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25 years of Digital
transformation
Research Insights by
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25 years of Digital
transformation
Back in 1989, Silverlake was launched upon Mr Goh Peng Ooi, our Executive Chairman and Founder’s conviction that the mathematical Group Theory was the best approach to building core banking systems. Today, we are a multibillion dollar organization operating in over 20 countries across Asia/Pacific and Middle East.
In celebration of our 25 years in providing core banking software to financial institutions, we have partnered IDC Financial Insights to share our story in this booklet. I want to take this opportunity to thank all our customers, partners and ‘Silverlakers’ for their trust and support throughout this journey.
The way forward for Silverlake Axis is to expand from Core Banking to Digital Economy Transformation Partnerships. We have ventured beyond our strength in Core Banking and we now deliver collaborative Digital Economy offerings that cut across the banking, insurance, payment, retail and logistics industries.
To all our esteemed customers, we look forward to our continued partnership over the next 25 years.
To our potential customers, we look forward to starting our next 25 year journey with you.
Dr Raymond KwongCEO and Group Managing DirectorSilverlake Axis Limited
FOREWORD
The way forward for Silverlake Axis is to expand from Core Banking to Digital Economy Transformation Partnerships.
The Journey Toward a Digital Economy Transformation
CASE STuDy Bank Islam Brunei Darussalam
CASE STuDy Bank Muamalat Malaysia
CASE STuDy CIMB Group
CASE STuDy OCBC Bank
Staying Ahead and Breaking New Ground
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SILVERLAKE AXIS 25 years of Digital transformation
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25 years of Digital
transformation
Silverlake axiS
The Journey Toward a Digital economy Transformation
Recent acquisitions include Merimen Group, a
cloud-based software as a service (SaaS) platform
for insurance companies, and Cyber Village which
offers converged self-service banking solutions
across Web and mobile platforms. Both transactions
were made in quick succession in mid-2013.
In December 2014, Silverlake Axis acquired
Finzsoft Solutions, an Auckland-based financial
technology company which develops and
implements core and vertical specific solutions for
banks and financial institutions. Finzsoft Solutions
serves to further expand its geographic reach into
the Australian and New Zealand markets.
Such value-accretive investments further
strengthen the Group as a leading provider of
digital economy solutions and services to major
organizations within the banking, insurance,
payment, retail and logistics industries.
Discovering New Capabilities
Unlimited Opportunities for
Innovation
19891999
Unlocking New Opportunities
Conquering New Shores
2000 2009
Quantum Transformation
Solutions that Power the Digital
Economy
20102014
Since 1989, Silverlake Axis has provided core banking software enabling key financial institutions across the region to grow and transform.
Milestones Through the Last Decade
Over its 25-year journey, Silverlake Axis has
built an impeccable track record of successful
core banking implementations. Founded in
1989, Silverlake Axis has delivered operational
excellence and enabled business transformations
at over 100 organizations across Asia, including
40% of the largest banks in Southeast Asia.
Over these last several years, the Group has
ventured beyond its core banking strength, rapidly
expanding aggressively through acquisitions and
partnerships to reinvent capabilities and broaden
its horizon into new industries and markets.
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25 years of Digital
transformation
• Founded in Malaysia by Mr Goh Peng Ooi
• 16 banking clients in short span of 7 years
• Regional operations span Southeast Asia: Malaysia, Singapore, Thailand, Indonesia, Vietnam
• Expanded into rest of Asia and into Middle East
• Listed on the SGX Sesdaq• Entered China market• Entered Sri Lanka market
• Established Beijing office
• Acquired Silverlake’s Banking Software Business• Entered Japan Market• Invested in SBI Card Processing Co. Ltd., Japan• Entered Middle-East Market
• Appointed as Microsoft Gold Certified Partner• Invested in Unisoft/Global InfoTech, China• Expanded licensing of SIBS into Capital Markets Industry• Expanded licensing of SIBS into Shared Services Outsourcing Business
• Signed technology partnership with Zafin Labs
• Transition to Catalist sponsored-supervised regime• Acquired remaining 75% stake in Silverlake Japan (formerly known as
SBI Card Processing Co. Ltd.)
• Acquired Structured Group (Structured Software Maintenance & Project Services) • Acquired QR Group (Retail & Logistic Solution)
• Transferred from Catalist to the SGX Mainboard• Acquired IIPL (Enterprise Payment & Integration Platform)
• Disposal of Silverlake Axis (Beijing) Co. Ltd.• Entered Africa Market
• Acquired Finzsoft Solution Limited (A provider of solutions for banks & financial institutions in New Zealand & Australia)
• Acquired Merimen Group (Insurance Claims & Policies Processing Software as a Service Platform)
• Acquired Cyber Village Sdn Bhd (Mobile & Internet Solution)
Silverlake Axis’ Journey
Silverlake Axis’ Digital Economy Transformation is driven by the Silverlake Collaborative Capability and Intelligence Model (SCCIM). Solutions are configurable to meet a set of business objectives and empower transformation and business agility. The Group’s SCCIM technologies enable the financial, business, and social relationships for today’s digital world, delivering these through the four core pillars centering round Collaborative Computing, Mobility, Intelligence and Cloud.
Capabilities
• Collaborative Computing Silverlake Axis Collaborative Architecture provides for seamless collaboration between its suite of banking, insurance, payment, retail technologies, and to every component of contemporary technologies, connecting agnostically across new and existing platforms and applications.
• Software as a Service In tandem with demands for more dynamic and cost-effective technology architectures, Silverlake Axis built and acquired technologies to provide shared resources, software, and information to organizations on demand through a pay-as-you-go, utility-style model. The Group offers such delivery of hosted services (Software as a Service) over the Internet for the motor insurance industry though Merimen’s eClaims and ePolicy engines.
• Intelligence Silverlake Axis’ business intelligence technologies are driven by its strength in the single view of customer information (CIF) capability across geographies and channels, allowing for consistent and real-time synchronized experience and information flow. With the advent of the digital economy, these customer-centric engagements further incorporate unstructured data from social media, intelligent sensors and other customer interactions information.
• Mobility Technologies from the Group facilitates customers’ mobility strategies by providing mobility through devices, experience and context. This converged Internet mobile platform from Cyber Village offers transformational features across key industry sectors to help organizations manage the digital experience for their customers. Its omni-channel real-time synchronization across Web and mobile enables operational agility, increases customer convenience, and thereby engages them across their ecosystem from acquisition, to upsell and retention.
