid assessment of newly implemented online and mobile prepaid card platform, providing a risk-based approach to prioritize defect remediation. Identified areas impacting the customer experience and the go-forward recommendations based on industry-leading practices Coordinated core mortgage-servicing system conversion, including all aspects of data conversion, target platform enhancement, user testing, training, change readiness and implementation management. Simplified the technology and operations environment, which provided significant operational cost savings and supported new regulatory requirements Supported loan origination system implementation for large national commercial bank by developing the business case, gathering business requirements and redesigning end-to-end origination processes to support target operating model. System was leveraged by the bank for both small business and large corporate clients to improve relationship requirements and portfolio analytics Supported implementation of business rules repository that automated loss mitigation decisions for mortgage investors by conducting vendor selection and developing detailed functional requirements and specifications, and by creating business rules and the technology architecture. Also monitored vendor development and conducted the test planning and test execution Assisted in the conversion of real estate-secured loans from a proprietary servicing system to Fiserv. Activities included gap analysis, requirements gathering, communications, procedure maintenance, training and overall program management for the conversion Supported banking institution during implementation of an automotive finance loan origination system. Established change control, business requirements and traceability processes, and documented end-to-end process flows, which were used to refine business requirements, functional specifications and support system testing Led the initiation, definition, selection, development and deployment of banking services through the mobile application, mobile web and Short Message Service (SMS) to include remote deposit capture and best-in-class fraud and security tools Developed and piloted comprehensive vendor oversight program for foreclosure and bankruptcy attorneys supporting residential mortgage servicing and originations 5 Transforming banking A refocus on growth and efficiency
7 Transformat ion Applied user-centered design methodology to transform how selling and servicing guidelines are digitally delivered to improve the user experience for customers of a government-sponsored entity. Performed stakeholder research to define critical user needs and use cases, prototyped a future state with powerful visual designs, developed a road map for deployment including content strategy, taxonomy development, editorial process redesign and build of the future state for employing next-generation content management system and search capabilities Collaborated with a payment services organization to design a prioritized road map over three years to focus on more than 40 digital properties and multiple vendors that created a fractured and inconsistent experience for the customer. Activities included the technical architecture, concept design and initiative planning, metric collection and measurement, and alignment on the overall digital vision Conducted a strategic technology assessment of a multiyear online banking transformation, with a focus on enterprise content management. Also, led a multi-release online banking program over two development iterations including management of user interface process, requirements, design and deployment. Developed regulatory responses and action plans in support of mortgage consent orders, state attorneys general settlements and related regulatory matters requiring attention (MRA) findings Supported national mortgage servicer with rapid retrieval, inventory, reconciliation and redistribution of collateral from more than 300 locations to remediate operational issues and compliance risk caused by inaccuracies in the client s systems of record Assessed the potential of applying cognitive analytics to customer calls for a large financial services corporation by analyzing customer contact voice center recordings, employing voice-to-text software to transcribe audio calls and analyzing unstructured text data using Python and Mallet software. Also leveraged modeling techniques including LDA to categorize calls and demonstrated additional use cases to reduce call volume and duration, improve retention opportunities, identify compliance issues and identify representative training opportunities Developed relationships with market-leading vendors to bring robotics software packages to several financial services clients. Led RPA design, configuration and implementation to significantly reduce cost and manual processing errors. Sample processes that were automated involved mortgage operations including property address verification, flood certificate order process and checklist for regulatory quality control, as well as workflow including tagging and queueing and document receipt tracking and recording Conducted several proof of concepts at major global banks to demonstrate the feasibility of using robotic process or data automation to automate high-volume, manually intensive and rules-driven processes, as well as identifying and assessing future automation opportunities along with anticipated benefits. Developed RPA and robotic desktop automation (RDA) use cases for processes including fraud management, cancellation and reinstatements, know-your-customer (KYC) compliance, credit balance refunds, case setup and package assembly, loan modification fulfillment, etc. Drove top-five US global bank transformations for all technology and operational areas, enabling a simplified and lower-cost futurestate operating model. Scope included core banking platform technology design and deployment across retail and commercial banking Transforming banking A refocus on growth and efficiency
8 M E Y Assurance Tax Transactions Advisory A out EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. is a client-serving member firm of Ernst & Young Global Limited operating in the US. is a eader in ser ing the g o a financia ser ices ar et ace Nearly 51,000 EY financial services professionals around the world provide integrated assurance, tax, transaction and advisory services to our asset management, banking, capital markets and insurance clients. In the Americas, EY is the only public accounting organization with a separate business unit dedicated to the financial services marketplace. Created in 2000, the Americas Financial Services Organization today includes more than 11,000 professionals at member firms in over 50 locations throughout the US, the Caribbean and Latin America. EY professionals in our financial services practices worldwide align with key global industry groups, including EY s Global Wealth & Asset Management Center, Global Banking & Capital Markets Center, Global Insurance Center and Global Private Equity Center, which act as hubs for sharing industryfocused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a well-rounded understanding of business issues and challenges, as well as integrated services to our clients. With a global presence and industry-focused advice, EY s financial services professionals provide high-quality assurance, tax, transaction and advisory services, including operations, process improvement, risk and technology, to financial services companies worldwide All Rights Reserved. SCORE no US BDFSO ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey co ontact us P au l N agai New York paul.nagai@ey.com H ou man Tal e bz ad e h Los Angeles houman.talebzadeh@ey.com au ric e B e rbe l Dallas maurice.berbel@ey.com R y an B at t l e s Boston ryan.battles@ey.com K imbe rl y N e ff Dallas kimberly.neff@ey.com V inc e nt F rie s Chicago vincent.fries@ey.com
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