Korea's Hana Bank recruits Accenture to manage IT transformation
09 May 2007 | 1447 views | 0
Hana Bank, Korea's fourth-largest bank and a subsidiary of Hana Financial Group (KRX: HFG), has chosen Accenture (NYSE: ACN) to provide project management office services for the initial phase of its next-generation banking system transformation program.
Financial terms were not disclosed.
The contract calls for three months of initial project planning, followed by 24 months of business transformation office services to complete the planning process, confirm findings and begin managing implementation of the plan. The project is part of the bank's strategy to transform capabilities through a modernization of information technology systems designed to increase efficiency, reduce operating costs and enhance revenue opportunities.
Accenture will provide a variety of business transformation services, including process and business-model design, business-case development and definition of business requirements for Hana Bank's core banking replacement program. Hana Bank plans to implement 17 new information technology systems, including a core banking system, as part of the transformation program.
"Hana Bank has begun a strategic transformation to enhance its competitiveness," said Bong-Han Cho, chief information officer of Hana Bank. "We believe that Accenture, with its experience globally and locally with successful transformation projects, is best positioned to help us first identify our business opportunities, then the capabilities we will need to achieve our goals."
"Business-transformation excellence is a crucial element of successful core banking replacement program," said Steven B. Lee, the senior executive who leads Accenture's Financial Services practice in Korea. "By focusing on the business opportunities before the specific information technology issues, Hana Bank should be able to maximize the benefits - both operational and financial - from its transformation program."