Silverlake Axis’ banking partnerships with Bank Islam Brunei Darussalam in Brunei, Bank Muamalat and CIMB in Malaysia, and OCBC in Singapore.
Ecosystem of PartnershipsOver 40% of the largest banks in Southeast Asia currently run on SIBS with it being the core system platform partner of choice for 3 of the 5 largest ASEAN super-regional financial institutions. It also has a pristine 100% success rate for project implementations of over 100 core banking, payment and retail solution migrations in Asia and Middle East, and is compliant with 20 countries’ banking ecosystem which includes e-government, financial exchanges, and payment gateways. With its extension into the insurance, retail and logistics arena, the Silverlake Axis ecosystem will also expand to ensure it brings critical business expertise and resources to meet the needs of its customers.
Banking SolutionsSilverlake Axis has an expanded portfolio of solutions covering all aspects of the financial subsector. Silverlake Axis’ banking solutions include:
• Silverlake Axis Integrated Banking Solution (SIBS)
• Silverlake Axis Integrated Islamic Banking Solution (SIIBS)
• Silverlake Axis Cards System (SCS)
• Silverlake Axis Enterprise Payment Platform, and
• Cyber Village Converged Internet and Mobile Platform.
These platforms provide high-performance banking and digital innovation straddling core applications and integration, enterprise-to-enterprise collaborations, and omni-channel services.
The Group continues to expand its range of solutions beyond the financial sector to meet the needs of major organizations in the retail and logistics industries.
Silverlake Axis’ Digital Economy
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25 years of Digital
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BY THOMAS ZINK
On the MObility track
bank islam brunei Darussalam
While mobile banking has become a standard for most banks in the region, most banks still struggle to move beyond plain vanilla transactional services and, more importantly, with its monetization. Today, there is a clear shift toward adding new forms of mobile payments and a mobile commerce capability to embed loyalty and rewards management.
organizationBank Brunei Darussalam
operational ChallengesDriving customer centricity and operational excellence by upgrading core systems in order to empower digital channels to cater changing customer needs, compliance requirements and improve cost efficiency and competitive positioning.
solutionImplementation of Silverlake’s Digital Economy Model Suite (SDEMS) as well as its Mobility Lifestyle Ecosystem Backbone (MLEB).
projeCt Duration20 months
benefitWith a target market for digital banking services estimated at 45,000 payroll customers, the app was downloaded more than 36,000 times in 2013. The mobile application has unlocked new revenue sources for the bank, adding mobile top-ups and merchant discount fees as well as increasing utilization of credit and debit cards through a better positioning of its reward and loyalty program.
Solution SnapShot
The biggest potential for mobility in financial services lies in the convergence of big data and mobility resulting in a personalized, contextual, and real-time interaction with the customer. Clearly, this will have the most impact on marketing and loyalty management, but it will also benefit merchant acquisition, transaction banking, and customer service. While some banks have made impressive progress in this regard, the industry still stands only at the beginning of this journey and IDC Financial Insights expects considerable investment, as well as solid returns, in the next five years.
In this case study, IDC Financial Insights looks at the implementation of Silverlake’s Digital Economy Model Suite (SDEMS) as well as its Mobility Lifestyle Ecosystem Backbone (MLEB) in Bank Islam Brunei Darussalam (BIBD). SDEMS is a customer platform that allows a bank to deliver all business services to its customers across all channels in a consistent manner. It also delivers sales and service support capabilities to customer-facing staff and delivers a consistent channel experience across both self-service and manned channels.
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Figure 2situation oVerVieWThe transformation program, which BIBD launched in 2011 in partnership with the Silverlake group, set the bank on the journey toward customer centricity and operational excellence. The bank invested in a large-scale program to upgrade core systems enhancing product sets and processes, improving technology infrastructure focusing on getting business intelligence right, and boosting IT security and business continuity.
A core section of BIBD’s Transformation Program (see Figure 1) lies in its Mobility and Digital Economy Engagement Program with the main objective to bring digital services to its customers, making it the first bank in the country to provide comprehensive banking services on mobile devices (smartphones and tablets).
The bank sought to address challenges and leverage opportunities driven by changing market forces such as customer needs, compliance requirements, and the need for higher cost efficiency, business consolidations, and competition.
solution oVerVieWWhile Silverlake’s forte lies in its core banking proposition, SDEMS (see Figure 2) and MLEB were functionally separated from the core platform to ensure that business capabilities driving the customer experience are flexible and can be aligned across all users and channels.
This setup provides customers with a consistent “look and feel” across all digital and even nondigital channels, while giving the bank flexibility in the back office facilitating security governance, platform administration, and introducing a “build once, deploy everywhere” concept for business services. This customer experience is what sets BIBD apart from the typically fragmented frontline experience of the competition.
January
2013
Digital merchant platform
Enable payment at merchant outlets via
mobile devices
nOveMber 2013
enhanced reward redemption
For bill payments and top-up services
DeceMber 2013
mobile advertising platform
With interactive content and push
messaging
Deployment of bibD mobility and Digital economy engagement program
Figure 1
april 2012
project kick-off
OctOber 2012
bibD mobile banking
application
revenue sources for the bank, adding mobile top-ups and merchant discount fees as well as increasing utilization of credit and debit cards through a better positioning of its reward and loyalty program. Moreover, it comes with intangible benefits of lower operational costs, for instance, by offloading transactions from the branch to low-cost channels and higher customer satisfaction, which eventually may benefit the acquisition and retention of customers.
ConClusionMobile is moving to the core of channel distribution of banks, yet it remains only one channel out of
many. BIBD’s approach to build a consistent channel experience across both digital and traditional channels will largely benefit the customer experience and help the bank to manage its operations more efficiently by allowing it to flexibly adapt to change and implement new products.
IDC Financial Insights expects that more banks will move toward an orchestrated channels strategy, playing into the specific strengths of each channel while allowing customers to define their experience according to their individual preferences.
