Accenture (NYSE: ACN) has been selected by Wing Lung Bank, a wholly owned subsidiary of China Merchants Bank, to plan and oversee the implementation of its new core banking technology system as part of the bank's broad business transformation program.
Accenture will provide management consulting services to support Wing Lung Bank's initiative, which is designed to enhance customer service and help drive future growth. Accenture will help the bank align its business strategy with its information technology. In particular, it will help to streamline Wing Lung Bank's product portfolio, improve operational efficiencies and strengthen performance management controls.
The new core banking system will power Wing Lung Bank's deposits, loans, payments and customer servicing, as it looks to more closely integrate its operations between Hong Kong and China.
"Our growth relies upon having true customer orientation in all our operations," said Zhu Chi, CEO of Wing Lung Bank. "This transformation will give us greater flexibility in servicing our customers, pricing our products and using customer information to improve service across the bank. With Accenture's assistance, we will be able to offer a better banking experience throughout all our locations. We've formed a trusted relationship with Accenture and we are proud to work with them as we transform and innovate our operations."
"In the highly competitive Greater China retail banking market, banks need fully modernized operations and technology," said Roger Yu, a senior executive at Accenture. "Our expertise in Asia's banking environment and our experience with core systems will help the bank realize its strategic opportunities. We look forward to working with Wing Lung Bank to help build a more efficient and personalized experience for its customers."
Core banking systems are sophisticated technology applications that support banks' primary services - from deposit gathering, lending and mortgages to checking, savings, ATM and credit card services, and online and mobile banking. They can also support a wide range of regulatory reporting and compliance functions for banks. Wing Lung Bank's transformation will be supported by Accenture Core Banking Services, which has helped design and implement core banking systems for more than 200 institutions globally.