) recently announced that its management consulting services have
been selected by Hong Kong-based Wing Lung Bank, for an undisclosed
amount. Per the deal, Accenture will support the Bank in
restructuring its information technology (IT) system.
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Wing Lung Bank is the oldest Chinese bank and a wholly owned
subsidiary of China Merchants Bank. The bank has kept itself in
tune with the technological changes of the modern day, which has
enabled it to retain its goodwill. Wing Lung Bank will now be
deploying a new core banking system across its 50 branches.
The system is expected to streamline the bank's product portfolio,
improve its operational efficiencies and strengthen its performance
Core banking systems form the backbone of banks' IT
infrastructures. The system unifies banking services through a
group of networked bank branches. Bank customers can access their
funds from any of the member branch offices. They can also make
simple transactions such as the opening and transferring of deposit
accounts, processing loans, mortgages and payments. Banks make
these services available across multiple channels like ATMs,
Internet banking and branches.
Accenture has implemented more than 200 core banking systems
globally. Accenture's own core banking solution, Alnova, is being
used across 100 financial institutions including
Banco Bilbao Vizcaya Argentaria, S.A.
). The solution's increasing demand has attracted recognition from
Celent, an industry analyst firm. The firm conferred 'XCelent
Functionality Award' for Alnova for breadth of functionality
for large and midsized institutions.
Accenture's comprehensive service offerings have made it one of the
key IT service providers. A large product and service base has also
provided the company a top spot in the market. Accenture has
regularly won deals from all industrial sectors as well as the
Though Accenture's deal prospects look bright, its large number of
government contracts (which carry low margins), stiff competition
) and significant European exposure may temper its growth going
Currently, Accenture has a short-term Hold rating, denoted by the
Zacks #3 Rank.
(We are reissuing this article to correct a mistake. The
original article, issued June 18, 2012, should no longer be relied