Remaking Finance and Risk for the Everyday Bank

Every aspect of banking—inside and out—is evolving in response to (and to capitalize on) the digital phenomenon. Finance and Risk (F&R) is a key component of the change. In our view, to be competitive, banks will need to move beyond incremental improvements in the F&R function to proactively, rapidly and effectively respond to new regulatory and compliance requirements, better manage operations and improve profitability.

In this report, Accenture discusses banks’ foreseeable shift to the “Everyday Bank” and its imperatives for F&R. The report suggests six areas that chief finance officers (CFOs) and chief risk officers (CROs) should examine now to remake F&R into a competitive asset for an even more digital and connected world.

The Everyday Bank: A world beyond compliance 3

A new direction for the Finance and Risk function 4

Six areas requiring CFO and CRO attention 6

An enabling journey to move forward 14

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Digital technology—analytics, cloud and mobility—is disrupting the entire banking landscape. Customers, groomed by their experiences in other industries, expect online, always-available banking services. Nearly 30 percent of retail banking customers in the US and Canada surveyed by Accenture would likely consider a branchless digital bank if they were to switch from their current bank. Those aged 18 to 34 are highly connected: 94 percent are active users of online banking, 72 percent are active users of mobile banking and 92 percent are active users of social media.1 New and unlikely, digital-savvy players in consumer electronics, online retailing and even coffee shops are eager to meet consumers’ evolving needs for financial services.

It is our view that up to a third of banks’ revenues will be at risk by 2020.2 And as competition stiffens, banking regulators continue to intervene in the market through ever evolving rules and digital-driven change.

To protect their business and thrive in a digitally-intense, highly-connected world, banks should draw on technology innovation to carve out a more strategic market position. As providers of advice, facilitators of access and aggregators of value, banks can become the trusted partners in meeting all their customers’ financial and non-financial life needs on a daily basis, as illustrated in Figure 1. Accenture refers to this positioning as the Everyday Bank.

The Everyday Bank: A world beyond compliance

FIGURE 1. The Everyday Bank Strategic Vision

Source: Accenture, The Everyday Bank, How Digital is Revolutionizing Banking and the Customer Ecosystem, March 2013

The Everyday Bank is a strategic vision, rather than a singular business model. The vision is to use digital technology to evolve the entire business model and place the bank at the center of a broad ecosystem that becomes a vital part of customers’ daily lives:

• Omni-channel, including new digital modality such as embedded application programming interfaces (APIs).

• Digital connections to third-party providers and other key players—merchants, service providers and other retailers—to manufacture and distribute needed services in real time.

• Rich business and customer data, feeding analytical engines that enable 24 x 7, real-time decision making at the point of need.

The Everyday Bank provides trusted advice, offers point-of-need access to goods and services and, by building economies of scale, acts as a value aggregator, delivering lower costs to consumers. In return, it gains new sources of growth and profitability. The Everyday Bank may cut its time to market by 40 to 50 percent while increasing its operating income by up to 35 percent.2

Achieving the status of Everyday Bank requires a new direction for the Finance and Risk function, one that shifts their focus from reactive management to a proactive approach to low-risk transparency and accountability that goes far beyond compliance.

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FIGURE 2. Finance and Risk for the Everyday Bank

With a strategic Everyday Bank positioning comes more finance agility, but more risk exposure. For example, within an extended ecosystem of many and various service providers, lines between players often blur which can help increase issues around customer ownership and protection of brand equity. Or, creating and introducing new products to meet customers’ financial and non-financial demands at the point of need, will likely require dynamic assessment and pricing to capture target margins. Given the capital constraints compelled by the current regulatory environment, allocating enough capital at the right time to pursue innovation will be key to more competitive operations.

For the most part, current F&R functioning is not ready to handle the business needs of the Everyday Bank strategic vision. Consider that banks still spend a surprising amount of time on manual tasks. For example, Accenture research indicates that at 60 percent of banks, at least a quarter of staff time is spent on credit and operational risk activities that could, and should, be automated.3 Also, much of risk management in the digital world must happen instantly at the point of customer need and usage. This instant assessment would in our view need to include considerations for regulatory compliance, such as capital, liquidity and good conduct.

As shown in Figure 2, the new Finance and Risk function for the Everyday Bank will be:

• Silo-free with more tightly integrated, seamless Finance and Risk for faster, easier and more effective operations. Financial services executives in our 2013 Global Risk Management Study are integrating risk management into their decision making: 92 percent are considering risk when forecasting and budgeting, 87 percent are factoring risk into M&A and financing discussions and 84 percent are taking risk into account when conducting strategic planning.3

• The guardian of bank reputation, patrolling the blurring borders between bank and ecosystem partners to protect the bank’s data and brand.

