Wing Lung Bank, a subsidiary of China Merchants Bank, has selected Accenture for core banking transformation.
As part of the agreement, Accenture will provide management consulting services to support Wing Lung Bank’s initiative.
Moreover, Accenture will help the bank align its business strategy with its IT. It will assist to streamline Wing Lung Bank’s products, improve operational efficiencies and strengthen performance management controls.
The new core banking system is designed to power Wing Lung Bank’s deposits, loans, payments and customer servicing, as it looks to more closely integrate its operations between Hong Kong andChina.
“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,” Zhu Chi, CEO of Wing Lung Bank.
“Our expertise inAsia’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,” said Roger Yu, a senior executive at Accenture.
Core banking systems will banks’ primary services from deposit gathering, lending and mortgages to checking, savings, ATM and credit card services, and online and mobile banking. They will also support 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.
Accenture generated net revenues of US$25.5 billion for the fiscal year ended August 31, 2011.
Wing Lung Bank’s consolidated total assets stood at HK$163.9 billion at 31 December 2011.