This Silverlake Axis-sponsored IDC case study (IDC #FI020822V) was first published in February 2014 and republished here with permission.
uSerS DeviceS preSentatiOn integratiOn SaleS & ServiceS aggregatiOn
cuStOMerS
eMplOyeeS
partnerS
PC
Tablet
Kiosk
Call Center PC
Phone
Smartphone
Strip/EMV Chip Reader
ATM/CDM
Passbook
QR/Bar Code Reader
Merchant POS
IVR
RFID
Browser
MLEB*
* Please refer to Technology White Paper (Rev. 4): A Universal Mobility Enabler for Mobile Internet Commerce, October 2013
Socket Services (HTTP)
Web Services (XML)
Content Streaming
External Messaging Gateways
(SMS, email)
Product Application
Credit Approval
Loyalty & Rewards
Product Pricing
Collections
Cross-sell/Up-sell
Channel Services
prODuctS & tranSactiOnS
riSkManageMent
Customer Holdings
Customer CRM
Execute Campaign
Generic Search
Transaction Drill-down
Dashboard
Statements
Cards
Mobile Wallets
Reload Services
Fulfillment
Trust Account
Help/FAQ
Transaction Exceptions
Unit Management
Credit Policy
Sales Compliance
Authorization
Fraud Detection
AMLA
Blacklists
Regulatory Reports
HSM Identity – various Authentication Methods and Access Directory Management
External Messaging
Other Protocols (e.g. Mobile SMS)
Silverlake customer platform Silverlake card System
Card Embossing
Profile Info/Balance
Reload
Card Personalisation
Card Activation
Card Distribution
Card Management
Account Creation
Clearing/ Settlement
Application
Terminal Creation
Merchant Management
Transaction Management
Exception/Dispute & Chargeback
Suspension
MIS Management
Application Processing
Credit Payment
Payment
GL Entries/Accounts Management
Payment Gateways
SynDicatiOn
silverlake Digital economy model suite
cOMMOn applicatiOn ServiceS
acquiring
iSSuing
< >
The mobile application was soon enriched with enhanced rewards redemption for bill payments and top-ups, allowing customers to use reward points for instant redemption or making payments with reward points at merchants.
The bank also launched a digitized merchant acquiring platform for mobile payments at retail outlets and introduced state-of-the-art ecommerce and mcommerce features to optimize functional possibilities of mobile banking. The latter allow customers to pay at selected merchant online stores directly from their bank accounts or with reward points via quick response (QR) codes on BIBD Online.
Merchants are also provided with a market-leading cash management feature that allows them to monitor online transactions via online banking from the time a transaction is authorized until transactions are settled.
Finally, a mobile advertising platform using interactive content and the push (marketing) messaging capabilities put BIBD into a strong position to engage its customers. It helps the bank to reach out to the relevant target market with interactive content, promote new products and services, and educate customers in an easy way.
future outlookBIBD’s mobile application took the small Brunei market by storm. With a target market for digital banking services estimated at 45,000 payroll customers, the app was downloaded more than 36,000 times in 2013. Given BIBD’s strong position as the country’s largest bank, there is still considerable upside potential within its existing customer base and beyond. Its new customer-centric strategy has set BIBD apart from its Islamic competitors and puts it into an excellent position to further expand its market dominance.
The mobile application has unlocked new
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25 years of Digital
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Solution SnapShot
by Michael Yeo
The Challenge Bank Muamalat’s existing infrastructure before the core banking infrastructure refresh was somewhat unique. Being a product of historical mergers of other banks meant that its mainframe core was parked next to that of another bank. This sharing of physical space presented an issue. While still operating on separate systems and although there was no sharing or intermingling of data between the banks, this situation no longer met with Bank Negara’s security and risk requirements. It became imperative that a new core banking system was needed to meet regulatory compliance and for new business growth.
Leaping into a BoLd new phase
Bank Muamalat Malaysia
Bank Muamalat Malaysia, headquartered out of Kuala Lumpur, Malaysia, is a fully fledged Islamic financial institution providing Shariah compliant services and products. Founded by an amalgama-tion of Islamic banking assets from three legacy institutions in 1999, the bank was the second full Islamic bank to be incorporated in Malaysia. DRB-HICOM of Malaysia is the current majority shareholder, with Khazanah Nasional Berhad also holding significant interests. The bank currently has over 60 branches and 250 ATMs spread across Malaysia. Assets at year-end March 2014 stood at approximately US$5.5 billion.
OrganizaTiOnBank Muamalat Malaysia Berhad
OperaTiOnal ChallengesTotal replacement of an ageing core banking system that could no longer meet both external and customer requirements – while still maintaining Shariah compliancy.
sOluTiOnTo develop and integrate a new Shariah compliant modern and future-ready core banking system via a ‘big bang’ approach.
prOjeCT DuraTiOn18 months
BenefiTMaster customer information file (MCIF) in place, quicker turnaround times, reduced time to market for products and reduction in errors and risk for the bank. Increased competitive standing in the Malaysian banking market.
Bank Muamalat operates under dynamic market conditions, against a backdrop of strong domestic and global demand for Islamic banking products. Being one of the smaller banks in Malaysia and serving specific demographics in its customer base, the bank’s proposition to its existing customers has had to remain somewhat distinct to that of the largest banks. The bank’s Islamic foundations give rise to perceptions of a trustworthy and socially conscious financial partner which serves its customers with diligence and fairness in its proceedings.
New market opportunities abound as customer-banking requirements have evolved. Over the last few years, the bank has continuously adapted to meet new customer expectations. Today, its branch-based services have given way to a multi-channel approach, with an eye on delivering an “omni-channel experience” of consistent customer experience across the telephone, ATM and online/mobile channels. These customer requirements, coupled with the ever-evolving industry regulations, dictated the need for a new core banking infrastructure. Thus began the process of searching for the correct technology solution and partner who could support them in their next phase of growth.
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The previous solution was also complex in its nature, having been constructed in a somewhat piecemeal fashion over the years. In total, there were 15 systems (mostly payments systems and related applications) which were used to run key functionalities within the bank and fed into one general ledger component (GL). The streamlining and modernization of the GL module was thus identified as another critical and prioritized component of the long overdue core banking system update.
The sOluTiOnBank Muamalat’s management took the decision to explore a total system refresh for their core banking system and sought the help of capable vendors. Over 30 global vendors responded to their request for this “rip and replace” effort. Silverlake Axis was chosen as the eventual partner due to their prior experience in the Malaysian market as well as their standing in dealing with the product differences and terminology present in Islamic financial institutions. Silverlake Axis’ record of successful implementations with no major disturbances also stood strongly in their favor as well as their history of providing comprehensive on-site support during post implementation phases. Local knowledge in this instance was deemed key to Silverlake Axis’ success. Local knowledge both of conventional regulatory requirements from Bank Negara, and from the requirements set out by the Malaysian Shariah Advisory Council on Islamic finance related matters.