• A dynamic and agile responder with the ability to rearrange roles as needed to help increase flexibility within and market adaptability of the bank. For example, the middle office can shift from compliance to design and direct (such as yields and relationship management) while the corporate office focuses on broader capabilities (such as predictive analytics and strategic change).

A new direction for the Finance and Risk function

Source: Accenture, December 2014

Silo-free: Integrated, seamless Finance and Risk for faster, easier and more effective operations

Guardians of bank reputation: Patrolling the blurring borders to protect the bank’s data and brand

Dynamic responder: Flexibility to rearrange roles as needed to increase bank’s market adaptability

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Based on our experience helping banks gain competitive advantage by transforming Finance and Risk management, Accenture has identified six specific capabilities that command the attention of CFOs and CROs now in remaking the F&R function for the Everyday Bank:

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Reputational RiskManagement

Mobility andSecurity Risk

Analytics Budgeting/Forecasting

KPIs/KRIs

DynamicCredit Risk

Management

ManagedRisk Culture

As the guardian of bank reputation:

4. Reputational Risk Management

As silo-free:

1. Mobility and Security Risk

2. Analytics Budgeting/Forecasting

3. Real-time Key Performance Indicators/Key Risk Indicators (KPIs/KRIs)

As a dynamic responder:

5. Dynamic Credit Risk Management

6. Managed Risk Culture

Six areas requiring CFO and CRO attention

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Mobility and Security RiskThe fast-pace, broad-scale, explosive growth of mobile banking transactions pose major operational and security risks for banks. Estimates are that mobile transactions will reach $3.2 trillion in value by 2017, up from $1.5 trillion in 2013; the average banking transaction is roughly $70. In 2013, more than one in five bank customers used mobile banking services.4 Mobile devices are major cybercrime targets with new mobile malware spreading rapidly and repeatedly.

As more and more complex risks emerge in relation to mobile devices—from identity theft and transaction fraud to attacks on enterprise data—banks are discovering the need for integrated fraud and security management solutions. These normally include:

• Frameworks and systems for multi-layered enterprise mobile security and fraud detection.

• Integration with compliance and fraud management requirements.

• Systems with multi-factor customer identity authentication.

• Processes for secure application development, analysis and remediation.

• Business and technology solutions for detecting anomalies through monitoring.

• Real-time alerts with communication and response plans.

One of the key elements in making such solutions more effective is to move from a reactive to a proactive mode. For example, when odd or unusually high transaction volumes take place in a customer’s account, the reactive response is to notify the customer. In proactive mode, however, the customer is prompted for additional authentication (such as security questions) when transactions exceed bank thresholds. Next-generation technology may also require biometric data for additional security.

Similarly, banks now watch for suspicious activity, such as a high number of transactions across multiple channels. Instead of investigating after the fact, the proactive approach also analyzes patterns based on actual fraud activity to improve the bank’s ability to identify and prevent such transactions.

An integrated mobile fraud and security approach can help assess the current state of fraud and security protection, identify necessary updates and prioritize activities with an eye to regulatory and operational considerations.

Identity management is an obvious and important part of such an approach. Banks should be able to extend control and enforcement of identity privileges to mobile devices and to provide advanced authentication and authorization mechanisms based on risk appetite and needs. Banks should also be able to secure the use of mobile applications, detecting and preventing the use of malware and supporting mobile application uses for all lines of business.

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FIGURE 3. Top Analytics Investment Areas for CFOs

Future data platform Delivering outcomesInsights

Multiple data sourcing to capture and manage all new types of data

New analytics capabilities enabling actionable insights generation and quicker information availability

Full multi-device/multi-channel data and info sharing to provide timely and adaptive reporting

Big Data

Twitter, Facebook, LinkedIn, Skype

Analytics Usage

Customer- Based Operating Planning

Cost Optimization

Long-Term Planning

Pricing Optimization

Analytics in Budgeting and ForecastingVast amounts of new information from sources, including both structured and unstructured data, time series data, geospatial data and external social media text data, is now available. While the potential value of this new data for Finance and Risk is great, the analytics for converting this data into useful insight are still in the early stages of development. Analytics can help bank CFOs play a more strategic corporate role, advising CEOs and contributing to profitability by looking at the organization as a whole and discussing strategies to improve performance.

The good news is that CFOs are already investing in prime areas to extract value from data through new analytics capabilities. These areas include:

• Pricing Optimization, establishing a pricing strategy that enhances value and reduces risks.

