Outsourcing: Building Successful Strategies

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1 Outsourcing: Building Successful Strategies Neil Roberts New Business Initiatives Ed McMahon USD Clearing

2 Outsourcing: Building Successful Strategies Neil Roberts New Business Initiatives Ed McMahon USD Clearing

3 What is outsourcing? Model Outsourcing Private Labeling Definition Transfers the execution of business process to outside suppliers: Business Process Outsourcing (BPO) Operational transformation where elements of functional responsibility, process, and personnel are transferred to a vendor partner. Application Service Provider (ASP) Manage and deliver customizable business application capabilities to multiple entities from a central data center. Service Bureau Providers (SBP) Offers a number of applications and centrally hosts the data center environment. Typically, a very low level of customization is offered. A feature of outsourcing which defines how services are delivered: White Labeling End clients are unaware of the original supplier. Grey Labeling End clients know the original provider of services. Correspondent Relationship Purchasing services from an external supplier, to provide services to an end client. Correspondent services are typically an input to other services delivered to the end clients. 2

4 Today s business environment Increasing competition from banks and non-banks Escalating client requirements Regulatory mandates Infrastructure investment requirements Globalization M&A activity Margin pressure Risk management The challenges of today s business and operating environments are leading institutions to reassess their operating model 3

5 Market dynamics Industry regulatory events such as Check 21, Basel II, Patriot Act, SEPA and Sarbanes-Oxley are forcing financial institutions and and non-bank financial institutions to make business investments and incur higher operational costs. Top-line revenue pressure, in certain product segments, will result in bottom-line expense pressure to maintain overall profitability. A recent Boston Consulting Group (BCG) Study estimates that by 2011, payments will be a $390B industry globally. BCG forecasts that for the same period revenue per transaction will decline from $1.16 to $.86 for domestic payments and from $12 to $5.20 for cross-border payments. Tower estimates that the global market for FI focused outsourcing services will grow to over $31B in 2006 from $27.8B in A desire to avoid investment requirements, as a result of market pressures, is a key driver for outsourcing services18 1 Payments business includes checking accounts, debit and credit cards, transaction services and cash management. 4

6 Drivers of the outsourcing wave Outsourcing has evolved from simply being a method for saving money, to being a strategic, often necessary element for sustainable competitive advantage Traditional Drivers of Outsourcing Cost savings Reduced overhead expenditures and workforce costs Technological competence Take advantage of technological resources that are not available inhouse Increased flexibility Remain agile and respond rapidly to changing market demands Improved quality and efficiency As a result of streamlined operations, companies can improve service levels Current Drivers of Outsourcing Weakening financial performance Increase the efficiency and cost effectiveness of operations to improve bottom-line results Focus on core competencies Concentrate on the core activities central to the value proposition Globalization As companies move into international markets, they can rely on outsourcers for assistance Major organizational changes During internal changes, mergers and acquisitions, and privatization / deregulation outsourcing becomes a strategic option 5

7 Outsourcing benefits and challenges Benefits Shift/eliminate cost Broaden geographic scope Additional product capabilities and revenue opportunities Focus on core business and revenue generation Enhanced competitive capability Best-in-class technology Subject matter expertise Flexible and scalable capacity Defined service levels Productivity enhancements Challenges Loss of control Communication Service level agreements Performance measurement Competitive threat from outsourcer Human Resource issues Management philosophy and tradition 6

8 Outsourcing decision criteria Is it a core competency? Does it provide a competitive advantage? Does the business have the scale required to provide a cost-efficient service? Does it provide an appropriate ROI? What are the tradeoffs? Is the capital available to make the investments required? Does the business adequately address all risk management requirements? Are you committed to on-going investment in people, process, technology? Is the business able to provide the innovative products and quality service that clients are looking for? Institutions are reallocating capital and resources to address core business and growth opportunities. 7

9 Strategic 0ptions Reinforce Low Cost Position High Reposition High Market Share Grow organically and fill the factory while managing expenses Strategic Options Evaluate lower cost servicing alternative via outsourcing partner Low Enhance distribution and product capability via outsourcing partner Outsource Refocus Retire Market share and cost position are key drivers of the outsourcing decision 8

