Getting more from rapid business modernization and new ways of working

Technology, globalization and market disruption means that businesses are grappling with more complexity and uncertainty. Across the banking industry, this is driving a desire to modernize the back, middle and front office to make the business operate more effectively and to realign the workforce to where it can add the most value. Legacy challenges around systems, processes, data and even skills/capabilities/mindset of the workforce has made is very difficult for banks to meet the expectations of customers and regulators and even their own ambition.

For many, widespread modernization is required, across Finance, HR, Customer, IT and Risk management. Thankfully, although modernization typically includes replacing legacy systems, most banks rightfully recognize it as a transformation problem, rather than just a technology one. The real value is not just about new technology, it’s about driving business change to achieve different outcomes. This means changing the full operating model, not just the platform.

Organizations that succeed will likely be the ones that can transform and continue to adapt to ongoing change. But functional transformation is complex and challenging. To overcome this, KPMG firms have built Powered Enterprise — a suite of tested operating models, enabled by SaaS based modern technologies, that helps enable rapid business modernization

KPMG Powered Enterprise for Banking is designed to help senior banking leaders drive a strategic, transformational approach hard-wired in the reality of an operating model design and industry best practices to help with the challenges ahead, such as:

  • How can the bank break free from legacy thinking and drive a more agile, adaptable organization?
  • How can the bank help your people embrace new operating models and continually manage change?
  • How can finance, risk and treasury collaborate to drive more strategic value to the wider business?
  • How does the bank enable a more strategic transformation agenda, within the context of ongoing cost challenges, new regulatory requirements and change fatigue across the organization?
  • How can the bank get more value from data and use it to inform strategy and enhance corporate reporting?
  • How can the bank reshape the workforce experience and attract or retain key talent in a highly competitive marketplace?

Functional transformation across retail banking, commercial banking and wealth management

Within the banking sector, the drive to rapidly modernize key functions is being seen as an opportunity to create better functional performance and new ways of working, as well as banishing ‘out of service’ legacy platforms. KPMG professionals are working with banking clients to make use of market-leading technologies and future-ready operating models to help deliver:

  • Optimized Finance Operating model to drive more strategic insights and decision support
  • Standardized, future proof data models to drive standardized reporting and removal of EUC’s
  • Strategic platforms to help better manage resources and retain and attract talent
  • Increased pace of change to match customers, competitors and regulators
  • Cost reduction by moving to SaaS platforms and adopt a high level of standardization across the operating model
  • Reduction of risks by deploying preventative, automated controls  
  • Insight-led budgeting and forecasting to connect business drivers to financial performance, capacity and capability

Using the experience of KPMG professionals globally, KPMG Powered Enterprise has been adapted for banking organizations to help provide an outcome driven, business focused transformation approach. Combining our proven methodology with in-depth industry experience, KPMG professionals can help you transform critical functions to drive better value, improve efficiency, reduce operational risks and improve the employee experience.

Powered Enterprise for Banking is enabled by market leading platforms, including MicrosoftOracle, SAP, ServiceNow and Workday, all designed to dynamically help drive impactful change and jump-start your transformation.

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