• Long-term Planning, helping banks become more dynamic and react more quickly to market trends, emerging risks and opportunities.

• Customer-based Operating Planning, obtaining meaningful insight on customers and using it to develop an agile, customer-based operating plan.

• Cost Optimization, creating sustainable advantages through cost determination and cost management.

As shown in Figure 3, the data platform—with multiple data sources to capture and manage all the new data—provides the foundation for analytics insights across these areas.

The ability to leverage digital tools to drive the evolution of a flexible, agile Finance function can help CFOs become more dynamic in their response to changing consumer and market demands. To do so in both the short and long-term horizons can help CFOs prioritize future spend.

Source: Accenture, December 2014

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Real-Time KPIs and KRIsReal-time KPIs and KRIs in the Everyday Bank environment encompass social media, Big Data, artificial intelligence, analytics, cloud and mobility. But at the heart of the indicators is the ability to distill and leverage a huge volume of data into actionable insights.

Bank CFOs and CROs have an opportunity to plan for and take advantage of an unprecedented flow, landscape and velocity of data to advise their boards and CEOs on meeting key goals, such as:

• Improving capital management, including investment and disinvestment decisions, risk portfolio weighting and the reasonable use of capital.

• Creating flexible and agile operating models, drawing on new sourcing ideas as well as flexible cross-industry collaboration.

• Creating pre-crisis levels of risk-adjusted profitability and performance.

In this context, advanced monitoring and reporting capabilities are indispensable. Digital-fit F&R will help CFOs and CROs access a wider universe of data through a broader spectrum of intelligent rules. By moving essential KPIs and KRIs to a real-time basis, bank executives can respond dynamically to make faster and better decisions. Similarly, mobile technologies can help improve new business generation and distribution capabilities for executing strategy throughout the bank. Taking real-time key indicators and creating a feedback loop within the overall system can be an opportunity to use the massive amount of data available to create a positive feedback loop within the organization.

This vision of real-time indicators has immediate applications for today’s operations. For example, within an investment bank, it enables intra-day monitoring of key risk indicators, such as value at risk, counterparty credit limit monitoring and limit breach notification, as well as swap transaction monitoring and reporting. Overlaying the suite of indicators with new digital delivery mechanisms—such as with mobile dashboards, “smart” technology alerts—means that over time banks will be able to access and use mobile devices as platforms for even faster monitoring and reporting.

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FIGURE 4. Influence of Social Media on Brand Value

76%Told people around me about the experience (e.g., friends, family, co-workers)*

66%Started to also look at or engage with other companies, I had not yet considered

60%Stopped engaging with or doing business with that company immediately

*Property & Casualty (P&C) insurance replaced Life Insurance Providers in 2013Source: Accenture 2013 Global Risk Management Study, September 2013

26%Posted negative comments about the experience online (e.g., blogs, Facebook, Twitter)

Reputational Risk ManagementCustomer trust has always been a core source of value for banks. With the emergence of rapidly expanding digital networks for customers to access, reputation risk management takes on much greater importance. The more customers seek information and make financial decisions based on an increasing number of social media-related sources, the more channels there are to monitor banks’ brand and reputation. Top concerns come from a few areas:

• The “information explosion” where banks benefit by taking advantage of more data coming from more sources, such as ecosystem partners and social media. Though contributing to better analytics and insights, it also exposes banks to privacy risks, the dangers of compromised information and financial cybercrime. Strong information governance systems need to be in place along with other safeguards.

• A new mass audience as social media continues to make it more convenient, simpler and faster for customers to share their experiences, advice, preferences and opinions with each other around the globe. This reality increases the risk of valuable information leaking and more widespread attacks on banks’ reputation and their ecosystem at large. According to Accenture research, 26 percent of consumers share negative comments on social media channels (Figure 4).3 A negative remark on multiple digital channels can go viral to many current and potential customers before a bank has a chance to investigate the matter. Such a situation can quickly escalate to the point where reputational damage is inflicted on the bank.

• Virtual banking through cloud and other open computing that places new demands on banks to protect IT systems and safeguard information.

Banks can use digital technology to help address these significant reputational challenges. For example, monitoring systems can identify repetition of key words, such as company name, brand names or service complaints, and to spot problems early. It can help a bank respond quickly with appropriate solutions. Systems can be connected across social media channels to provide an integrated view.