10 Options for financial institutions Institutions are not standing idly by and watching their business get marginalized, most are pursuing one of the four strategic options Grow Scale expand your business by organic growth or acquisition Correspondent select an incountry bank exit as a clearing participant and settle via a correspondent Selective Allocation distribute payments over multiple platforms such as processing treasury payments in-house while outsourcing commercial payments to a correspondent Cost Savings Correspondent Selective Allocation Hosted Service Provider Grow Scale Hosted Service Provider partner with a leading services provider to host your technology and/or business processes. Control 9

11 The outsourcing continuum Bank Client End User (Grey Label) BPO / Service Bureau / ASP Services Correspondent Bank Payment Networks & Counterparties Client End User (White Label) Client Back Office Client Bank The level of transparency and control over process defines the outsourcing landscape 10

12 Outsourcing models YOUR BANK Technology Maintain application interfaces to Lines of Businesses Maintain communications link between Your Bank and the Service Provider Processing Exception and approval processing (e.g. OFAC) Value Added activities (Treasury, Customer Service) Monitor service level performance Manage Risk Compliance Regulatory compliance activities (AML, OFAC, etc.) Risk management ASP Operating Services Processing Perform manual data entry (FAX, Phone) Repair and validation Reconciliation Process cancellations, amendments, rejects, returns Monitor risk management effectiveness Business Continuity Service Call Center/Inquiry support Investigations, Adjustments, Cancellations BPO Service Provider Technology Deploy, maintain and solution Maintain interfaces between the Bank Business Lines and the Service Provider Monitor communications link between the Bank and Service Provider Monitor external links to third parties (SWIFT, etc.) Maintain Disaster Recovery solutions Deliver Account Admin., Training, Help Desk support Processing Process and route transactions Support Regulatory Activities Manage Risk Service Manage service level performance 11 8

13 Process management Structure and discipline deliver success throughout the outsourcing lifecycle as governed by the service agreement Implement Terminate Defined scope / business requirements Joint planning/management Established acceptance criteria Communication/escalation Notification Rights and responsibilities Transition support / exit plan Costs Reporting Service level agreements / kpis Change control management Governance / resolution Joint product / business planning Benchmarking Continuous improvement programs Manage Improve 12

14 Guiding principles & action steps Define your product strategy Do not outsource a problem Do not outsource a core competency Do not outsource to a competitor Ensure capability, commitment, & experience Undertake due diligence Outline financial objectives & measure performance Manage inherent risks Outsource to a partner, not just a vendor Focus on value to clients, not only cost reduction 13

15 Questions? Neil Roberts New Business Initiatives Vice President Tel: +44(0) Ed McMahon USD Clearing Vice President Tel: (813)

16 Strictly Private And Confidential This presentation was prepared exclusively for the benefit and internal use of the JPMorgan Chase client to whom it is directly addressed and delivered (including such client s subsidiaries, the Company ) in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions and does not carry any right of publication or disclosure, in whole or in part, to any other party. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by JPMorgan Chase. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of JPMorgan Chase. The information in this presentation is based upon management forecasts and reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Company or which was otherwise reviewed by us. In addition, our analyses are not and do not purport to be appraisals of the assets, stock, or business of the Company or any other entity. JPMorgan Chase makes no representations as to the actual value which may be received in connection with a transaction nor the legal, tax or accounting effects of consummating a transaction Notwithstanding the execution of an agreement to enter into the transaction. foregoing (but subject to any applicable federal or state securities laws), JPMorgan Chase and the Company may disclose to any and all persons, without limitation, the tax treatment and tax structure of any transaction contemplated hereby and all materials (including opinions or other tax analyses) relating thereto, so long as such disclosure is not made prior to the earlier of (x) public announcement of discussions relating to the transaction or of the transaction itself and (y) the JPMorgan Chase s policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. JPMorgan Chase also prohibits its research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors. JPMorgan Chase is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities, syndicated loan arranging, financial advisory and other investment banking activities are performed by J.P. Morgan Securities Inc. and its banking affiliates. JPMorgan Chase deal team members may be employees of any of the foregoing entities. 15

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