The Path To On Demand Business For Financial Services: Fulfilling The .
IBM Haifa Research Labs – Leadership Seminar – January 2005 The Path to On Demand Business for Financial Services: Fulfilling the Technology Strategy Prof. Chris Holloway FIEE CEng Chief Architect IBM Financial Services Sector 2005 IBM Corporation IBM Haifa Research Labs – Leadership Seminar – January 2005 The IBM CEO Study 2004 shows a strategy shift: The return to top line growth driven by responsiveness 2005 IBM Corporation 1
IBM Haifa Research Labs – Leadership Seminar – January 2005 Achieving an On Demand Business will require enterprise-level alignment of business, application and infrastructure models Within the Financial Services Sector we have been working with clients across the three industries to understand and accelerate transformation towards becoming an on demand business across the critical boundary between Business Transformation and the On Demand Operating Increasing flexibility is the key - business models, processes, Environment infrastructure, plus financing and delivery that horizontally spans the enterprise and reaches out to partners and customers" 2005 IBM Corporation IBM Haifa Research Labs – Leadership Seminar – January 2005 The Financial Services Architecture for On Demand Business unifies the Enterprise Fabric at all three levels Business Architecture Component Business Model Application Architecture IFW and IAA Models Technical Architecture Control Point Model 2005 IBM Corporation 2
IBM Haifa Research Labs – Leadership Seminar – January 2005 On Demand Business requires a de-constructed architecture Old: New: A lose federation of autonomous lines of business operating as a common legal entity A lose federation of internal and external service providers each with strategic focus and differentiation collaborating to pool their core competencies for competitive advantage Coordinated by the Business Strategy of the principal enterprise Empowered by Operational Efficiency and Market Opportunity 2005 IBM Corporation IBM Haifa Research Labs – Leadership Seminar – January 2005 This will create a new leadership opportunity within the enterprise to govern such a transformed business Corporate Leadership Values Governance Culture Striking the Balance Financial Services business model Centralised Flexible Customer-focused LOB Leadership Component performance Functional integration Cost efficient through focus Competitive differentiation Enterprise Leadership Enterprise performance Enterprise integration Cost efficient through sharing Competitive differentiation 2005 IBM Corporation 3
IBM Haifa Research Labs – Leadership Seminar – January 2005 Firms are reorganizing around six functional competencies that are shared across every financial services firm Customer Segments Insight Risk & Financial Management Distribution Manufacturing Processing Business & Technology Infrastructure 2005 IBM Corporation IBM Haifa Research Labs – Leadership Seminar – January 2005 The IBM Component Business Model is a powerful tool for understanding how to transform the business operation A “business component” is a group of cohesive business activities supported by appropriate information systems, processes, organisation structure and performance measures. Operational Operational CRM CRM Business Planning Customer Customer Services Services Case Case Handling Handling Distribution Distribution ALCO Insight Insight Rewards Rewards Processing Processing Market Research Campaign Execution In Inforce force Processing Processing Portfolio Portfolio Trading Trading Credit Credit Decisioning Decisioning Ledger GL Manufacturing Manufacturing Document Document Management Management Financial Reporting Wireroom/ Wireroom/ Payments Payments Treasury Customer Customer Accounts Accounts Statements Statements Audit & Compliance Operations Operations Systems Systems Development Development Training Training Help Help Desk Desk Systems Operations Risk & Financial Product Planning Management Risk & Financial Management Teller Teller Facilities Facilities Financial Control Advisory Advisory Services Services Facilities Management 2005 IBM Corporation 4
IBM Haifa Research Labs – Leadership Seminar – January 2005 An example CBM finding: duplication and cost by business process Cost Breakdown Clearing Payments Systems Card acquiring processing Account opening Statements High Core Non-core Medium Account maintenance Account Opening Account maintenance Low Product Design & Development Mortgage processing Competitive Advantage Core/ non-core framework Payments (Order Product Portfolio Data mining & entry – SO/DD) Management customer analytics Invoice discounting Debt collection & Paper storage/ Mgt processing recovery Fraud Mail processing Cash replenishment Low Decisioning & Authorisation Card issuing processing Securities processing & management Medium Strategic Fit High Other loan processing 2005 IBM Corporation IBM Haifa Research Labs – Leadership Seminar – January 2005 Laid out sequentially the account opening process hits eight internal components and one external one Business Components Account Opening Customer Customer Interview Interview Data Data Input Input Background Background Check Check Account Account Approval Approval Funding Funding - Product Directory Sales Customer Profile Applications Credit Admin Retail Accounts Contact History Cust Corresp Credit Bureau Internal External Review products w/ customer - Decide on product - Collect data / Copy documents - Enter data / Scan documents - Create customer profile - Pull record from credit bureau - Verify information through phone call - Collate information - Analyze data and determine limit - Approve application - Open account - Process deposit check - Mail welcome kit 2005 IBM Corporation 5
