Navigating Uncertainty: Keys to Success in a Changing Environment
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1 Navigating Uncertainty: Keys to Success in a Changing Environment CAIB 37 Annual Conference Presentation November 2010
2 A new reality for banking: managing uncertainty
3 Banks are facing a new environment defined by uncertainty Key Uncertainty Elements Economic Economic volatility coupled with the growing global interdependencies ultimately impacting customers financial stability Capital Markets volatility impacting the flow of funds and capital Financial Markets Regulation Changing regulatory landscape given the push for broader and more stringent regulation locally and globally Page 2
4 which has direct impact on key business performance metrics and shareholder value Business Implications of Uncertainty Portfolio Quality & Volumes Increased LICs and credit risk provisions Reduced NIM due to lower revenues Pricing Lower revenues due to regulation (e.g. fees) Uncertainty Cost of Funds NIM compression due to more limited funding alternatives LIC: loan impairment charge NIM: net interest margin Operational Cost Higher OPEX due to increased regulation and more stringent underwriting and servicing processes Page 3
5 Our work with leading banks exploits key levers to succeed in this new environment Organizational Functions Commercial (Sales, Marketing and Service) Operations and Support Risk Finance (Funding) K e y L e v e r s Market and Customer Knowledge Flexibility For the purpose of today s discussion we will focus on the commercial and operations and support functions Page 4
6 Redefining the front office: agile, dynamic and insight driven
7 Key elements drive market and customer knowledge and offering definition flexibility Functional Areas Marketing Customer analytics Market & Customer Insight Focus and Trends Market data analytics Customer profiling Management and Customer and market strategic insight segmentation Customer transaction analytics Functional Areas Commercial workforce Contact center Channel management Focus and Trends Operating model and shared services design and optimization Service performance management Billing and collections management Customer service job aids and knowledge management Service Management Market and Customer Knowledge & Management Process Sales Management Proposition Development Functional Areas Marketing Product design Commercial workforce Focus and Trends Product bundling Product configuration Fee/Tariff factory & management Product factory & management Product & bundle profitability analysis Functional Areas Commercial workforce Call center Channel management Focus and Trends Sales effectiveness Customer scorecard 360 o customer view processing Online credit scoring/rating Rules-based sales straight-through Standardized policy origination Page 6
8 that allow for portfolio re-balancing responding to changing market conditions and client needs Key questions which a market and customer knowledge must address: What characteristics of the market and customer are important to understand? What has changed and where can the biggest difference be made? What is likely impact in terms of revenue and costs? What needs to be done and when? 4 Quantify benefits of re-balanced portfolio Benefits are real and measurable Benefits are owned by the business Benefits delivery is managed with regular tracking and monitoring 1 Understand your market and customers in terms of: The new market, industry and regulatory requirements Their needs and value The rational and emotional drivers of your customer s behavior Which pathways and touch-points you have the opportunity to delight your customers 2 Analyze current offerings and their performance: Alignment of current offerings with new requirements Across key customer pathways and touch-points 3 Define re-balanced product and service portfolio: Define the offerings required to meet customer needs and market requirements Prioritize offerings and touchpoints within pathways for transformation Identify quick wins Page 7
9 CRM is an enabling capability to realize and offer a rebalanced portfolio across varied channels Know Target Sell Serve Source and Analyze Market & Customer Data CRM Capability Framework Build and Manage a Customer Strategy Marketing Execution Plan Service Delivery Generate Market & Customer Intelligence Sales Execution Service Execution Understand Customer Needs & Values Build and Manage Customer Teams Campaign Execution Demonstrate Value and Build Loyalty Common Forecast and Plan Resource Requirements Monitor and Improve Performance Strategy Global Strategy Global Partner Strategy Product and Service Strategy Infrastructure Product/Service Development Process Integration Resource and Capacity Management Page 8
10 Knowing the client requires understanding the market, client s needs, values and interactions Know the Client Customer Segmentation Not all customers are equal Changing market conditions Changing customer s needs and values Market Conditions Customer Segmentation Macroeconomic Context Industry & Sector Conditions Regulatory Environment Characteristics (e.g., lifestage,, demographics) Attitudes (e.g., desire for convenience, control, way of doing business) Product Needs (e.g., product, price) Brand/Service Needs (e.g., channel, information) Buying & Usage Behavior (what, why, how, how much, tenure) Value (Current, potential, future/ strategic) Different customers have different value/potential value to an organization Different customers have different needs/wants and behaviors Different customers respond differently to a given stimuli. Return can be improved by understanding the value and impact of different offerings, pathways and touch-points, and aligning these to differing customer needs and value Page 9
11 Targeting a client is based on a balanced offering portfolio for a given customer segment Target the Client Value Proposition Customer Drivers Bank Drivers Emotional Benefits How should our solution make the customer feel? Strategic Importance What else do we gain by delivering this solution? Performance Benefits What tangible benefits will our products and services deliver? Business Case What returns do we expect to achieve? Product & Service Features What are they key features of our proposed products and services? Capability Configuration How will we deliver the proposed products and services? A Value Proposition/Offering definition should: Align with the customer needs and values and articulate product and service features, functional benefits and emotional benefits Clearly specify how the required capabilities will be delivered/sourced and why this is a good deal for the bank Page 10
12 Interaction Enablement & Support Customer Interaction Selling and serving enable and support consistent customer interactions across preferred channels Sell & Serve the Client Customer Interactions Value Propositions Sell & Serve Capabilities Channels or Touch Points Customer Segments Sales Functions Contact & Lead Management Task Management Needs Assessment ATM Segment 1 Offering 1 Offering 2 Quotes & What-if Scenarios Customer Enrollment & Management Financial Planning Product/ Bundle Origination Customer Scorecard Customer Compliance & Risk Mgmt ebanking Mobile Segment 2 Segment 3 Service Functions Std Service Request Management Self-service Management Non-std Service Request Mgt Billing & Collection Management Event Management Dispute & Complaint Management Physical Mail Offering M Service Performance Management Contact Ctr Segment N Page 11
