One of Spain’s largest savings institutions streamlines operations for global growth, improved customer service, efficiencies
MADRID and NEW YORK; Oct. 27, 2010 – Caja de Ahorros del Mediterráneo (CAM), one of Spain’s largest savings institutions, and Accenture (NYSE: ACN) have implemented Accenture’s Alnova Financial Solutions core banking platform to support the bank’s operations in Spain.
The new system was designed to enhance Caja Mediterráneo’s customer services by supporting faster and more flexible bank processes and product rollouts and to reduce operating costs by modernizing and consolidating the bank’s systems. By broadening CAM’s multichannel capabilities in areas such as online and mobile banking, and by expanding the business parameters that can be defined within its systems to develop products, set pricing and segment customers, the new platform will also help the bank more rapidly adapt and expand its business to new markets.
“The lack of flexibility of our previous legacy system – and the difficulty of enhancing it – were hurdles not only to delivering the product and service innovations we wanted for our customers, but to our broader growth objectives,” said Juan Carlos Server, CIO of CAM. “Alnova has a long history of helping clients become more operationally efficient, client-oriented and flexible – both domestically and internationally. The rich functionality of this solution enables us to more readily adapt to the changing needs of our customers and increases our operating efficiencies through a modern and highly flexible technology platform.”
Core banking systems are sophisticated technology applications that support banks’ primary services – from deposit-taking, lending and mortgages to checking, savings, ATM and credit card services and online and mobile banking. They also support a wide range of regulatory reporting and compliance functions for banks.
“Banks are looking for better product customization capabilities, greater flexibility in delivering services and a lower cost of operation,” said Carlos Escámez, a senior executive in Accenture’s Financial Services operating group. “Caja Mediterráneo has earned a reputation for having a highly efficient operation that supports a high volume of banking services. By bringing its core systems onto a single flexible and adaptable platform, the bank is positioning itself for continued growth and competitive advantage and embracing a new era of banking innovation.”
CAM’s new system was deployed across all of the bank’s business units in Spain and supports a full range of operations, including product development and deployment, pricing strategies, customer data management and business development.
Alnova Financial Solutions, which is part of Accenture Software, is a leading core banking solution with more than 100 clients in more than 20 countries, including many of the world’s largest and most successful financial institutions. It is owned and licensed by Accenture subsidiary Alnova Technologies Corporation S.L.
About Caja de Ahorros del Mediterráneo
Caja Mediterráneo (CAM) is Spain’s fourth largest savings bank in terms of profits (third in terms of market share). Headquartered in Alicante, it is now the eighth largest financial institution in Spain, with 1,100 branches, more than 3 million clients, €75,500 million total assets, and presence in nine other countries. CAM is currently in the process of integration through an institutional protection system (Spanish acronym SIP) with Cajastur Group, Caja Cantabria and Caja Extremadura, which will create the third largest group of savings banks in Spain and the fifth largest group in the Spanish financial sector. Its home page is www.cam.es.
Accenture is a global management consulting, technology services and outsourcing company, with approximately 204,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$21.6 billion for the fiscal year ended Aug. 31, 2010. Its home page is www.accenture.com.
About Accenture Software
Accenture Software combines deep technology acumen with industry knowledge to develop differentiated software products that help our clients achieve high performance. As a dedicated global organization, Accenture Software offers innovative software-based solutions and the unmatched skills of experienced professionals to enable organizations to meet their business goals and achieve high performance. Its home page is www.accenture.com/software.
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