The Economic Times Banking Technology Conclave. 3 September 2010, Mumbai

Banking on Technology - India The Economic Times Banking Technology Conclave 3 September 2010, Mumbai

Foreword Today Information Technology (IT) not only facilitates automation of process and data processing but also provides more value addition to the entire Banking Business. Further, it is directly and visibly linked to 'value to customer'. In such a scenario should IT be delivered and managed within the Bank or outsourced? Kumar Parakala Executive Director & Head - IT Advisory KPMG in India and EMA The key challenge is to proactively respond than be reactive to change. Banks are now expecting outsourced service organizations to proactively sense business needs and change rather than be told to change. While the emergence of communication frameworks has been a boon to business but integration of various structured and unstructured data will be the key for prompt and personalized services. Banks are deploying sophisticated analytical systems to enable personalized communication and services to customers. A Bank that communicates well is able to sense and change faster. Cloud computing is a technology being critically examined as a business enabler. Technology service providers globally have firmed up cloud platforms that have opened vistas for agile and cost effective solutions. It is pertinent for Indian Banks to consider early adoption to the cloud. As Bankers focus more on the core businesses, these being exciting times for technocrats, they should decide business case formulation and deployment for future technology. It would be fair to say that prepositions such as 'with' and 'on' are about to give an entirely new meaning when used in conjunction with 'Banking' and 'Technology'. KPMG has been interfacing with a large number of Banks in India and has been an advisor to many of them. We are uniquely placed to provide insights into trends and opportunities, for the Banking and Technology industry. This publication demonstrates the importance and reliance that Banks place on technology and value delivered by Banks through technology. We are confident that the views elicited during the current edition of the Banking Technology Conclave, will be useful for the Banks in their journey to integrate technology more seamlessly with business.

Conclave 2010 Abizer Diwanji Executive Director & Head - Financial Services KPMG in India KPMG has been associated with The Economic Times Banking Technology Conclave for four years now as Knowledge Partner. Over this period we have seen many changes in industry many of them arising due to changes in regulation and technology. The fundamentals of banking may remain the same, but the manner in which we perceive 'value', from banking services has been changing almost every six months. This is due to the pace at which technology is changing and the means and tools that technology provides us with. Today, if a bank can assure its customer of a viable 24x7 interface, it has a hope of retaining the customer for longer time. This seminal event is structured to showcase thought leadership in banking technology, with leaders from industry interacting with their peers from IT in order to discuss the future of the business-it interface. We have endeavored through our survey in the last few years to bring out the trends and changes in the Banking Technology. We are pleased to present the results of the Current State to Future Growth survey on the occasion of The Economic Times Banking Technology Conclave 2010. It provides insights into what constitutes a CEO's technology agenda in 2010. It will be imperative for Banks to embark upon new technology solutions to optimize cost and enhance value proposition. With this survey, we are able to provide the current and possible future trends in the banking technology. We are sure these insights will be thought provoking and useful reading.

Table of Contents Introduction 05 Profile of Banks 07 Strategic IT Initiatives 08 IT Performance Measurement and Process improvement 10 Measuring Return on Investment in IT 13 Risk Management 15 Conclusion 18

04 BANKING ON TECHNOLOGY - INDIA

BANKING ON TECHNOLOGY - INDIA 05 Introduction The incessant push from Indian Banks to migrate onto enterprise transaction systems augurs well for the banking industry. Over the past few years, we have seen core banking system rollouts happening in thousands of branches across the country with Banks grappling with the challenges of implementation and rollout. However, these challenges have been gradually overcome, with appropriate amounts of innovation in process and technology showing the way. As next steps, Banks are embarking on various initiatives measuring enterprise value, one view of the customer and channel integration among other things. Kunal Pande Director - IT Advisory KPMG in India Another focus area for Banks in India is use of Business Intelligence for regulatory reporting, customer and corporate purposes. As in core banking, Banks are getting their data aggregation layers in place to facilitate projection of data in the form of static and dynamic reporting capability. This would be a logical extension of operational data aggregation using core banking systems. Systems such as core banking and business intelligence, if used synchronously, will add phenomenal enterprise value to business. In addition focus on integrated payment channels that provide real/ near-real time services by way of straight through processing (STP) and 24 x 7 operations will be key differentiators in banking technology going forward. The Economic Times Banking Technology Conclave 2010, in its fourth edition, is a coming together of leaders in the banking industry to discuss opportunities and challenges afforded by the current ecosystem. The 'Current State to Future Growth' survey endeavors to showcase trends in banking technology applicable to Banks in India belonging to the public, private and MNC segments. The survey Current State to Future Growth' has focused on current state and future prospects on following four pertinent areas: Strategic IT Initiatives IT Performance and Process Improvement Measuring Return of Investment in IT Risk-Compliance and Reporting. Not surprisingly, a lot of what we hear about globally in terms of technology and process, is already well on the way to getting applied in India. The results presented in this report are all statistically pertinent.

