Wing Lung Bank Selects Accenture to Plan and Oversee
Its Core Banking Transformation Program
HONG KONG; June 13, 2012 – Accenture (NYSE: ACN) has been selected by Wing Lung Bank, a wholly owned subsidiary of China Merchants Bank, to plan and oversee the implementation of its new core banking technology system as part of the bank’s broad business transformation program.
Accenture will provide management consulting services to support Wing Lung Bank’s initiative, which is designed to enhance customer service and help drive future growth. Accenture will help the bank align its business strategy with its information technology. In particular, it will help to streamline Wing Lung Bank’s product portfolio, improve operational efficiencies and strengthen performance management controls.
The new core banking system will power Wing Lung Bank’s deposits, loans, payments and customer servicing, as it looks to more closely integrate its operations between Hong Kong and China.
“Our growth relies upon having true customer orientation in all our operations,” said Zhu Chi, CEO of Wing Lung Bank. “This transformation will give us greater flexibility in servicing our customers, pricing our products and using customer information to improve service across the bank. With Accenture’s assistance, we will be able to offer a better banking experience throughout all our locations. We’ve formed a trusted relationship with Accenture and we are proud to work with them as we transform and innovate our operations.”
“In the highly competitive Greater China retail banking market, banks need fully modernized operations and technology,” said Roger Yu, a senior executive at Accenture. “Our expertise in Asia’s banking environment and our experience with core systems will help the bank realize its strategic opportunities. We look forward to working with Wing Lung Bank to help build a more efficient and personalized experience for its customers.”
Core banking systems are sophisticated technology applications that support banks’ primary services – from deposit gathering, lending and mortgages to checking, savings, ATM and credit card services, and online and mobile banking. They can also support a wide range of regulatory reporting and compliance functions for banks. Wing Lung Bank’s transformation will be supported by Accenture Core Banking Services, which has helped design and implement core banking systems for more than 200 institutions globally.
Accenture is a global management consulting, technology services and outsourcing company, with approximately 246,000 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$25.5 billion for the fiscal year ended Aug. 31, 2011. Its home page is www.accenture.com.
About Wing Lung Bank
Wing Lung Bank, founded in 1933, is among the oldest local Chinese banks in Hong Kong. Following its motto of "Progress with prudence, service with sincerity", the Bank provides comprehensive banking services, including deposits, loans, wealth management, securities, credit cards, NET Banking, syndicated loans, corporate financing, bills, hire-purchase and leasing, foreign exchange, insurance agency, Mandatory Provident Fund, etc. Wing Lung Bank also provides futures broking, insurance broking and general insurance underwriting, property management and trustee as well as nominee services through its wholly-owned subsidiaries. At present the Bank has 50 banking business outlets in Hong Kong, Mainland China, Macau and overseas, and a staff force of more than 1,600 people. As at 31 December 2011, its consolidated total assets stood at HK$163.9 billion. Wing Lung Bank became a member of China Merchants Bank Group in 2008 and subsequently a wholly-owned subsidiary of the Group in 2009. China Merchants Bank, the 6th largest commercial bank by total assets in China, is currently among the top 100 banks in the world. For more information about Wing Lung Bank, please visit the Bank’s website at www.winglungbank.com.
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