13 The new back office: customer focused and highly adaptable
14 enable and support To successfully face uncertainty operations functions need to be tightly linked to customers and market An organization s strategic definition should respond to market conditions and customer needs Market Conditions and Customer Needs Strategic Definition Business Model Ensuring the operational platform is driven by the strategic definition, creates an inherent link with customers and the market Operational Platform Strategy drives Business Processes Operationa l Model This link enables operations functions to understand and identify the changes required to respond to a changing environment perform Human Resources use Technology Solutions are aligned with Page 13
15 based on a flexible operational model Individual Corporation Through sales force consolidation and specialization Client Specialist (Cross-product) Product Specialist Factories and operational consolidation and centralization in specialized units, factories and shared service centers Specialized Units Operations Backoffice Shared Service Centers Page 14
16 Operational flexibility translates into two key capabilities Improve/ Change/Adapt Processes Manage Capacity The ability to rapidly improve, change and/or adapt processes to respond to changes in customers needs and requirements and market conditions (e.g. new product introductions) Operational Flexibility The ability to rapidly adjust operational capacity (and through it operational costs) to changes in business volumes (e.g. decrease/ increase in credit applications) Page 15
17 founded on the right operational platform Flexible Business Processes Efficiency driven Clearly defined and documented Simple, standardized and integrated Highly automated Business-driven and Flexible IT Solutions Integrated IT Applications One master customer database One master product database Integration and interoperability between multiple underlying business technology systems Highly parametric solutions Page 16
18 Flexibility relies on process, data and technical standardization, simplification and integration Shortened Product Design and Release Cycle & Channel Transparency enables Customer Knowledge & Offering Definition Flexibility Technical Data Process Predictability Efficiency Single definition Single set of attributes Standardization Process Automation Simplification Productivity Effectiveness Ease-of-use, friendliness Integration Seamless flow Well-defined interface set Page 17
19 Hence enabling flexibility requires addressing key issues around customers, products and channels Commercial & Operational Flexibility Key Operational Issues Customer Data File (CDF) Global, centralized Customer Data File in a single repository integrating and consolidating all of the relevant client attributes needed by different customer and transactional systems Customer master data usually managed in operational CRM system and replicated into the master data management and/or product factory system(s) Product Catalog (PC) Global, centralized Product Catalog in a single repository integrating and consolidating all of the relevant product attributes needed by varied customer and transactional systems Product master data usually managed in product factory or the master data management system and replicated into operational CRM and individual core product systems Sales & Service Integration with Product Factory System(s) End-to-end business processes cross organizational function boundaries requiring process integration Consequently integration and interoperability between multiple underlying business technology systems, such as operational CRM and core product factory systems, is required Workflow complexity depends on product type and might require additional BPM capabilities Multi-channel Integration Product and service offerings delivered on preferred customer channels/touch points Channel transparency/consistency Customer-centric, product-driven operation Channel-independent transactions Page 18
20 ATM Branch ebanking Contact Ctr Mobile Intranet Internet Mobile Commercial and operational flexibility is enabled by a business-driven and flexible IT platform Implementing Commercial & Operational Flexibility Portal Layer Commercial Portal Internal Portal Enables the user (customer or employee) to execute tasks and activities in his/her business processes and workflows Provides customer centricity and channel transparency Drives process service orchestration and execution Business Services Layer Master Data Management System CDF Mapping Master PC & PC Mapping Chart of Accounts Mapping Data Integration Layer Enables process integration, standardization, automation and configuration Drives application service orchestration and execution Enables multi-channel integration Enables master data standardization Application Services Layer App Service Layer App Service Layer App Service Layer App Service Layer Master CDF Core PC View Treasury PC View Master GL CRM Core Banking Treasury ERP Supports process execution Supports channel transparency Page 19
21 How to get there: driving transformational change
22 Building a flexible, knowledge driven organization usually implies transformational change Driving Transformational Change Transformational change is a top down journey that begins at the strategy level and cascades down to the operational capability level (process, organization and technology) A business transformation relies on a proven, structured end-toend delivery methodology The complexity of transformations requires strong program, change, quality and performance management disciplines Page 21
23 realized in a multi-phased implementation process Define Strategy and Business Model Define Operational and Process Model Implementation & Operational Capability Define Application Architecture Business Tests & Operational Capability Integrated Solution Selection & Operational Capability Construction & Operational Capability Detailed Design & Operational Capability Gap Analysis & Operational Capability Page 22
24 that materializes the different layers of the business architecture Strategy and Business Model Operational & Process Model Application & Data Model Integration Model Defines how an organization create, deliver and capture economic value Represents business operational units and their interrelationships as well as the decision and processes flows within each unit Describes the business in terms of business functions, application interrelationships and data needed to properly execute them Defines mechanisms that allow information and data flow between different business functions Infrastructure Model Describes components and their interrelationships needed to execute, operate and develop operational capabilities Page 23
25 Conclusions and Q&A
26 In summary The banking industry faces a significant challenge given an increasingly uncertain environment Banks that have already demonstrated an ability to better weather uncertainty share 2 common drivers: market and customer knowledge and flexibility For banks commercial and operational functions these drivers translate into: Constantly keeping the pulse of the market and customers needs Being able to change and adapt rapidly to respond to changing market conditions Building a market and customer knowledge driven, flexible organization usually implies transformational change, which in turn requires a top down journey that must be managed in a focused and disciplined way Page 25
27 Q &A Page 26
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