06 Survey Banking on Technology - from Current State to Future Growth

BANKING ON TECHNOLOGY - INDIA 07 Profile of Banks This survey is based on focused discussions with Banks in India spread almost evenly across the Public, Private and MNC bank segments along with a detailed questionnaire. In order to put the rest of the IT focused analysis in perspective, we have presented a brief profiling of the Banks. We have covered representative sample across the above segments, including banks from less than 1,000 employees to more than 10, 000 employees. Most of the Banks surveyed play significant roles in the retail as well as corporate banking environment in India. IT Team The Banks have IT team ranging from less than 50 to more than 500 personnel, but majority have a team in the range of 100-500 personnel. Private Banks surveyed have medium to large internal IT teams. A majority of the Public Banks surveyed have medium sized internal IT teams in the range of up to 200 personnel. Outsourcing is also gaining momentum in the Banking industry. The deployment of outsourced IT personnel is relatively higher for Private Banks. MNC Banks have also embraced the outsourcing philosophy In India. Employee Strength 6% 67% 27% <1000 1001-5000 >5000 Business focus 18% 41% Retail Corporate Investment Banking 41% IT team size 10% 17% 21% 21% 31% 1-50 51-100 101-200 201-500 500+

08 BANKING ON TECHNOLOGY - INDIA Strategic IT Initiatives Strategic IT initiatives have long term impact on the entire business and are focused on enhancing Banks' value propositions. Therefore, these initiatives are prioritized and accordingly planned for implementation. Banks take a long-term view of such initiatives, allocate budgets accordingly and monitor these IT projects very judiciously. Priority of Strategic Initiatives in IT Most Banks are planning for IT initiatives that contribute significantly to strategic positioning of services and cost reduction. Common trends were noticed across segments with respect to prioritization of IT initiatives and implementation timelines. Initiative Priority 100% Implementation Status 100% 80% 80% Percentage values 60% 40% Percentage values 60% 40% 20% 20% 0% 0% Application Portfolio Optimization Alternate delivery channels Green IT Enterprise Risk Management Key initiatives Outsourcing Cloud computing Service Oriented Architecture Application Portfolio Optimization Alternate delivery channels Green IT Enterprise Risk Management Key initiatives Outsourcing Cloud computing Service Oriented Architecture High Medium Low Done <1 years 2-3 years 3-5 years Not Planned 'Alternate delivery channels' rank the highest on priority aspect. However, few banks are planning to implement this initiative over the next one year. The focus on risk management and application portfolio optimization come as a strong second with some respondents already having an ERM solution in place and a majority looking at completing implementation over the next one to two years. Green IT, which till last year was a hotly debated topic from an RoI perspective, is the third most important focus area, with a large majority of Banks who have not already undertaken initiatives, planning to do so over the next two to three years. Cloud computing is still a medium-low priority, with most Banks not having planned for exploring this area in the foreseeable future. It had been estimated that globally, emergence of new technologies such as back office virtualisation, cloud computing and Service Oriented Architecture (SoA) will reduce absolute spending on IT. However, it seems that these concepts have still not taken firm hold in the Indian banking environment.

BANKING ON TECHNOLOGY - INDIA 09 Strategic IT initiatives linkage to business Almost all the Banks surveyed mentioned that IT initiatives are business driven. Significant decision factor that influence expenditure in IT is RoI expressed in terms of revenue to be earned, cost saving, cross sell opportunities and customer benefit. Almost all the Banks surveyed have stated that it would be optimal to undertake two to three strategic initiatives in IT annually. Key IT Solutions As part of implementation of strategic IT initiatives, Banks are deploying IT solutions to facilitate automation in transaction management, reporting and risk management. Implementation Status Core Banking CRM IAM Business Intelligence GRC Self Service Kiosk Internet Banking Mobile Banking Financial Inclusion Public Banks H L L L M L H M H Private Banks H H H M H H H H H MNC Banks H H H H H H H H L H Implemented/in progress M Immediate future L Near future/not planned Most banks across segments have already implemented core banking systems and general ledger automation systems. Initiatives such as internet based transaction banking, self service kiosks, mobile banking are either underway or are planned in near term. Initiatives in the area of financial inclusion are already underway in Public and Private Banks. However, MNC Banks have planned them in a two to three year window. While initiatives in the areas of Governance-Risk-Compliance (GRC) and Identity and Access Management (IAM) solutions are already underway or implemented in MNC and Private Banks, Public Banks have planned to implement them at least after one year Business Intelligence and analytics initiatives are planned in the near term by Public Banks and in a two to three year window by Private Banks. The deployment of new technologies is gaining momentum, which has the potential to bring far reaching impact in the Banking industry as a whole. We have some interesting facts to consider regarding management's focus on measuring value of these IT solutions, as we head into the next section.

