China Minsheng Banking Corp Ltd (CMBC), Accenture and SAP China have agreed to cooperate in building a world-class core banking system for CMBC.
The implementation of the core banking solution by Accenture and SAP is part of CMBC’s efforts to transform its operations and prepare for future growth.
CMBC’s reforms to its IT systems began in 2001 and the recent decision to transform its current core banking system is indicative of its recognition of the advantages that can be derived from technological innovation.
CMBC has chosen Accenture and SAP to revamp its software systems to assist it in achieving its growth ambitions and to improve the bank’s response to market demands as the Chinese financial market deregulates.
CMBC aims to set up a service-oriented banking system architecture, a system designed to enable the bank to accelerate the development and launch of new products and to provide it with strong technical support in serving its rapidly growing customer base.
Han Wei Xi, general manager for IT at CMBC, Han Wei Xi, said, We will leverage the opportunities created by this transition to further strengthen our business capabilities, enhance our performance and build a solid core operation system platform that will enable us to grow into a recognized industry leader and a competitive bank on a global scale.
The solution will enable CMBC to manage all transactions through one integrated system, helping the bank streamline its operations, better manage costs, increase profitability and reduce operational risk.