IBM Haifa Research Labs – Leadership Seminar – January 2005 On demand Applications require a de-constructed architecture Old: Allow the users (employees) to exercise the functions of the application through the institutions terminals Enable the users (customers) to achieve their business purpose by delivering the integrated capabilities of the business and its partners across the user’s chosen channel New: Coordinated by Process Choreography and Event Driven response Empowered by Service Oriented Architecture, Open Standards and Semantic Models 2005 IBM Corporation Channel InteractionLabs Processing Enterprise Integration Services Core Business Processing IBM Haifa Research – Leadership Seminar – January 2005 Fin Position & Advice Access Integration Services Auth & Access Channel driven Privacy policy driven Access policy driven Data regulation driven Encryption & privacy Delegation Dialogue mgmt User / Role driven Product holding driven Campaign / Offer driven Channel / Device driven Routing rules driven Content Delivery Channel / Device driven Dialogue driven Campaign / Offer driven Alert driven Personalisation driven Navigation driven Search driven Fact find 1Consolidated position Off-book assets Aggregated position Total wealth position Needs & Goals Life events plan Identify products/actions Calculators / Simulators Asset analysis/mgmt Recomm’d product/action Reporting Inform & Educate Search News & Publications Fin. market data Research Product & Service info Online education Rules & alerts 2 Workplace services User / Role driven Personalisation driven Password mgmt Corp Banking Commercial loans Merchant services International trade Employee services Insurance services Debt, Equity, IPO Tax services Securitisation Bal. sheet structuring Reporting Cash & Counter Open/Close position Vault transfers Signature verification Withdrawals & deposits Passbook updates Teller reporting Partner Gateways B2B Payments Counter-parties 6 Business Service Providers Clearing & Settlement Payments Credit Card Providers ATM/EPOS Transaction Authority Loyalty Scheme Providers Transaction Integration Banking order/query Fin Markets order/query Insurance order/query Customer update/query G/L & ERP General Ledger Acc’ts payable/receivable Financial control & mgmt Regulatory Accounting HR/ERP B2B Payments TePI Payment Mgr Trans Coordinator Audit Log Digital Signature Mgmt Risk Mgmt Credit risk Collateral Market risk Operational risk Reg/Legal compliance Corporate Banking Customers & Accounts Trade Finance Commercial Loans Guarantees Cash mgmt Regulatory reporting Debt Mgmt Payments due Penalty calculations Debt collection mgmt The application function model is used Process Integration 8 5New application mgmt mgmt to: Enquiry Order mgmt Campaigns & Offers Identify active offers Offer status Offer action/step Trigger offer content Offer history Real time cust. profiling Collaboration Events diary Secure e-mail Idea box / suggestions Discussion forum Chat rooms Session sharing Webcasts / events Locator/direct’ry services B2B Payments Customer registration Transaction inquiries Reporting Exception mgmt Customer mgmt Product mgmt Product Mgmt Product configuration Product sourcing Special pricing Special processing Loyalty processing Map Banking ISV and Legacy systems Information Integration Account mgmt gaps and Customer information Identify overlaps Funds transfers Product information Channel/Contact data Payments mgmt Identify structural issues Campaign Mgmt 7 4 Content Management Arrangements mgmt Sales Marketing analytics Financial data Consumables mgmt Prospect mgmt Campaign optimisation Role access information Map the flow of business processes Reporting Product matching Marketing workflow Illustrations/quotes (Account Opening Example) Campaign mgmt New product application 3 Account opening Contact/Client mgmt Sales analytics Sales reporting Customer Service Cust. registration / mgmt. Self help/Helpdesk Contact mgmt Enquiry/fulfilment mgmt Correspondence mgmt Satisfaction / feedback 6 Information Gateways Financial Data Content Customer data Regulatory postings Loyalty scheme providers Retail Banking 9 Customers & Accounts Mortgages Consumer Lending Fees & Charges Limits & Positions Consumables Credit Cards Teller Funds Transfer/Msg Payments processing Accounting Customer Analytics Cust. segmentation Cust. profiling models Historical cust. profiling Predictive cust. profiling MI & Reporting Bus perf Analytics Mi reporting Regulatory reporting Customer reporting Ad-hoc reporting 2005 IBM Corporation 6
IBM Haifa Research Labs – Leadership Seminar – January 2005 Successful functional integration and transformation require comprehensive Industry Models Foundation Models Function Product Models (IAA) Component Models Component Interface Design Flow Business Process Models Information Data Warehouse Models Customer Information Integration System Solution Template Warehouse 2005 IBM Corporation IBM Haifa Research Labs – Leadership Seminar – January 2005 An On Demand Operating Environment requires a deconstructed architecture Old: New: Fragmented infrastructure dedicated to specific siloed applications Common infrastructure shared by the application portfolio each part of which is optimized for its specific purpose Coordinated by Autonomic Computing and Virtualisation Services Empowered by Integration technology for people, processes and information 2005 IBM Corporation 7