10 BANKING ON TECHNOLOGY - INDIA IT Performance Measurement and Process Improvement IT has been instrumental in maximizing business value. The areas where IT has most effectively been able to contribute are: Treasury Retail Cards Wholesale (including merchant banking) Payment and Settlements It is imperative for Banks to measure IT performance and improve IT delivery processes. Measuring the success of IT performance improvement programmes It was heartening to see that across all segments of Banks, IT performance was measured using metrics that were hitherto considered the domain of business, such as customer acquisition, growth in deposits, decrease in number of customer complaints regarding delivery channels, increased usage of alternate channels and decrease in footfalls at brick-and-mortar branches. It is also heartening to see an increased focus on formal tooling and project management techniques, in order to measure and adhere to IT compliance norms. IT Performance Improvement Programs A majority of the respondents have defined IT performance metrics, and have been monitoring these quarterly and tracking the same over a period of at least a year. However, only 40 percent have been measuring IT performance over the past two years. This reflects the relative novelty of IT performance programs. We expect to see heightened focus on such programs, resulting in increased spending to support such initiatives. Costs may be incurred under the heads such as tools for performance measurement, audits to assess compliance and effectiveness of IT performance initiatives and people to manage these programs. Periodicity of measurement of performance initiatives History of tracking productivity initiatives 100% 100% Percentage of Banks 80% 60% 40% 20% Percentage of Banks 80% 60% 40% 20% 0% MNC Private Public 0% MNC Private Public Annually/Semi-annually Quarterly Less than 1 year More than 2 years

BANKING ON TECHNOLOGY - INDIA 11 Process Improvement Models ISO 27001 seems to be the most actively adopted standard across the banking sector. This speaks volumes about the overwhelming focus on information security aspects in the sector, within the country. A large fraction of the private sector banks, are actively adopting process improvement initiatives in line with Six Sigma, which indicates a growing focus on enhancing operational efficiencies. Although public sector banks have not adopted six sigma practices, these are also considering initiatives in this area. Public and private sectors are actively planning to adopt the standards such as BS 25999, to enhance their business continuity capabilities. However, MNC banks do not seem to perceive significant value by adopting BS25999, given their mature BCM capabilities. Interesting insights emerge in the adoption of CMMi DEV model. While MNC banks have already adopted or have expressed keen interest to adopt the model, Puclic sector banks have not indicated this as a focus area. This supports the hypothesis that high degree of in-house developed systems are being used by MNC Banks, whereas public sector banks prefer to deploy off-the-shelf packages and do not often go along the route of in-house software development. Adoption of IT Process improvement Models 100% Percentage of Banks 80% 60% 40% 20% Six Sigma CMMI v1.2 ISO 27001 BS 25999 Implemented In Process Planned Not Planned

12 BANKING ON TECHNOLOGY - INDIA Measuring IT Performance - MNC Banks 100% Measuring IT Performance IT projects monitoring retains its usual preeminence within the area of IT performance management. Percentage of Banks 75% 50% 25% Project Delivery Metrics (time, budget, quality) Cost per employee Cost per transaction Percentage expense of company revenue Cost per employee' is a metric that is being measured in most MNC banks and has been actively been measured in Private and Public Banks. This can only be possible if core transaction systems have been well integrated into business. Many Banks seem to have already completed the journey of core systems rollout, and as a result, are well placed to put in place this next generation of performance metrics that are extremely relevant to business. Not Tracked Once in 6 months Measuring IT Performance - Private Banks 100% Percentage of Banks 75% 50% 25% Once in month Real time As expected, across segments banks are measureing IT costs as percentage of revenue, with MNC banks ahead in the curve. Only the Private Banks have put in place mechanisms for real-time measurement of metrics such as production defects, hardware uptime, and network uptime. Project Delivery Metrics (time, budget, quality) Cost per employee Cost per transaction Percentage expense of company revenue Not Tracked Once in 6 months Once in month Real time Measuring IT Performance - Public Banks 100% Percentage of Banks 75% 50% 25% Project Delivery Metrics (time, budget, quality) Cost per employee Cost per transaction Percentage expense of company revenue Not Tracked Once in 6 months Once in month Real time

