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  • user 3:35 pm on June 11, 2018 Permalink | Reply
    Tags: , , , , talent, ,   

    Talent and transformation: New strategic approaches for banks 

    Around the world, are engaged in the transition to what we at Accenture call “the New”; they are undertaking initiatives to digitize operations, reduce costs and create previously unexplored revenue streams.

    The transition to the New is based upon the twin pillars of and . The technology—in the form of cloud, big data and analytics, , robotic process automation, machine learning and artificial intelligence—is readily available, and although it may not be easy to identify the right solutions and to graft these solutions onto the existing computing and data framework, it can be done.

    However, as banks are discovering, it is just as difficult to build and maintain the talent pillar as it is to develop or acquire needed technology. Banks are competing for new talent, not only with other banks but with technology start-ups, internet giants and a variety of digital players. Indeed, digital players interested in making inroads into the banking market are poaching talent from the banks themselves.

    Banks have not helped themselves on the talent front with their unrelenting focus on cost reduction. They have announced staff reduction objectives connected to plans to digitize and automate. This may please shareholders, but it can hardly be expected to please staffers worried about being displaced by digital technologies. Banks will be unable to compete with the Googles and Apples of the world if they are not seen as valuing the major asset (along with capital and liquidity) embodied in the competency and customer focus of their people.

    There are, in my view, three key steps banks need to take in dealing with the “people problem” and the impact of digital upon the workforce:

    1. Banks should figure out where they stand on workforce issues. This means either admitting that the workforce is, in effect, a commoditized asset to be managed for optimal efficiency at the lowest possible cost, or making it clear that talent is a competitive differentiation point and that people are central to the success of the organization. Depending on the bank’s overall strategy, either approach might be valid, but claiming that people are vital and then treating them as interchangeable parts is a recipe for failure.
    2. Banks then need to take actions appropriate to the people strategy they have adopted. Banks’ actions should match up with their stated objectives; for example, few banks have increased their training budget in recent years, even though training might be an excellent path to creating the intellectual property and people asset that distinguishes one bank from another in the marketplace.
    3. Banks need to acknowledge that they (and their people) live and work within a larger social context. In modern industrialized societies, large employers have obligations to their workers that extend beyond compensation and benefits. Banks contemplating major restructuring or reductions in staff due to digital initiatives should be working with an ecosystem of partners—including universities, government agencies and other potential employers—to develop coherent solutions leading to retraining and employment for displaced workers. 

    Banks have not yet come to grips with the full impact of digital transformation, including automation and artificial intelligence. In my next blog, I will look more closely at how artificial intelligence will affect banks, and how banks can create a powerful new force by combining AI with human insight and judgment.

    For further reading about the impact of technology on the workforce, read Whose Customer Are You? The Reality of Digital Banking.

     

    The post Talent and transformation: New strategic approaches for banks appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 3:38 pm on April 20, 2017 Permalink | Reply
    Tags: , , , , , , talent   

    Paving the way for a new anti-money laundering and know your customer talent solution 

    In this blog series about anti-money programs and your initiatives (AML/KYC), we’ve explored the challenges and associated regulatory requirements that come with these efforts. We’ve also taken a deep dive into how financial firms can manage these programs, whether via home-grown , explored in our paper, Leveraging enhanced talent development programs to increase anti-money laundering workforce effectiveness, or via a managed services effort or even robotic process automation (RPA), as described in our paper, Anti-money laundering and know your customer programs: sustainability through managed services, and its corresponding presentation.

    We have noted that many options are available, and that financial firms might often benefit from a mix of approaches. We’ve even looked at some of the factors that can help a financial business decide on the right approach.

    The next step on this journey, then, is getting ready.