IBM Haifa Research Labs – Leadership Seminar – January 2005 Infrastructure rationalisation is inhibited by disruptive tension in the Operating Environment Isolated Systems IT Simplification and Optimisation Integrated Systems Manual Management Autonomic Management Dedicated Platforms Virtualised Resources Proprietary Environments Business Urgency Technology Innovation Complex Inefficient Costly Open Environments Simple Efficient Cost Effective 2005 IBM Corporation IBM Haifa Research Labs – Leadership Seminar – January 2005 An open and virtualised operating environment, integrated by a common semantic model can address these tensions Isolated Systems IT Simplification and Optimisation Service Oriented Architecture Manual Common Semantic Model Management Separation of user, process & data Dedicated Platforms Proprietary Environments Business Urgency Technology Innovation Complex independent development Technology Inefficient Open standards, open source Costly Virtualization Integrated Systems Autonomic Management Virtualised Resources Open Environments Simple Efficient Cost Effective 2005 IBM Corporation 8
IBM Haifa Research Labs – Leadership Seminar – January 2005 Five infrastructure domains are essential to create a stable enterprise architecture for the rapid rates of change in a componentized business model Business Component Data Data People People Process Data Data “Manual” function Processes Business Activities Automated function Processes Data Data Infrastructure Management Operating Environment Information Development Data Data People, Processes and Information are fundamental real-world assets of the enterprise. The key decisions for the CIO are how to efficiently Develop services and deploy them on an efficiently Managed Infrastructure to ensure they are fully effective and adaptable 2005 IBM Corporation IBM Haifa Research Labs – Leadership Seminar – January 2005 New-model applications exploit the services offered by the five Enterprise Domains of the On Demand Operating Environment Enterprise Development Domain Enterprise User Domain Enterprise Channel Applications Enterprise Process Domain Enterprise Business Applications Enterprise Information Domain Applications Enterprise Infrastructure Management Domain 2005 IBM Corporation 9
IBM Haifa Research Labs – Leadership Seminar – January 2005 Each domain comprises a set of key control points Enterprise User Domain System access to support your current role whenever and wherever you need it CHANNEL ACCESS POINTS Portal Services Server Managed Client Voice / IVR Self Service Collaboration Services Web Client Fixed clients InternetInternet-based Pervasive Access Services Mobile Hybrid Client E-Mail Branch / Agents Contact Centre User Access Services 3rd Party 2005 IBM Corporation IBM Haifa Research Labs – Leadership Seminar – January 2005 Enterprise-wide IT initiatives can be justified and prioritized by linking the control points to strategic business goals Customer Segments Distribution: improve sales capability 1. Manufacturing Risk & Financial Management Insight Distribution 2. Appoint some function to be responsible for GUI standards Portal Services Processing Collaboration Services Business & Technology Infrastructure Manufacturing: speed to market of new products 1. 2. Develop new phase practice (design, code, test, maintain in separate teams or projects?) Development Process & Lifecycle Management Enterprise Development Domain Enterprise User Domain Enterprise Channel Applications Enterprise Process Domain Enterprise Business Applications Enterprise Information Domain Applications Enterprise Infrastructure Management Domain 2005 IBM Corporation 10
IBM Haifa Research Labs – Leadership Seminar – January 2005 Our customers begin the On Demand journey from different starting points, but require a common model to link business and technology transformation Business Strategy Business Transformation Solutions Technology Transformation Technology Strategy 2005 IBM Corporation IBM Haifa Research Labs – Leadership Seminar – January 2005 The FSA for On Demand Business - provides the critical links between business, applications and technical infrastructure Business View Link by Qualities Business Components demand qualities of service that map to Non-Functional Requirements Application View Information Which determine storage and technology selection management is physically Technical View located Business Information maps to application usage Processes activities map to application functions and components of the Application Architecture Link by Function Link by Data Which are instantiated on the Technical Architecture 2005 IBM Corporation 11
IBM Haifa Research Labs – Leadership Seminar – January 2005 The Path to On Demand Business for Financial Services: Fulfilling the Technology Strategy Prof. Chris Holloway FIEE CEng Chief Architect IBM Financial Services Sector 2005 IBM Corporation 12
A "business component" is a group of cohesive business activities supported by appropriate information systems, processes, organisation structure and performance measures. The IBM Component Business Model is a powerful tool for understanding how to transform the business operation Business Planning Product Planning Campaign Execution .
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Table 1.1 Demand Management (source: taken from Philip Kotler, Marketing Management, 11th edn, 2003, p. 6) Category of demand Marketing task 1 Negative demand Encourage demand 2 No demand Create demand 3 Latent demand Develop demand 4 Falling demand Revitalize demand 5 Irregular demand Synchronize demand 6 Full demand Maintain demand
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