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Enable a Customer Centric Operating Model for Financial Services

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Customer experience is a critical differentiator and remain the utmost priority for financial institutions across Asia Pacific. As the power shift to customers and new competitors putting external pressures on institutions to innovate, it is critical for them to relook at their technology capabilities and operating delivery to ensure survival in this disruptive world.

This presentation share insights to how financial institutions can reinvent themselves using the different phases in Enterprise Architecture – involving strategy, business, IT and risks – to:

• Revisit customer journey to provide seamless omnichannel customer experience
• Leverage on digitization to improve and simplify business processes
• Safely introduce new changes and adopt new technologies without jeopardizing the company’s operations.
• Leverage on IT investments to support transformation strategy
• Build proactive IT model to control and mitigate risks while supporting innovation

Published in: Software
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Enable a Customer Centric Operating Model for Financial Services

  1. 1. P a g e 1 Live Webinar Enable a Customer Centric Operating Model for Financial Services JUNE 2017 MEGA APAC
  2. 2. P a g e 2 HELP DRIVE DIGITAL TRANSFORMATION SOFTWARE REVENUE 75% EXPORT SOFTWARE SOLUTIONS RECOGNIZED EA LEADER BY ANALYSTS (8 years in a row) GLOBAL SERVICES CUSTOMERS IN 40 COUNTRIES 9 SUBSIDIARIES WORLDWIDE 100+ PARTNERS WORLDWIDE FOUNDED IN 1991 MEGA International
  3. 3. P a g e 3 FORRESTER Wave for Strategic Planning GARTNER Magic Quadrant for Enterprise Architecture HYPATIA Galaxy for Converged GRC Software “MEGA has a clear identification and understanding…. It continues to differentiate itself by enhancing the integration of Architecture and GRC”. “MEGA’s International focus gives it a strong understanding of international regulatory issues, a key capability for global companies.” “The agility ….requires to have greater transparency into the strategic planning process and have access to a broad range of performance data” Analyst recognition Universal recognition for our solutions
  4. 4. P a g e 4 BFSI References
  5. 5. P a g e 5 Regional leaders trusting our solutions Some of our APAC references Bank Indonesia (Central Bank) Ministry of Finance Indonesia
  6. 6. P a g e 6 What does digital disruption imply for Banks?
  7. 7. P a g e 7 Trend 1: New competitive pressure Operational Challenges for the Business and IT … ● Safely introducing new changes and adopting new technologies without jeopardizing company operations ● Implementing a strong enterprise wide data governance ● Building a proactive IT model to control and mitigate risks while supporting new innovation Third party and Fintech innovations are the next wave of competition in the industry. How Retail Banks Are Adapting to Fintech Disruption: Fintech Singapore, 2016
  8. 8. P a g e 8 Trend 2: Power shift to customer Operational Challenges for the Business and IT … ● Revisiting the customer journey to provide seamless omnichannel customer experience ● Leveraging digitization to improve and simplify business processes ● Increasing agility of IT architecture to cope with the pace of business demands ● Freeing up IT resources to support new innovations and digital investments Digital transformation in the banking industry has changed the way banks interact with customers
  9. 9. P a g e 9 Top Strategic Priorities for Financial Institutions in 2017
  10. 10. P a g e 10 Customer Case Study
  11. 11. P a g e 11 • Mapped customer journeys and redesigned business processes based on customer experience so customer satisfaction improved significantly Case Study: Key Transformation Challenges of Financial Services Provider • Processes were not optimized resulting in slow response times and poor customer satisfaction. O B J E C T I V E S • Created a single source of truth enabling information sharing while eliminating silos that divided business units. 1 Improve business alignment by clearly understanding how applications support business processes and business capabilities 2 Increase IT agility to embrace new projects 3 Reduce time to market by improving operational efficiency • Improved time to market by establishing business and IT clarity and focusing technology investments on the most effective capabilities • Streamlined IT portfolio and reduced IT costs, eliminate redundant applications and standardized technologies • No visibility into how processes interacted with each other • Number of applications was expanding with no proper governance and tool to manage the overall IT portfolio and technology obsolescence. • Lack of understanding on how IT applications supported business processes and thus, a misalignment existed between application functionalities and business needs. Leverage technology to improve customer experience P A I N P O I N T S R E S U L T S
