Celent Model Bank 2011
Celent’s Model Bank report recognizes 18 bank technology initiatives as Model Bank Components.
The vision for Celent’s Model Bank research was to try to answer an apparently simple question: "What would it look like for a bank to do everything right with today’s technology?" Of course, the question is not nearly as simple as it appears. The terms "everything" and "right" mean very different things to different banks depending on their size, the complexity of their operations and product sets, and their technological starting points.
"Our approach was to offer, at a high level, some key best practices in the usage of technology that a ‘model bank’ would use," says Bob Meara, Senior Analyst with Celent’s Banking Group and coauthor of the report. "These examples span the spectrum from infrastructure and architecture to product development, marketing/sales, distribution / channel management, transaction processing, customer service/support, security, and risk management."
"Of course, there is no such thing as a single Model Bank—every bank does some things well, and others not as well when it comes to technology. So we set out to gather as many real world examples of effective usage of technology as possible. These case studies are presented as components of a theoretical Model Bank’s IT systems and practices," says Stephen Greer, Celent Analyst and coauthor of the report.
Although brief, nearly all of the 18 model bank component case studies include detailed descriptions of business drivers, technology environments, and quantitative success metrics.
Model Bank Components 2011:
- American Savings Bank: Technology Optimization Initiative
- Bank of the West: Retail Operating Model Reengineering
- Citibank: Citi Prepaid
- Enterprise Bank: Merchant Capture
- Extraco Bank: Swarm Banking
- Hana Bank: Smartphone Banking Initiative
- HDFC Bank: Multichannel Integration
- JPMorgan Chase: Virtual Remit
- JPMorgan Chase: US Dollar Clearing - Asia Direct
- Kennebunk Savings Bank: Business Process Manager
- Lagoon Home Savings & Loans: Core Migration
- Metro Bank: Love your Bank at Last
- Scotiabank: Mobile Banking Initiative
- TS Bank: Core Banking Initiative
- UMB Bank: Branch Workforce Management
- Union Savings Bank: Surveillance Initiative
- Wegagen Bank: Core Initiative
- Wells Fargo: ATM Cash Tracker
Each of the Model Banks will be presented with awards at Celent Innovation and Insight Day. The event will be held on June 16, 2011. To learn more about the event and to register, please visit http://celentbanking.eventbrite.com.
Celent will be gathering cases for the 2012 report throughout the year. Banks may nominate themselves for the 2012 report at www.celentmodelbank.com.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Summary of Model Bank Components
Infrastructure and Architecture
American Savings Bank: Technology Optimization Initiative
TS Bank: Core Banking Initiative
Citibank: Citi Prepaid
Hana Bank: Smartphone Banking
JPMorgan: Virtual Remit
Wells Fargo: ATM Cash Tracker
Marketing / Sales / Customer Service
Bank of the West: Retain Operating Model Reengineering
Enterprise Bank: Merchant Capture
Kennebunk Savings Bank: Business Process Manager
Metro Bank: Love Your Bank at Last
Distribution / Channel Management
Extraco Banks: Swarm Banking
HDFC Bank: Multichannel Integration
Scotiabank: Mobile Banking
UMB Bank: Branch Workforce Management
JPMorgan: US Dollar Clearing–Asia Direct
Lagoon Home Savings & Loans: Core Migration
Wegagen Bank: Core Initiative
Security and Risk Management
Union Savings Bank: Surveillance Initiative
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
Related Celent Research