BANKING ON TECHNOLOGY - INDIA 13 Measuring Return on Investment in IT Measuring Return on Investment (ROI) on any project is one of the ways of justifying investment and reassuring stakeholders that the fundamental assumptions/ conditions and goals made at the time of investment still hold true. IT Intitatives with highest RoI 100% Percentage of Banks 80% 60% 40% 20% MNC Public Private Outsourcing/ Managed IT services Hardware consolidation Application consolidation/ portfolio optimization Among the several strategic IT initiatives, the top three in terms of highest ROI relate to IT application consolidation/ portfolio optimization, hardware consolidation and outsourcing/ managed IT services. While outsourcing/ managed IT services has been the area Banks have traditionally seen a significant ROI, initiatives aimed at consolidation of application (ie portfolio optimization) and Hardware are gaining ground. Private Banks seem to have accrued maximum benefits from hardware consolidation and Public Banks seems to have gathered maximum RoI from application consolidation. MNC Banks have responded that RoI was attained from outsourcing and management of IT services. IT spend patterns in Indian banks Across segments Banks spent substantial amount of money on IT. Annual IT Spend as percent of Annual Revenue 50% Percentage of Banks 40% 30% 20% 10% <1 1-3 3-5 >5 Public Private MNC

14 BANKING ON TECHNOLOGY - INDIA Ratio of Capex vs. Opex 50% Percentage of Banks 40% 30% 20% 10% <50% 51-100% >100% Public Private MNC Outsourcing spend as percent of IT spend 40% Percentage of Banks 30% 20% 10% <5 5-10 10-20 >20 Public Private MNC As a percentage of total revenue, IT spends range between 2 and 5 percent. Of total spend, around 30 percent spend in between 20 and 40 percent on capital expenditure. While, around 40 percent of respondents spend between 60 and 80 percent on operational expenditure, another 40 percent spends between 20 percent and 40 percent on the same. Approximately 25 percent of the respondents spend around 10 to 20 percent of total IT budgets on outsourcing services. Approximately 17 percent of the respondents spend more than 40 percent of IT budgets on outsourcing. In the MNC segment, a large percentage of the Banks spend up to 5 percent of revenues on IT, this figure goes to between 1 and 3 percent for Public Banks and sometimes above 5 percent for Private Banks. However, judging by quantum of revenue, it may be said that Public Banks have been recently spending sizable amounts on IT. In the MNC Banks, between 20 and 40 percent of IT spend is on outsourcing activities. This figure is in the 5 to 20 percent range for the Public Banks and between 5 and 10 percent for the Private Banks. Does this indicate that Private Banks have kept their core banking operations inhouse, to a greater extent that the Public and MNC Banks? This would also appear to be the case, if the data presented in the previous sections with respect to headcount of IT personnel is taken into account.

BANKING ON TECHNOLOGY - INDIA 15 Risk Management During the past year, focus on reporting of risk and compliance has increased significantly in line with global as well as regional trends. Automated systems can help a proactive risk management approach, while reducing compliance costs. Risk measurement and monitoring framework Percentage of Banks 100% 80% 60% 40% 20% Presently, near 50 percent of the respondents have manual systems in place to monitor compliance norms. However, considering regulatory requirements with respect to Basel II and RBI initiatives for automation in 'Return' submission, Banks are gearing up for further automation in Risk management and Reporting. 0% MNC Private Public Does not exist Manual Automated IT alignment of managing regulatory reporting Percentage of Banks 100% 80% 60% 40% 20% 0% Aligning internal reporting with regulatory reporting requirements Not deployed Upgrading CBS and other systems to manage automated reporting Implementing specific applications (Datawarehousing etc.) to facilitate automation Partially Deployed Implementing end - user driven customizable reporting tools Deployed Extent of IT alignment for regulatory reporting purposes Most Banks have taken up projects to align internal reporting with regulatory reporting requirements, thus easing the duplication effort. There are tremendous synergies in this area that Banks could explore, especially given the increasing emphasis to move towards automated reporting systems. Banks have shown a fair interest in upgrading existing core transaction systems to automate the reporting process. Private Banks have taken the first steps to deploy and optimally utilize core transaction systems for the automation, followed by some public sector banks. Banks are in the early stages of exploring specialized solutions such as Datawarehousing to further automate reporting through specialized analyses of transaction data. As expected, end user driven customized reporting tools are widely used across Banks, possibly owing to the ease of deployment and use associated with such applications.