Silverlake Axis’ solution was dubbed the “Muamalat Banking Solution” with the Silverlake Axis Integrated Islamic Banking Solution (SIIBS) being chosen as the core banking framework which would drive the transformation of the bank while still adhering to Shariah guidelines. SIIBS is built and optimized on the IBM i operating system (previously known as AS/400) – a tried and tested architecture already in use in multiple major financial institutions globally.
The solution required 18 months of work, spanning from 2013 to 2014. Silverlake Axis, together with Muamalat, decided to implement with a “big bang” approach. All key systems and applications were to be replaced in one phase rather than the multi-phase approach selected by other institutions. Bank Muamalat’s smaller size meant that the big bang approach was optimal in reducing disruption and effort involved in the switch over. A phased approach where relevant modules are turned on in sequence over a designated period of time would have added unnecessary
local knowledge of conventional regulatory requirements from Bank negara, and from the requirements set out by the Malaysian shariah advisory Council was deemed key to silverlake axis’ success.
At the operational level, change was also much sought after. Staff at all levels of the organization who were exposed to the end-user interface found that the infrastructure was inadequate. User experience was deemed lacking and its overall ability to quickly configure new or existing products was deemed to be insufficient for the growth that the bank was looking for. At the heart of the issue was the lack of a master customer information file (MCIF), enabling staff to quickly identify and prioritize customer information. Data regarding the customer was still being kept in separate file formats and systems which required multiple support skills sets interfering with the creation of the much needed MCIF.
complexity and effort to this operation. Silverlake Axis’ previous experience with such similar implementations also added confidence that this method could be used to effectively bring systems online as quickly as possible.
Work began in 2013, and one of the major issues to be first tackled were the multiple customer information files being used to track and record relevant customer information. The bank’s previous state included a number of different systems in use for differing business units. Customer information regarding deposits, hire purchases and financing was kept in silos across different business units and in seven different systems. Data across banks was extracted and cleansed from various data silos and migrated to a single consistent data file for all customers. Inconsistencies in data were filtered out to leave a data resource which would enable a bankwide consistent view into the relationship that the bank has with that customer. Opportunities for cross selling of products as well as groupwide visibility of customer account risk are now possible. This places the bank in a stronger position to capitalize on growth opportunities across its channels as well as to more clearly act upon perceived risks and to holistically mitigate them.
The diversity of systems running in the background proved to be a major challenge as they were all fed into one common general ledger (GL). This myriad of systems and applications required separate teams with different skill sets for operations and maintenance. Over time, this situation had started to become a major barrier to integration at all levels in the bank. Costs for maintaining such a broad range of technology had also become unattractive. Silverlake Axis Integrated Islamic Banking Solution (SIIBS) simplified these workflows and replaced legacy systems with the relevant integrated modules of their own solution. These efforts served to streamline overall system complexity and the associated possibilities of failures at the multiple interaction points in the infrastructure. At the same time, this new robust architecture also goes much further in reducing the support effort and costs which were required in the previous state.
The resulT The system switchover from old to new took place in June 2014 after 18 months of work, nine separate data migration trial runs and four rounds of operational readiness tests which tested every facet of the switch on process. The “big bang” activation approach went on to proceed smoothly
and seamlessly with no major glitches or errors encountered. Bank Muamalat, with their new banking business engine, is beginning to see the benefits of their investment. Turnaround times for day-to-day business have improved and new products are brought to market at a faster pace than before. Existing products and services, which need changes to parameters, can now be reconfigured and sent back to market more quickly. Senior management at Bank Muamalat now speaks of clearly seen reductions in data errors and loss of data – likely a result of the simplified and integrated architecture that is now in place. Bank Negara’s regulatory requirements as well as Shariah compliancy are now fully met. In addition, future changes to regulation from both bodies are able to be quickly implemented.
While updating the bank to meet current demands was the primary concern, SIIBS also takes into account future needs and is able to integrate seamlessly with new modules for newer technologies which may arise. Bank Muamalat already has in place dual modules for both consumer and corporate online banking and will be looking forward to implementing a mobile banking application in the near future. While the bank already has business intelligence and analytics capability in-house, they are also looking in the future to expand on this capability (now made easier with MCIF firmly in place). The SIIBS is able to adapt to these new business demands via its modular approach and integrate them cleanly and efficiently into the new core. New technologies as they emerge, should theoretically pose no major issue for future assimilation.
Most importantly, the new core has seen the bank take important steps towards its ultimate aim of increasing customer satisfaction and experience and in using these pillars to increase its market share. In a hyper-competitive domestic and regional banking environment, institutions of all sizes must be innovative and seek new growth opportunities where others may not yet have explored. For Muamalat, their new core has given them the leverage with which to meet new business demands head on and find their place in the market.
This Silverlake Axis-sponsored IDC case study (IDC #AP7919017X) was first published in February 2015 and republished here with permission.
Senior management at Bank Muamalat now speaks of clearly seen reductions in data errors and loss of data – likely a result of the simplified and integrated architecture that is now in place. Bank Negara’s regulatory requirements as well as Shariah compliancy are now fully met. In addition, future changes to regulation from both bodies are able to be quickly implemented.
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Solution SnapShot
by Sui-Jon Ho and Michael Araneta
The Challenge It is somewhat easy to credit CIMB Group’s remarkably steep growth trajectory to the opportune mergers and acquisition deals and partnerships outside of Malaysia. However, what is often overlooked is how new operations have been successfully integrated into the bank’s core business, allowing it to take advantage of efficiencies and economies of scale.
CIMB Group’s regional strategy is also unique in another way: while many of its peers have focused on channel expansions and regional outreach alone,
InnovatIng on a Super-regIonal platform
CImB group
Malaysia’s CIMB Group Holdings Berhad (CIMB Group) presently has one of the most far-reaching super-regional operations in Southeast Asia, with a presence in nine of the 10 member nations of the Association of Southeast Asian Nations (ASEAN). CIMB provides a universal suite of financial products extending across retail, commercial, investment and Islamic banking, while maintaining a strong market leadership in the latter two segments. Through the decade, the bank has undertaken a series of aggressive expansions, through both well-timed acquisitions and strategic partnerships.
