| The Asian Banker Technology Implementation Awards 2007
Complete List of Winners by Category
We initiated the programme with 13 award categories. However, in order to attain relative comparability and parity between sizes and complexity of the projects we have segregated one category (Best Core Banking Project Award) into two separate categories. We have also commended the 'Greenfield project' of a new bank. Thus, we have 14 award categories now and we are awarding or commending banks in six categories. Please find the names of the winners and the commended projects below.
Award: Best CRM/Applications Project
We noted the consistent efforts of Microsoft Corporation and Commonwealth Bank of Australia over the last three years with their ‘Commsee’ project, which have translated into business value and a significantly improved market presence for the bank. This has been achieved through a landmark project of a complex, large-scale implementation built on an innovative modular services-oriented framework.
According to the submission, the project has provided the bank with a customer-centric business environment that creates a single customer view for almost all of its client base, and increased customer retention with improved ability to up-sell and cross-sell.
We were looking for how these changes facilitated cost savings and incremental revenue from increased sales of products through multiple channels to improving innovation and productivity. We believe that the wide breadth of features added by the ‘Commsee’ project not only provides the bank with a firm competitive edge, but also has the capacity to establish a ‘best practice’ standard within the Australian banking sector landscape and throughout the region.
Award: Best Multi-channel Implementation
OCBC Bank and Microsoft Corporation are awarded for their success in developing an impressive multi-channel integration on a single platform with their recent launch of new generation internet banking services, interactive ATM services and secure mobile banking. Our evaluation demonstrated that the new mobile channel, along with service enhancements in other channels, has become instrumental in enabling the bank to offer a commendable level of convenience, mobility and accessibility to its customers along with real time information integration.
According to the submission, both the project implementation and channel integration, facilitated by leveraging of multiple channels, has brought about distinct business value generation. This has led to increased customer uptake, improved marketing capabilities and competitive advantage through highly customised services. Concentrated effort has made it possible for the project to be implemented below the target cost and show positive returns within a relatively short time frame. We believe that the successful implementation of this multi-faceted project has the potential to shape an emerging best practice within Singapore’s banking industry and throughout the region.
Award: Best Core Banking Project Award for Large Banks
Our evaluation of Syndicate Bank and i-flex’s core banking implementation recognised that their consistent effort over last few years has borne fruit, as they have successfully implemented a turnkey project that covers a breadth of applications. The bank has covered considerable ground according to the submission, managing to bring more than 1,200 of its branches under the technologically advanced new generation core banking system since the project began. We took note of their success over the last year in bringing more than 815 of these branches into this new generation system, which included 334 branches in rural areas with very limited infrastructure facilities. The project has also enabled the bank to double its number of ATM and internet users.
Award: Best Core Banking Project Award for Mid-sized Banks
Centurion Bank and Infosys are being awarded for the successful implementation of a complex project that involved the replacement of core banking systems for two banks undergoing a merger process, Centurion Bank and Bank of Punjab, coupled with complete business process reengineering to bring two existing banks onto one platform and one system. We took special note of the bank’s success in implementing the new solution across all branches through a ‘big bang’ approach within a time frame of just one year.
This includes the task of managing the core banking replacement process, along with the process reengineering, training and work culture issues that comprise such a merger. The aim of the project is to facilitate significant improvements in customer satisfaction, productivity and flexibility, as well as lower costs that will aid the bank in meeting its aggressive growth plans. We believe that this is an emerging best practice within the region, and will aid the bank in becoming a formidable player in the Indian market.
Award: Best Core Banking Project Award for Large Banks (letter of commendation)
State Bank of India (SBI) and Infosys are being commended for their success in implementing a core banking system through a versatile project that spanned branches and offices across 20 countries. We took note of the team’s success in achieving a wide breadth of features over the short timeframe of only 18 months. These included solutions for core banking, treasury and internet banking products, anti-money laundering, centralised back office processing and a report distribution system for all its foreign offices.
According to the submission, the distinguishing feature of this project is its customisation, meeting the unique needs and regulatory requirements of each individual country, and providing straight through processing features along with consolidated SWIFT processes through a uniformity of software. We believe that this multi-faceted approach is an emerging best practice within the region, and has the potential to form a strong base for the future growth of SBI’s overseas operations.
Award: Best Core Banking Project Award for Mid-sized Banks (letter of commendation)
GE Money (Thailand) and i-flex are being commended for their frictionless implementation of a comprehensive and integrated project that covers both retail and wholesale banking, along with the setting up of customer channels. We took note of GE Money’s Greenfield core banking project, where it has displayed impressive success in execution based on a tight and rigorous monitoring mechanism of the process, clarity of plans and goals, a well-conceived risk management process and a strong partnership between the two parties.
According to our interviews, the entire implementation of the project was achieved in a period of one and a half years, which enabled the bank to meet all regulatory deadlines and commence its operations on target. We believe that this new generation integrated system will provide a strong foundation for long-term business growth of this bank, and give it a competitive edge in the domestic market.
Award: Best E-Banking Project Implementation (letter of commendation)
HSBC Korea is being commended for its implementation of the Korea Cash management system developed by Webcash. We took note of their success in achieving functionalities in areas of e-financing that meet the unique local needs, while integrating its global corporate customers through a single sign on system. According to our interviews, the bank has achieved a definite competitive boost through this project by acquiring the ability to offer an integrated global and domestic proposition that extends to meet the local and global needs of Korean corporation investing overseas, as well as foreign multinationals investing in Korea.
The notable feature of this implementation was the successful execution within eight months while meeting the unique needs of Korean market, such as front-end auto sweeping. We believe that by providing the bank with the ability to target the entire Korean commercial banking market, this project will be of immense value in helping HSBC Korea with its aggressive organic growth strategy.
Award: Best Trading Back Office Project (letter of commendation)
The treasury system project of CIMB (Malaysia) and Murex is commendable for its quick implementation within 18 months, despite covering a broad range of products spanning fixed income, money market, foreign exchange and equities. According to our interviews, the successful implementation of this comprehensive and flexible system provides a wide breadth of features that bestow the bank with competitive trading features, processing scalability, risk management and management information system applications, along with improved performance and maintainability advantages.
Another distinguished feature of the project we noted was the implementation of integrated straight-through trading and processing application solutions, handling the entire trade life cycles, along with the flexibility to design optimal workflows. We believe that these enhanced new generation features provide the bank with a strong competitive edge to improve its market share in the domestic treasury market.
Award: Best Trading Back Office Project (letter of commendation)
Hong Leong Bank and Murex are commended for their success in implementing the Murex system, which according to the submission has given them a competitive boost with improved functionalities in foreign exchange. We also noted their structured products across domestic and overseas branches within a short time frame, and looked at how these are complimented by a global operating model and a real-time price feed along with risk management and many other features.
Our evaluation determined that the success of the project is apparent from the notable revenue and profit growth achieved by the bank, which would not have been possible before the implementation. Alongside the gains in bottomline are the less tangible but definite benefits in the form of improved productivity, efficiency and straight through processing workflow for all trade events. We believe that this project will provide a robust foundation for the future growth of Hong Leong Bank and its treasury business.
Categories without winners
There were no winners nor commendations for the following categories. Although we received many submissions, none qualified. As these are our inaugural IT Achievement Awards,it could be due to a misunderstanding about the entry critieria. Firstly, the projects had to be completed. Secondly, they were also required to show a clear business value creation for the bank. We are willing to work with the industry and help banks in determining whether their submissions meet the minimum requirement in future. Award winner for the following categories:
1. The Best Retail Payment Project
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