16 BANKING ON TECHNOLOGY - INDIA Some of the key areas of focus outlined in the IT (Amendment) Act 2008 are data protection, security procedures and practices, offensive messages, data authentication, information monitoring, validity of electronic contracts, audit of digital documents, exemption of liability of intermediary in certain cases. Assessment of IT Act The IT (Amendment) Act 2008 mandates implementation of stringent mechanisms to reasonably protect sensitive information. The Act further provides enable remedial/ penal provisions to address non-compliance. All Bank are required to comply with the provisions of the IT Act. Banks must align internal policies, procedures for protecting sensitive information (eg customers personal information) and deploy technology safeguards to prevent computer and cyber crimes. In order to understand the readiness, with respect to the tenets of the Act, it is recommended that the Bank undertakes a detailed analysis with respect to the provision of IT Act. It appears that a majority of the Banks are lagging in performing such gap analysis. As a result, it may take them that much more time to understand the implications of various aspects of the amended IT Act. Yes 69% 31% 6% 6% 19% MNC Banks that have undertaken such gap analysis have required top management directives to ensure business focus, and this has happened over the period of a quarter or more. A larger number of Public Banks seem to have performed this gap analysis than Banks in the Private and MNC Banks. No Private Public Initiatives undertaken by Banks across sectors to align to the IT Act MNC banks Public sector banks Private sector banks Payment systems upgrade, dual authorization of transactions on internet channels. Security audit of IT, Security Operations Center deployment, multi-factor authentication, synchronous replication of data to optimize RPO, RTO. Automation in reporting, identity and access management, enterprise backup solution, password vault, log monitoring, data leakage prevention program. It may be noted that public sector Banks seem to have focused a lot of attention on getting multi-factor authentication in place, while private sector Banks have invested in identity and access management solutions in order to align to some of the tenets of the IT (Amendment) Act 2008.

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18 BANKING ON TECHNOLOGY - INDIA Conclusion Our survey covered a representative sample of Banks across Public, Private and MNC segments with a good mix in terms of size ranging from less than 500 employees to more than 10000. This also included participation from the senior management of these banks providing rich content and valuable insights. This uniquely positions the results of the survey to represent emerging trends in Banking and Technology. The key message of the survey results is that technology led innovation has been a key factor in growth and value creation in the banking industry. While Banks in India are treading the path of growth, there has been a heightened regulatory and business led focus on risk management. Banks are deploying technology for implementing differentiated strategy and risk management frameworks (such as Basel II). Increasing IT investments in these areas will also bring a proactive and transparent monitoring and compliance environment within Banks. We observed that emerging global trends to automate regulatory reporting is also a point of focus in the Indian banking industry. This will not only be a great help for the Regulator but also enhance customer confidence in Banks which is the need of the hour after the global financial crisis. With increasing focus on financial inclusion, Banks will have to take a leap forward in order to service their obligations to the social sector. Systems and frameworks will need to be made scalable in order for the Banks to seamlessly align to any future requirements that may arise. Banks in general are considering embarking upon various strategic IT initiatives such as Service Oriented Architecture, Green IT and Cloud Computing. These initiatives are expected to bring substantial business benefits across both top-line and bottom-line. However these initiatives have varied degrees of prioritization in terms of importance as well as implementation time lines. Prime concerns that may not enable immediate off-take for these new initiatives, seem to be around the ability to offer continual service and security. These are interesting times for the Banking industry in terms of consolidating customer confidence and using emerging technologies to provide value add services in 24 X 7 model. We will see a new face of Banking and technology in the times to come. We sincerely believe that these survey results will be useful for the Banking fraternity to strategize their Banking and Technology initiatives.

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20 Acknowledgement At KPMG in India we constantly strive to present thought leadership that is useful and relevant to a wide variety of stakeholders. We invite your feedback on this document. Please send your feedback to in-fmfsita@kpmg.com. This survey document has been released on the occasion of The Economic Times Banking Technology Conclave 2010. We thank all the respondents of the Current State to Future Growth survey, for their valuable inputs. We would like to thank Times Grey Cell, for all the support offered during the completion of the survey. The KPMG team, who has contributed towards the content presented in this publication, comprises Kumar Parakala, Abizer Diwanji, Vikram Jaiswal, Abhijeet Patil and Melvin Barboza. A special note of thanks to the Design Cell, KPMG in India for bringing the report together to its present layout and design. The editorial team for 'Banking on Technology - India' comprises of Nitin Khanapurkar, Kunal Pande, Vishnu Sri Pillai, Glyn Crasto and Sweta Nalwaya.

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