    Talent building

    If your aim is to build talent in-house, you can adopt a few strategies to get your AML efforts up and running:

    • Establish a formal AML training program. Treat this program as an ongoing business investment in operational risk reduction.
    • Build a role-based program, aligned to the business’s competency models and that allows for certification.
    • Include blended learning approaches and build in ongoing reinforcement techniques.
    Managed services

    If you are aiming toward a managed services AML/KYC model, these are the basic steps:

    • Agree on your effort’s scope, and map out a transition plan.
    • Don’t lose sight of key plan elements such as standardizing processes, choosing a location and updating relevant training, which may or may not dovetail with the training approach above.
    • Following the transition, keep an eye out for added efficiencies and ongoing improvement opportunities.
    • Keep an eye on the critical issues, such as transparency
    RPA

    Finally, if you’re aiming for an approach involving RPA, some of your steps will be similar to those for managed services. You’ll want to:

    • Define the scope of your effort, and map out your change plan.
    • Know the regulatory considerations involved in outsourcing your AML/KYC function.
    • Establish your outsourcing plan, including the contractual provisions, for greater clarity and be certain of the scope that will be covered.

    These are only some of the steps you’ll want to take, and if your business is like many, you may well be combining several approaches in your comprehensive plan.

    Managing your AML/KYC workforce talent can be challenging, but help is available. As we’ve seen over the course of this series, a powerful is within your reach.

    The post Paving the way for a new anti-money laundering and know your customer talent solution appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 7:50 pm on April 2, 2017 Permalink | Reply
    Tags: , , , , , , Tackling, talent, , You’ve   

    Tackling anti-money laundering and know your customer talent concerns? You’ve got options. 

    In my last post, we talked about the need for alternate options for some financial enterprises when it comes to cultivating AML/KYC talent. Accenture has taken an in-depth look at solutions for anti-money and your (AML/KYC) in our paper, Leveraging enhanced talent development programs to increase anti-money laundering workforce effectiveness.

    We’ve also explored the broader around AML/KYC compliance in our paper, Anti-money laundering and know your customer programs: Sustainability through managed services, and the accompanying presentation.

    Talent development for AML/KYC is a specific concern, and one not easily solved for many financial firms. Fatigue and turnover are high, hiring is challenging in a saturated market, and learning programs may not have kept pace with current industry and regulatory trends.

    So what alternatives are available to firms for meeting KYC/AML requirements?

    Accenture suggests three options to consider:

    1. Efficiently boosting AML talent:

      Here, a three-pronged approach might work. Step one is to establish a formal learning program, positioning AML/KYC as a function in which the business can invest. Next, the programs themselves may best be designed to offer role-based training, aligned to the business’s competency models and complete with certification requirements. Finally, the program could include blended learning approaches, and include ongoing reinforcement techniques.

      These steps can help create a robust AML/KYC workforce over time.

    2. Migrating to a managed services model:

      For those organizations that choose migrating to a managed services model to handle AML/KYC, many benefits can be had. Why? Some businesses might find their current model is built on inefficient or manual processes. Sustaining these at the higher level needed to support new AML/KYC work might not be feasible, and upgrading the old model might not be an option either. Then there’s the flip side. For some institutions, finding the right resources to support an existing model that is updated to include AML/KYC may be a challenge.

      By contrast, a managed services approach brings reduced costs, better access to the right skill set, global capabilities, scalability and improved quality throughout the AML/KYC program. For many, this option is worth considering.

    3. Adding robotic process automation to the mix:

      There’s one more step down this journey: Adding robots or, in essence, using to automate processes otherwise done by humans. Robotic process automation (RPA) offers advantages that humans can’t: It gets the job done, and also records and remembers the details of the job, bringing more data into the picture.

    The idea of RPA is not new and it isn’t entirely unexpected either; our supporting presentation on the topic notes that 84 percent of banking executives surveyed by Accenture anticipate having to “train” their machines as much as they train their people in the future.[1] RPA brings even more dynamic capabilities than managed services, handling higher demand as easily as it knocks off lighter loads. Robotic processes can take place on a 24/7 basis, too.

    View the presentation

    Combing through the AML/KYC effort, financial firms may identify sub-processes or elements suitable to RPA, such as highly manual, high-volume efforts where the potential for error is high. These pieces might be prime candidates for RPA.

    With all these available to financial firms, how can each enterprise go about choosing the approach that is right for them? If a combined approach makes sense, what pieces should be combined, and how?

    My next blog will take a look at how firms can choose the best approach for their AML/KYC model.

    [1] Accenture Technology Vision 2015 Survey

    The post Tackling anti-money laundering and know your customer talent concerns? You’ve got options. appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
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