OrganizaTiOnCIMB Group Holdings Berhad
OperaTiOnal ChallengesStaying ahead of fast-changing customer needs and expectations by extending banking services and solutions beyond conventional delivery channels and into new geographical markets; ensuring risk management and compliance.
sOluTiOnImplementation of Silverlake Axis Integrated Banking Solution.
BudgeTMYR1.1 billion (US$307 million)
prOjeCT duraTiOn20 months
BenefiTLaunched its commoditized and more sophisticated financial products with minimal backend disruptions; projected cumulative benefits valued at a total of MYR1.5 billion (US$418 million) over the course of 10 years from going live.
CIMB’s regionalization initiative has seen success, with the bank having clocked in significant loan and deposit growth from key holdings outside Malaysia. In Singapore, CIMB’s loans and deposits registered a 40% and 22% year-on-year growth for 2013 over 2012, while Thailand saw a year-on-year growth of 12.2% and 8.1% respectively for the same period.
As of 2014, CIMB Group had total assets of MYR391.6 billion (US$121 billion). The Group has been publicly listed on the Bursa Malaysia main market for 27 years, and its current board of principal shareholders comprises Khazanah Nasional with a 30.1% stake, the Employees Provident Fund (EPF) with 15.9% and Mitsubishi UFH Financial Group with 5.0%.
the bank embarked simultaneously on technology integration projects as part of its overarching growth strategy. In this manner, more efficiencies and economies of scale could be obtained. New efficiencies and synergies aside, IT innovation played a particularly vital role in allowing the bank to capitalize on its myriad expansions quickly, by integrating once-independent entities into a single, coherent business operation.
Like many banks over the last decade, CIMB Group was presented with manifold opportunities and confronted with challenges brought on by not
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The sOluTiOnCIMB Group’s technology-centric approach to business optimization has persisted since its last major restructuring exercise in 2006, from which the group’s full-fledged financial service practice was conceived. Even the earliest initiatives by the Group Information and Operations Division (GIOD) were suitably ambitious for its time. Unlike many of its peers which typically adopt short-term horizon planning, most of CIMB’s projects were initiated with a medium- to long-term focus, trading immediate benefits for business sustainability through innovation. While most programs-of-work in the initial three years revolved around calibration of data management, collection and archival systems, these served only as the foundation for more complicated, region-wide projects to come.
January 2009 was a turning point, as CIMB saw the finalization of a long-deliberated core banking strategy for the Group. At that time, IT and business decision makers agreed that the bank ultimately needed to have a centralized, robust manufacturing engine capable of delivering a standardized level of service and experience to all its customers, regardless of market and geography.
It was quite easy to perceive that the 1Platform core banking system (as it was boldly envisioned from the beginning) would prove to be the centerpiece of CIMB’s technological endeavors for the subsequent five years. MYR1.1 billion (US$307 million) was budgeted solely for the 1Platform initiative, accounting for 52% of the amount allocated to the Group’s entire regional transformation blueprint spanning 2010 to 2015.
The bank quickly developed plans of action, with resources (both internal and external) made ready. Despite the characteristic aversion of banks in general to highly disruptive projects (core banking projects are most disruptive, and CIMB’s context at that time also included economic uncertainties brought about by the global financial crisis), the bank’s technology leaders persisted. They were to some extent motivated by the acquisition for CIMB Thailand and the merger of PT Bank Lippo and PT Bank Niaga of Indonesia to create CIMB Niaga, which was already the sixth-largest bank by assets in its country upon inception (and currently the fifth).
It was unsurprising that CIMB Group commissioned a vendor whose geographic coverage and competency aligned with its own. Silverlake Axis, which already had a tried-and-tested, regionally viable solution, was contracted for this
just the near-implosion of the financial industry during the global financial crisis, but on needing to tackle the growth of demand within the consumer markets. On the latter, the bank saw a change in customer behavior and preferences with them becoming much more mobile as they regionalize, with financial demands that extend beyond conventional channels and geographies. This brought upon added stress to its technology office with its core banking system hardly adapting to the fragmenting business requirements of the bank and customers alike, let alone new drivers of risk management and compliance, emergence of new channel touch-points, and requirements for less commoditized, albeit more personalized products.
purpose. To comply with the bank’s definitions of a regional operating model, the bank and its vendor partner decided in 2010 on the creation of a customized core banking solution that was based on the Silverlake Axis Integrated Banking Solution (SIBS), but substantially redesigned to accommodate CIMB Group’s specific requirements as a burgeoning super-regional player.
In terms of both implementation and usage, the 1Platform system consisted of two main components:
• A regional core: Built upon an enhanced SIBS (Version 10) framework, this central system was co-developed alongside CIMB in order to directly meet specific operational requirements for individual countries. As its namesake implies, the regional core is maintained centrally as the “single version of truth.” All critical software developments and updates are first deployed at this level; the binary files are then distributed to each country for implementation, according to master data management (MDM) conventions.
• A localized core: This alludes to the creation of localized capabilities for each country that CIMB Group is present in. Support for local interfaces, as well as provisions for compliance with domestic technology and reporting regulations are all accounted for in these in-country business rules. Technology-wise, such rules are explicitly maintained outside of the regional core by utilizing SIBS “user hooks” that essentially serves as entry- and exit-points for deeper customization. The demarcation between localization source codes and the regional-level code libraries occurs on both a virtual and physical basis; when local binary files are to be deployed, they are initially hosted on testing/production boxes, isolated within the database layer.
Given its scope, the 1Platform system was implemented in phases, by each country in succession. CIMB Thailand and CIMB Singapore were first to undergo this overhaul. The Group’s relatively small business footprint in these countries meant that both were ideal candidates for a pilot, such that any risk, be it in operations, service disruptions, or in the integrity of the system itself,
could be contained and managed through the resources of the region-wide enterprise.
It was also vital that the first deployments set key project management precedents, as well as validated them, such that they could be applied to subsequent rollouts. In Q2 2010, the bank first instituted a 90-day pre-implementation phase to evaluate its country-agnostic Project Management Office (PMO) framework, formalize both local and ASEAN-wide target operating models alongside their respective support architectures, and to collaborate with Silverlake Axis to perform critical high-level system gap analyses.
