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Frontiers in Finance for Decision Makers in Financial Services March 2008

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Frontiers in Finance for Decision Makers in Financial Services March 2008 frontiers in finance for decision makers in financial services March 2008 FINANCIAL SERVICES Retail banking in focus: The future of payments Challenges looming? Retail banking in the U.K. and the U.S. An inside perspective from Terri Dial, Lloyds TSB After the credit crunch Where now? he financial services sector The ways in which consumers Introduction has been much in the news use retail banks are changing rapidly. frontiers in finance recently – and the news The payments industry faces significant March 2008 has not been good. Within challenges – and opportunities – from the space of a few months, the continuing move away from cash we have seen the onset of to a range of electronic alternatives. Ta severe credit crunch, a liquidity crisis Mobile payment technologies are at Northern Rock leading to a run on the making rapid inroads in Asia Pacific. bank and Société Générale revealing it In Europe, SEPA, the Single Euro has lost €4.9 billion ($7.1billion; £3.7 billion) Payments Area, now being introduced, closing out massive unauthorized trades will have profound implications, perhaps placed by a rogue employee. Some not yet fully appreciated. The move to respected commentators are speculating real-time payments presents additional Brendan Nelson Vice Chairman, KPMG in the U.K. about the onset of a global recession. challenges, most notably in relation Global Chairman, Financial Services This edition of frontiers in finance is to the increased potential for fraud. primarily focused on retail banking, but Meanwhile, despite the background touches on all of these themes. While of turbulence and uncertainty, the it is impossible – and foolhardy – to imperative of improving the efficiency predict in detail how the credit crunch and effectiveness of current business will play out, some general implications models remains. Banks are increasingly can be foreseen. And the rest of 2008 realizing the need to become more looks certain to be a bumpy ride. customer-centered. Despite those On the other side of an increasingly- who believed – or hoped – that it might connected globe, China’s capital markets wither away, the branch network continue to expand. The sheer size of remains an important channel, and the sums of money involved means that improving branch effectiveness can the country is already a significant force. contribute to sales growth. The authorities are steadily liberalizing Islamic banking is forecast to grow China’s exchanges. Stock market twice as fast as conventional banking, capitalization has risen ten-fold in just and the race for success in this niche 2.5 years. Bond and derivative markets market is hotting up. are less well-developed as yet. But An effective economic capital unless there is a dramatic policy U-turn framework is increasingly essential by the government, these are likely to help quantify risk and satisfy to follow suit. regulatory requirements. The issues raised above highlight retail banking’s need to improve its innovation performance in both products and services. We hope you find this edition of frontiers in finance informative and thought-provoking. Brendan Nelson © 2008 KPMG International. KPMG International is a Swiss cooperative. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. In this issue: For your information fyi… 2 6 Topics Retail banking in the U.K. and the U.S.: An inside perspective 4 Banking on innovation 6 Fighting fraud 10 The future of payments: Challenges looming? 12 Topics: Banking on innovation SEPA: Deserving more attention 14 After the crunch: Where now? 16 Economic Capital: Paper tiger, 10 dead duck, or still alive and kicking? 20 Branch effectiveness: Delivering a high performing sales culture 24 A customer-centric approach: The key to driving revenue growth 28 Mobile payments in Asia Pacific 32 Series Topics: Fighting fraud Islamic finance: Watch this space 34 Emerging markets: China rising: Stocks, bonds and derivatives in 16 the world’s most dynamic economy 38 Knowledge In this section: 42 Updates from KPMG member firms, thought leadership, contacts Topics: After the crunch. Where now? 38 Series: China rising © 2008 KPMG International. KPMG International is a Swiss cooperative. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. frontiers in finance – March 2008 | For your information fyi... The war for talent in retail banking he war for talent in retail banking is significant. As an Texample, in the Gulf region, driven by on-going consolidation in the banking industry, fast growth in emerging markets and the spread of new opportunities such as Islamic banking, the competition is fierce Knowledge Process Outsourcing for high quality human resources. To highlight the point, a survey Outsourcing’s third generation comes of age of Gulf Compensation Trends on GulfTalent.com in 2007 found he outsourcing trend shows sector alone is expected to be salaries in the banking sector rose no sign of slackening. And as worth US$5 billion by 2010. KPO by 9.8 percent between August Tit matures and develops as may now be considered a bona fide, 2006 and August 2007. a prime strategic tool, it is moving mainstream outsourcing option. Conversely, the drive towards up the operational value chain. Within the financial sector, KPO trends such as employing new Outsourcing began with IT has already been used to handle – technology and outsourcing are Outsourcing (ITO) in the 1980s, among other things – credit scoring, having a different impact on when strategies were put in place loss protection calculations and fraud employment in the industry. In 2006 for third parties to manage IT systems analytics. KPO may still only represent the spend on information technology maintenance, development and a small percentage of the total in the banking sector reached application. In the 1990s, this was outsourcing market but, with the US$63.7 billion1 according to banking followed by Business Process financial sector demonstrating just technology consultant Art Gillis. Outsourcing (BPO) which focused on what it can be used for, its use is set The drive to facilitate high relatively elementary and standardized to increase exponentially. volume/low value transactions, on­ processes. More recently, there has Shamus Rae, Partner in KPMG’s line banking, and automated clearing been a growing trend to outsource Sourcing Advisory practice, points out: houses will continue to mean fewer what might be seen as core value- “One of the most surprising aspects employees are needed. adding activities: Knowledge Process of KPO is that it focuses on the high- This coupled with outsourcing Outsourcing (KPO). end activities which were traditionally and offshoring functions from back KPO involves outsourcing more considered part of a company’s office operations to IT have also highly skilled processes than has competitive advantage. In this regard, seen further reductions in numbers. previously been the case with other this marks a major stepping stone The newer trends of multi-sourcing, outsourcing methods, basing its for the outsourcing industry; moving joint ventures and collaborations appeal on intellectual arbitrage rather from being at the periphery of the may also have a similar impact, than the cost reduction potential of its enterprise to the very heart of it. which has led some to challenge counterparts. A recent KPMG report1 Now it is there, the possibilities if trends continue to reduce the claims that KPO has now come of are endless.” talent pool. age, revealing that the market for KPO 1. Knowledge Process Outsourcing: Unlocking top-line growth 1. Banks are Spending More on IT , But Vendors Are not getting services in the Financial Services by outsourcing ‘the core’, KPMG in the U.K., 2008 It All, Art Gillis, October 2007 2 © 2008 KPMG International. KPMG International is a Swiss cooperative. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. frontiers in finance – March 2008 | For your information Restructuring business operating models The way to drive business value in insurance uropean insurance firms continue legacy structures are leading to integrated to allow them to provide to face ever-greater competition competitive disadvantage, in particular the necessary comprehensive level Efrom their offshore competitors in the corporate sector where many of insurance cover across the globe. – at a time when local regulatory insurers now demand seamless global Some are focusing on improved risk standards are multiplying, and the coverage for their insurance programs. management and more dynamic capital European tax regime is relatively The sector is also facing the challenges allocation, including restructuring their onerous. With a plentiful supply of of heavier demands from rating capital to offer improved security to capital and low or zero tax rates, agencies, the focus on short-term clients. Others have taken more drastic insurers based in countries such as returns as new forms of capital enter action, turning to tax and regulatory Bermuda appeared to have a clear the market, and for general insurers, arbitrage to secure the best result.
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