  12. 12. P a g e 12 Enable customer-centric operating model with Enterprise Architecture
  13. 13. P a g e 13 Laying the Groundwork for Successful Digital Transformation
  14. 14. P a g e 14 Strategic Planning and Development ● Map and assess current business capabilities ● Identify and assess transformation drivers through SWOT analysis, and define vision and objectives ● Define transformation stages, identify capabilities, KPIs and objectives for each stage ● Determine new capabilities that lead to the digital transformation 01
  15. 15. P a g e 15 Strategic Planning and Development Business Capability Map SWOT Analysis Identify Capabilities and Define Strategy Build Enterprise Roadmap Set Course of Actions and Timeline 01
  16. 16. P a g e 16 2013 Retail Banking in Asia, Actionable Insights for New Opportunities, McKinsey *1 NFC= Near Field Communication Map customer journeys to deliver a consistent experience ● Manage end-to-end customer experience, map and rank touch points in order to identify where to optimize/invest first ● Link touchpoints to bank’s internal processes, and check how internal processes support the customer journey 02
  17. 17. P a g e 17 Identify Customer Touchpoints Customer Journey Map Increase Customer Satisfaction Improvement Scope Report Map customer journeys to deliver a consistent experience 02
  18. 18. P a g e 18 Standardize and simplify business processes to support digitization and automation Digital Banking in Asia - McKinsey ● move toward end-to-end process optimization ● Redesign processes to deliver a seamless digital and omnichannel customer experience ● Instil a culture of continuous improvement into organization *1 FTE = Full Time Equivalent 03
  19. 19. P a g e 19 Design and Improve Processes Organizational Diagram Align IT with Business needs Process x Application Support Chart Standardize and simplify business processes to support digitization and automation 03
  20. 20. P a g e 20 Maximize digital investment capabilities ● Support IT rationalization by mapping and assessing IT assets and removing them due to redundancy ● Perform IT reconciliation by simplifying IT landscape and integrating legacy systems with cloud solutions ● Increase alignment of IT with the Business by defining transformation scenarios and initiatives 04
  21. 21. P a g e 21 Collect and Maintain IT Inventories Portfolio of Applications Perform Portfolio Assessment Cost Analysis Advisory report Maximize digital investment capabilities04
  22. 22. P a g e 22 Integrate front-end systems of engagement and back-end legacy systems ● Identify system dependencies and information exchange between the systems to manage integration impact ● Integrate front-end systems of engagement and back-end legacy systems through a central platform 05
  23. 23. P a g e 23 Design IT Architecture Environment Application Diagram Streamline IT Landscape Redundant interface analysis Functional Requirement Coverage Report Integrate front-end systems of engagement and back-end legacy systems 05
  24. 24. P a g e 24 Establish and deploy data governance Build your enterprise dictionary Make data an integration facilitator Drive your data design from the business Ensure compliance to data policies and regulations Implement enterprise wide data governance Data Governance ● Ensure the proper use of information and minimize deviations at an execution level ● Make collaborative, well-informed decisions about information usage ● Define models, policies, rules or standards that govern which data is collected, and how it is stored, arranged, integrated, and used in data systems 06
  25. 25. P a g e 25 Design Enterprise Data Entity Relationship Diagram Data Governance Ensure Data Governance CRUD Analysis Implement enterprise wide data governance06
  26. 26. P a g e 26 Manage regulatory constraints and risks without increasing operational costs and jeopardizing customer experience Digital Banking in Asia - McKinsey ● Identify risks threatening major business and operational objectives ● Assess risk level based on risk impact and likelihood, and integrate risk into change decisions ● Define adequate mitigation plans aimed at maximizing ROI and efficiency against the risks 07
  27. 27. P a g e 27 Identify and Maintain Risks Portfolio of Risks Reduce IT Risk Exposure Risk Heatmap Risk Analysis Impact x Inherent Risk Manage regulatory constraints and risks without increasing operational costs and jeopardizing customer experience 07
  28. 28. P a g e 28mega.com @mega_int

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