CIMB Group began its 1Platform migration in force by August 2010. CIMB Singapore successfully made its transition onto a simplified iteration of the core banking system in November 2011 on an accelerated timeline due to regulatory guidelines by the Monetary Authority of Singapore. CIMB Thailand’s new core banking system became fully operational four months thereafter, and the bank followed up on these successes with the most significant rollout of the entire initiative – that for its behemoth Malaysian operations. This Malaysian leg of the 1Platform program involved a total of five mock runs and four operational readiness tests before a total of nearly 10 million client records were deemed ready to be migrated. The “big bang” migration was concluded in February 2014, with no service disruption, no significant incident and well within budget. By then, MYR630 million (US$194.7 million) was attributed to the project’s ongoing expenses.
CIMB Group is in the process of facilitating CIMB Niaga’s migration onto the 1Platform system, which is expected to conclude by Q1 2016 and marks the final leg of the core banking implementation across the ASEAN region.
Key perfOrmanCe indiCaTOrsAs of 2014, CIMB Group has achieved 80% system and process commonality across all holdings affected by the 1Platform implementation. The dividends reaped from the new core banking system
Despite the characteristic aversion of banks in general to highly disruptive projects, CIMB’s technology leaders persisted. They were to some extent motivated by the acquisition for CIMB Thailand and the merger of PT Bank Lippo and PT Bank Niaga of Indonesia to create CIMB Niaga, which was already the sixth-largest bank by assets in its country upon inception (and currently the fifth).
Bangkok, Thailand: The 1platform system was first implemented at CimB Thailand and CimB singapore.The group’s relatively small business footprint in these countries meant that both were ideal candidates for a pilot.
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CIMB Group expects the potential benefits of the 1Platform core banking system to become more evident in light of recent developments in the region. As the ASEAN Economic Community draws closer to formation, the industry has begun heeding the potential for “qualified regional banking” licenses to be issued.
Benefits for customers and external stakeholders include:
• Standardization of region-wide front-end best practices leading to the delivery of consistent service experiences and near-universal availability of product functions regardless of geography;
• Ability for the bank to match transactions across all product systems to a customer though a central customer information file (CIF), essentially enabling a true “single customer view” that can recognize and reward client relationships more appropriately (in practice, for example, a customer’s credit limit can be based on aggregated collaterals, and interest becomes charged on aggregated utilized limits);
• Enhanced recognition of inducements and favorable customer interaction patterns, leading to more bespoke product bundling with lower cost and better incentives;
• Improved Group-wide data capture accuracy via using e-forms and paperless client documentation; and
• Branch rationalization, where client accounts are now branch-agnostic, thus allowing them to greater flexibility in conducting interactions otherwise limited to a ‘home branch’.
are two-fold, encompassing benefits for internal and external stakeholders. Within the bank, the streamlined core banking system, complemented by existing MDM disciplines have allowed the bank to launch both its commoditized and more sophisticated financial products with minimal backend disruptions.
The implications of this point alone are diverse:
• Advanced parameterization rules permit more diverse, country-specific operation and risk conditions to be captured, leading to a safer, broader extension of straight-through-processing capabilities across multiple business lines;
• Automatic product calibrations and/or transfer can be conducted to accommodate individual customer lifecycle transitions;
• Automatic fund reconciliations for bank-to-customer (B2C), interbank and intra-bank (treasury), including calculations and transaction documentation;
• Expedited application development and rollout regimes on the regional core infrastructure, leading to fewer incidences of system versioning and technological discrepancies;
• Support tracking and monitoring syndicated loans as lead arranger and/or participating bank;
• Accelerated time-to-market on a product level is enhanced by much faster delivery times on a channel level, through branch and digital touch point process automations; and
• Overall cumulative benefits valued at a total of MYR1.5 billion (US$418 million) over the course of 10 years from going live.
lOOKing inTO The fuTureCIMB Group expects the potential benefits of the 1Platform core banking system to become more evident in light of recent developments in the region. As the ASEAN Economic Community (AEC) draws closer to formation, the industry has begun heeding the potential for “qualified regional banking” licenses to be issued – banks that conform to a set of stricter capital adequacy and business performance measure may soon be permitted by regulators of participating nations to operate with greater freedom across all countries, with the goal of collaborative
jakarta, indonesia: silverlake axis’ 1platform architecture is able to leverage on multi-jurisdictional data to achieve its asean “megabank” ambitions.
This Silverlake Axis-sponsored IDC case study (IDC #AP7919018X) was first published in February 2015 and republished here with permission.
financial enhancement for the entire region. With 1Platform’s technological and business synergies in hand, CIMB Group will emerge as a favored candidate to support such an initiative.
Additionally, CIMB Group has also alluded to intentions of capitalizing on the greater regional data transparency proposed by the AEC. While the 1Platform architecture can already leverage on multi-jurisdictional data, being given the regulatory greenlight and putting this into practice would make CIMB Group, an already formidable super-regional player, well-positioned to realize its pan-ASEAN “megabank” ambitions.
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Solution SnapShot
by Michael Araneta and Cyrus Daruwala
a Truly World-Class Core Banking sysTem
oCBC Bank
OCBC is Singapore’s longest established local bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is presently the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. OCBC was also recently ranked by Bloomberg Markets as the world’s strongest bank, an accolade that holds a lot of credibility given the current financial market turmoil.
The bank’s consumer, business, investment banking and other specialist financial services solutions are delivered through an extensive global network of over 500 branches and representative offices in 15 countries and territories, including more than 400 branches and offices in Indonesia operated by its subsidiary, Bank OCBC NISP.
OrganizatiOnOCBC Bank
OperatiOnal ChallengesA technology refresh that aligns with the bank’s transformational New Horizon vision; to improve product-to-market, to improve synergies within the Group, and increase cross-sell.
sOlutiOnContinued deployment and upkeep of Silverlake Axis Integrated Banking Solution (SIBS) as the bank’s core banking platform.
length Of relatiOnshipSince 1994 in Malaysia and since 2001 in Singapore
BenefitQuicker time and lower cost to market in terms of rolling out innovative best-in-class products and capabilities in Singapore, Malaysia and the rest of the region. OCBC has become one of the most prolific sources of channel, product, and process innovation in the Asia/Pacific region.