The use of advanced analytics can turn raw data into clearly-defined issues that can be dealt with in an organized manner. Similarly, solutions for protecting a bank’s reputation can automatically generate outreach to customers to mitigate reputational risk, even potentially increasing brand equity. A comprehensive solution that incorporates social media monitoring, analytics, operational assistance and execution can help banks identify problems early on for immediate, positive impact. This is a competency that can mitigate threats in the new banking environment as well as establish new opportunities for growth.

Based on Accenture research, reputational risk management is a huge opportunity for financial services companies to improve their business. For example, 95 percent of C-level executives we surveyed cited the importance of the risk organization in managing reputation, yet less than 30 percent said they have the capabilities to do so.3

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Dynamic Credit Risk ManagementCredit risk management is a key component for banks to master in order to regain profitable ground. In the future Everyday Bank environment, skillful credit risk management will again be another key skill for banks to maintain and master in order to offer the right customers the right price for the right products. Based on Accenture research, banks identified portfolio management and data management capabilities as critical in credit risk management.3 Also, more than 50 percent of respondents said that their existing technology capabilities are not up to par, with deficiencies in areas including outdated legacy systems, lack of systems integration and shortages of skilled professionals.3

Competency in the current environment can be leveraged to build capabilities in the new digital environment. However, in our view much action needs to be taken by CFOs and CROs to improve current and prepare for future credit risk management challenges:

• Use advanced analytics to create robust credit risk models. This could become increasingly challenging with the sheer volume of data feeds and source data that the models should take into account.

• Convert key credit risk models into specific and addressable implementation tools.

• Adapt validation processes and methodologies to respond on a timely and selective basis.

• Conduct operations with customized communication protocols and response.

The move from a reactive to a more proactive approach to credit risk management can deliver critical benefits, such as more robust rating models to evaluate customer opportunities with greater confidence, resulting in a lower cost of credit and improved capital allocation.

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FIGURE 5. Rising Role of Risk Culture

59% of individuals “link the recent scandals in banking to organizational culture issues.”

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20

11

23

25

Changes in the economy

Banks are too large

Lack of regulation

Conflicts of interest

Corporate corruption

Corporate culture driven by compensation/bonuses

59% of causes of scandals are internal and within business control

Managed Risk CultureMarket and economic volatility combined with regulatory and market pressures have produced an exceptionally challenging operating environment for banks. The Accenture 2013 Global Risk Management Study identified some key aspects for improving risk management in financial institutions, including a long-term strategy for integrating and transforming risk management while focusing on risks that can be mitigated, and an emphasis on finding and developing risk talent. Inadequate risk culture contributes to misconduct, mistrust in the banking industry and regulatory change, as indicated in Figure 5. Nearly 60 percent of the causes of scandals are internal and within bank controls.5

The scarcity of talent is a market phenomenon that is likely to continue, putting more pressure on banks to industrialize expertise. Banks can deploy digital data mining and communications technologies to help create a robust risk culture by tapping Big Data and unstructured data from client processes and internal communications to:

• Identify key influencers and culture champions.

• Facilitate a better culture with identified examples of “how we do things here.”

• Provide management with information to keep track of what is happening within the organization.

Taking full advantage of the resulting insight, digital solutions help intelligent processes that create a “virtuous circle” of constant improvement. The circle is fed by feedback on cultural norms with an emphasis on judgment and adaptive processes that support cultural change. A long-term solution for monitoring risk culture and facilitating continued evolution draws on the automated collection of management information and analytics.

Note: Due to rounding the total do not add up to 100 percent Source: Edelman Trust Barometer, 2013 Annual Global Study, Financial Services Industry Findings. Access at: http://www.edelman.com/insights/intellectual-property/trust-2013/trust-across-sectors/trust-in-financial-services/

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What core capabilities and competencies will banks need to further develop the six key areas and progress their Finance and Risk function towards the Everyday Bank? A few are most important:

• Modern data architecture and IT infrastructure that fully supports regulatory and capital requirements. We believe that the leaders in this space spend far less time on manual tasks to respond to compliance requests, especially ad hoc requests. Maximizing efficiency in compliance can also create other revenue generating benefits as well.

• Computing platforms for real time processing and controls, such as reporting dashboards, incorporated into workflow (such as credit operations). For example:

- Highly automated, granular and enterprise operations that provide transparency and controls to meet more stringent regulatory requirements. This would include real-time alerts to limit security or process breaches, or even suspicious behavior like money laundering or fraud.

• Straight-through processing allowing better organized, more accessible data generated from more data sources to feed advanced analytics for greater customer and business insight. This would include the ability to generate real-time understanding of credit risk and pursue new business dynamically, and with competitive advantage.