OCBC’s subsidiary, Great Eastern Holdings, is the largest insurance group in Singapore and Malaysia, while asset management subsidiary, Lion Global Investors, prides itself as one of the largest private sector asset management companies in Southeast Asia. Its private banking services are provided by subsidiary Bank of Singapore, which ranks among the top 5 global private banks in Asia.
With a dominant presence in both the consumer and business banking segments in Singapore and Malaysia, OCBC is among the core bancassurance providers in Singapore and features as one of the top players in unit trust distribution, home loans, personal credit, small and medium-sized enterprises market and the Singapore Dollar capital market.
During the late 1990s and the early 2000s, OCBC Group quadrupled in assets and total customers and simultaneously, in the various applications and solutions that it has acquired over the years.
While OCBC evaded catastrophic systems failures that seemed to have plagued some of its peers, it was accepted bank-wide that its solutions
and systems at that time were rigid, and it took a long time (and an army of programmers) to roll out new products and services, thus retarding time to market and escalating operating costs. Then, ongoing maintenance also continued to weigh down the bank, contributing to recurring expenses and reliability issues. All these were in turn, directly affecting the bank’s efficiency and cost-to-income ratio.
As such, a technological transformation and refresh was in order, not only to support OCBC’s New Horizon strategy but to assist the bank in gaining sustainable competitive advantage by
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the sOlutiOn OCBC has been a client of IBM and Silverlake Axis since 1994 in Malaysia and since 2001 in Singapore. After an extensive nine month long assessment of the various options available in the market, and mapping back to OCBC’s long-term, regional, busi-
ness aspirations, OCBC de-cided on the Silverlake Axis Integrated Banking Solution (SIBS) on an IBM AS400 (Power Systems) Platform. Choosing the right plat-form was a very important consideration. OCBC knew that a typical core banking platform has a life-span of 8 to 12 years. The big invest-ment aside, the solution and the platform will need to scale as quickly as the bank’s businesses wanted to, and do so in a secure, robust and complaint man-ner. Given these ‘mission-critical’ requirements, the Silverlake Axis and IBM
Power Systems combination stood neck and shoul-der above the rest, as testament from as many as 50 banks in the region that are enjoying the strategic alliance of SIBS sitting on a robust and scalable IBM AS400 (Power System) platform.
The total migration for the Singapore operations from the Tandem system to a more flexible and cost-effective SIBS was completed in November 2001, well on time and within budget, allowing the bank the ability to enhance product delivery and transaction processing capabilities,
delivering on a differentiated customer experience, deepen its business presence in Singapore, and craft further inroads into the rest of the region. This would for instance, equip the institution to better expand distribution capabilities in Malaysia and capture market shares within the Islamic banking and Takaful insurance markets, grow its burgeoning businesses across Greater China, and build its private banking business through Bank of Singapore.
A technology refresh would also work to better harness aggregated synergies and increase cross-sell and customer referrals among the various entities within the Group, including OCBC Singapore, OCBC Malaysia, OCBC Al Amin, Bank OCBC NISP, Great Eastern Holdings, and OCBC Securities.
and deliver innovative products to customers with a shorter turnaround time.
IBM and Silverlake Axis have hitherto served OCBC’s technological requirements well, effectively facilitating the account, offering post-implementation support and continually improving on its service quality. As such, the bank did not see the need to reinvent the wheel and invest in any massive core banking system overhaul as part of its latest New Horizon strategy. Instead, OCBC’s Head
A technology refresh would also work to better harness aggregated synergies and increase cross-sell and customer referrals among the various entities within the Group, including OCBC Singapore, OCBC Malaysia, OCBC Al Amin, Bank OCBC NISP, Great Eastern Holdings, and OCBC Securities.
of Group Operations and Technology, felt that it was more crucial to ensure that there was an excellent integration of the core banking system with all incumbent working systems internally, rather than to plug-and-play the newest best-of-breed disparate applications and expect these to elevate the bank’s technology platform.
To this end, OCBC conducted a holistic internal study to revisit its technology platform in 2008-2009, where it analyzed its core banking,
channels, CRM, branches, workflow imagining, risk management, data warehousing processes and requirements, and took stock of its existing technology portfolio, emerging business demands, and the key implementations or refresh required. Following this extensive study, OCBC concluded that the SIBS and IBM partnership had continued to integrate well with all client fronting systems (the Internet, branch, ATM and mobile distribution channels), and provided for the bank’s evolving
OCBC was the first to pioneer a mobile banking application to customers via the apple ipad and iphone devices in this part of the region.
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business requirements, especially as it maintains a concerted focus on delivering a superior and differentiated customer experience and invests in design delivery capabilities to gain a sustainable competitive advantage.
While the SIBS solution framework with IBM Power System remained the most apt system, OCBC needed to execute a core banking refresh to enhance some of the existing functionalities. Such a continued spotlight on technology at the front-end system is crucial to the bank as it pursues its core focus of providing quality customer products and experience. The latest core banking modules that OCBC continues to employ from the SIBS are the: Bank-wide Customer Information Facility (CIF); Financing or loans system to handle the complete life cycle of loans from the application stage right up to the settlement of these loans; and, Funding or deposit system to craft new deposit products to meet customer needs.
the Benefits The benefits are principally measureable in qualita-tive terms, with OCBC expecting to enjoy operational efficiencies, and quicker time and lower cost to mar-ket in terms of rolling out innovative best-in-class products and capabilities in Singapore, Malaysia and the rest of the region. The SIBS continues to serve its intended purpose by enabling the bank to service increasingly capricious and challenging customers better and faster than competitors. For instance, this is illustrated by OCBC enjoying a first mover advantage and appearing as technology innovators by being the first to pioneer a mobile banking ap-plication to customers via the Apple iPad and iPhone devices in this part of the region.
From a business perspective, OCBC continues to excel in customer centricity and continues to offer new locations, new channels, new products and new services to both its consumer and corporate customers. From a technology perspective, they evolve, renew and build upon new capabilities to stay relevant to business demands as it forges ahead in the financial industry — all the while being supported by proficient partners — Silverlake Axis and IBM.
Beyond the ongoing core banking implementation or refresh, the near to medium term would see the operational and technology teams focusing on its roadmap to align technology with business and on reviewing these plans on an ongoing basis to ensure that internal strategies are continually in sync. This is the bare necessity
From a business perspective, OCBC continues to excel in customer centricity and continues to offer new locations, new channels, new products and new services to both its consumer and corporate customers.
given the fact that today’s business environment is evolving at break-neck speed and industry practitioners need to react equally promptly to financial and competitive challenges, new regulatory mandates, as well as collaborate with various divisions on businesses and technology innovation and on introducing novel products and services to remain pertinent in the market place.
essential guidanCe Banks that are pushing forward with core banking upgrades will have to integrate to their program of work their organization’s strate-gies in traditionally “noncore” areas such as data management and risk management. A truly modern core banking system will significantly scale up a bank’s capabilities in these two “hot” areas for 2013 and beyond. A pro-gram that neglects these areas will create a run-of-the-mill core system and represent a missed opportunity for real banking modernization.
Core banking vendors such as Silverlake Axis, with partners IBM, have responded and have come up with propositions in these same areas of risk and data/analytics — and others as well, although some of these “others” like social media or peer-to-peer functionalities can prove to be more nice-to-have factors in the meantime. Banks need to understand what exactly their current and alternative vendors have to offer in these new areas and how these fit in the vendors’ view of what a “new core system” is. Furthermore, how a vendor addresses the “what is your ‘new’ core banking vision” question will help the bank in determining whether the vendor will fall victim to the supposed consolidation of the vendor landscape.
Finally, while cost blowouts and timeline extensions are common issues in core banking projects, they will become more pertinent as core banking projects regain momentum in Asia/Pacific. Projects will compete for skilled and experienced resources for systems architecture and core banking implementation, ultimately making core banking more painful than it should be. However, it is the adherence to the old but still relevant principles of project management that will keep banks on the path to success.
This is an excerpt from a Silverlake Axis-sponsored IDC case study (IDC#AP #AP772602W), “The Tale of Two Super-Regional Banks and Their Core Banking Transformation,” published in September 2013, and republished here with permission.
Banks that are pushing forward with core banking upgrades will have to
integrate traditionally “noncore” areas such as data management and
risk management.
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In conversatIon
Staying Ahead and Breaking New Ground
As Southeast Asia’s largest homegrown FinTech player, Silverlake Axis continues to grow from strength to strength. Much of the Group’s 25-year success lies in Silverlake Axis Founder Goh Peng Ooi’s “out of the box” thinking which ensures the business continually breaks new ground. In this special interview, IDC Financial Insights Managing Director Cyrus Daruwala recounts Silverlake Axis’ journey with Goh, who is also the Group Executive Chairman and the brains behind Silverlake Axis’ unique system design and concepts. Raymond Kwong, Silverlake Axis Group Managing Director, also offers a glimpse at where the Group’s future business growth opportunities will come from.
Daruwala: Let’s start with the background. At the time and age when Silverlake Axis started, there were very few packaged applications available for banks. What gave you the idea of starting a solution company — and at a time when the market in Malaysia was (perceived to be) not ready?
Goh: In 1989, after working almost a decade at IBM Malaysia, I discovered that banking and finance systems were very sensitive to exceptions and disruptions, relying heavily on ‘what you know and what you’ve been taught.’ Information technology business is very much about exceptions rather than norms. The established way of IT solutions might be able to handle the first few exceptions, maybe even the next, but then it reaches a point where it falls apart. I foresaw the arrival of that ‘point,’ and decided it was time to venture out on my own in the business world and concentrate on what I was passionate about — attacking the problems of exceptions and disruptions using mathematics.
Daruwala: You mention ‘information technology business is very much about exceptions rather than norms’ and how everything in IT is about ‘Symmetry.’ Can you please explain the correlation?
Goh: The IT industry, and in fact almost all industries, is built and focused on what we already know, i.e., the norm. Opportunities arise from not what we already know we can do, but through innovation, i.e., exceptions. Today, innovation occurs at a much faster pace, while the historical focus on the norm makes for a sluggish reaction. In order to capitalize on innovation, businesses need to adapt quickly, while not losing sight of what they do well. It is a paradox. I believe through an understanding of mathematics, and the application of mathematical properties such as Symmetry, we can overcome this paradox and thrive.
Daruwala: What factor has been the key to your regional success – in banking – when there is so much more competition now?
Kwong: We are not just a solution provider but a transformation partner to our clients. For the past 25 years, our core banking software has enabled financial institutions to grow and transform in this region. Our first customer is still our customer
today, and we will continue to partner all our clients as they expand into digital economy offerings. In addition, we have 100% successful implementation track record backed by strong management and software development teams.
Daruwala: Silverlake Axis has made its foray into mobile payment services to retailers and airlines. You are also toying with fingerprint reader technology which enables customers to make transactions on smartphones without the hassle of passwords. Are you betting more on biometrics, wearables and Internet of Things?
Goh: Biometrics, wearables, Internet of Things — these are just a few examples of ‘exceptions or disruptions’ in this era. Since the beginning, we believe the full scope of these exceptions or disruptions are too numerous to keep track off. We apply Group and Category Theory to structure and model the invariants and changes, enabling us to create a collaborative environment which can readily absorb and react to each new ‘exception.’ The Silverlake Collaborative Architecture enables our customers to adapt faster to new exceptions or disruptions, and to capitalize on those opportunities presented. Our foundational and ongoing application of mathematical models allows us to repeat our track record of contributing to the successes of our customers, helping them navigate obstacles and transform into successful participants in the digital economy.
Daruwala: What are Silverlake Axis’ expansion plans in the FSI industry? Are they geographical, are they more products, or new markets? Can you also indicate if this growth will be organic or acquisition-led?
Kwong: It is and will be a combination of organic and acquisition-led growth. Our value-adding propositions are being continuously enriched and enhanced. Acquisitions have added depth and range to the Group’s portfolio of software solutions and services to value add and support our customers’ transformations initiatives. Our recent acquisition of Finzsoft has strategically positioned us in the Australia and New Zealand markets.
From left: Raymond Kwong, Silverlake Axis Group Managing Director, and Silverlake Axis Founder Goh Peng Ooi.
CyRuS DARuwAlA is the Managing Director for IDC Financial Insights Asia/Pacific. For the past 14 years in the Asia/Pacific region, Daruwala has been working with banks and vendors to help them better understand their customer base and create effective go-to-market strategies.