Few bank executives would argue the reality of digital, the need to make Finance and Risk process changes and the availability of technology innovation to make it happen. Most questions, however, loom around how to get started in evolving the bank for today and the future. Drawing on extensive industry experience, Accenture recommends that banks consider:

1. Enhancing their understanding of the digital customer and the Everyday Bank vision in order to serve them effectively and competitively.

2. Streamlining processes around a converged Finance and Risk operation. This means a fundamental shift for CFOs and CROs, working together proactively to support the CEO/Board, strengthening cooperation (e.g., risk-weighted decisions) with the aim of enhancing profitability and making sustainable strategic choices.

3. Getting their compliance “house” in order. The introduction of new regulation is expected to continue, and as such, banks should invest in their technology infrastructure to help support an enterprise wide approach to compliance management. The ability to use new technology—and tools built and being built to specifically address the important compliance requirements—will be a key area of competence to develop.

4. Overlaying process and compliance with data and analytics. It implies layering on the idea of how to “monetize” the data generated while in heightened compliance mode to see, select and pursue the right Everyday Bank opportunities.

Now is the time in our view for banks to use the force of digital innovation to help strengthen their Finance and Risk function ahead of competitors in becoming an Everyday Bank. Banks can benefit from a “test and learn” approach which incorporates proven practices with exploration of new technology capabilities. CFOs and CROs can move through pilot and extended programs at relatively high speed before implementing strategies that are best suited to their specific Finance and Risk function.

Accenture can help. We have experience in the analytics, mobile, fraud, security management and digital spaces, proven methodologies, tools and global capabilities to help banks make managing Finance and Risk simpler and more efficient in delivering a differentiated customer experience that drives value in the digital age.

An enabling journey to move forward

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1 “2014 North America Consumer Digital Banking Survey-The Digital Disruption in Banking,” Accenture, April 2014. Access at: http://www.accenture.com/us-en/Pages/insight-digital-disruption-banking-north-america-consumer-survey.aspx.

2 “The Everyday Bank: A New Vision for the Digital Age,” Accenture, June 2014. Access at: http://www.accenture.com/us-en/Pages/insight-everyday-bank-new-vision-digital-age-banking.aspx.

3 “Accenture 2013 Global Risk Management Study,” Accenture, September 2013. Access at: http://www.accenture.com/us-en/Pages/insight-global-risk-management-study-2013-era-greater-uncertainty.aspx.

4 “Mobile to exceed $3T in transactions by 2017: Juniper,” Lauren Johnson, Mobile Commerce Daily, June 20, 2013. Access at: http://www.mobilecommercedaily.com/mcommerce-to-rake-in-3t-in-transactions-by-2017-juniper. “Current Use of Mobile Banking and Payments,” Board of Governors of the Federal Reserve System, Consumers and Mobile Financial Services, March 2012. Access at: http://www.federalreserve.gov/econresdata/mobile-devices/2012-current-use-mobile-banking-payments.htm.

5 Edelman Trust Barometer, 2013 Annual Global Study, Financial Services Industry Findings. Access at: http://www.edelman.com/insights/intellectual-property/trust-2013/trust-across-sectors/trust-in-financial-services/.

Notes

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ABOUT ACCENTURE

Accenture is a global management consulting, technology services and outsourcing company, with more than 305,000 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$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.accenture.com.

ACKNOWLEDGEMENT

The authors would like to thank the following Accenture employees for their contribution to this document: Alberto Storace, Giovanni Gandini, Russ Ford, Enzo Barba, Niccolò Bergamini, Dr. Rafael Gomes, Alessandro D’Amuri, Rodrigo Nabholz, Gionata Farioli, Andrea Martellone, Laura Bishop, Yumiko Shinoda, Ana Vasconcellos, Anson Gong, Aldo Guarda, Vicenzo Morabito, and Matteo Costa.

VISIT US AT

www.accenture.com/everydaybank

FOLLOW US ON TWITTER

@BankingInsights

For more information on how to structure your Finance and Risk function for the Everyday Bank and the journey to get there, please contact:

Steve Culp Senior Managing Director, Finance & Risk Services steven.r.culp@accenture.com

Fabrizio Sarrocco Managing Director, Finance & Risk Services fabrizio.sarrocco@accenture.com

Tales Sian Lopes Managing Director, Finance & Risk Services tales.s.lopes@accenture.com

Max Colangelo Managing Director, Everyday Bank Program m.colangelo@accenture.com

Alex Secchi Accenture Everyday Bank Program alessandro.g.secchi@accenture.com

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