short term banking management in france

8/12/2019 Short Term Banking Management in France

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Short Term Banking Management in France:A Portfolio Perspective

byGuy Tournois,Associate Professor at the University of Nice Sophia-Antipolis, France(received October 2000)

Abstract

Today we are in an information society. Live information is strategic both for the cus-tomer and the portfolio manager. This means that the best way to fight against risk is toact and react very quickly. This way of thinking leads to short-term planning process.

This paper presents the place of portfolio management in the short-term planningprocess in France. Today, portfolio management is greatly influenced by institutional or-ganisation and new technologies. New competences are needed, new competitors andnew strategies appear (for bankers) and generate a new organisation of this industry as awhole.

Changes in Banking and Stock Exchange Professions

Banking professions as well as stock-exchange professions have greatly changedthese last fifteen years.

This evolution, or revolution, concerns both securities and market fields. Means ofpayment back offices, as well as credit activities back offices, and in fact all the bank-ing and financial professions, have evolved because of new technologies. Today, becauseof the conversion of the European Unique Money, these changes become increasinglyimportant, influencing all the professions in this industry.

Regarding portfolio management, the two main aspects of this activity, the Back Office and the Front Office, have greatly changed .

The complexity of adoption and adaptation to a new technology stems from the factthat the outcome results frominteractions among a number of diffusionprocesses.

(Carman J. & Tournois N. 1998).

Figure 1 shows an overall conceptualisation. Some of the arrows in the figure rep-resent a diffusion process. The new technology has an effect on portfolio managementBack Office, on portfolio management Front Office, and on inter-banking structure.These effects are diffusion processes, reflecting the way in which each of these threeadopt the new technology.

The adoption is made through a series of actions and reactions that impact the port-folio management professions. These processes are not simple one way diffusion pro-cesses. On the contrary, these are interactive, and represented by bi-directional arrows inthe figure.

Volume 30 Number 5 2004 59


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While only implicit in the figure, it is important to note that the introduction of anew technology engenders great changes in portfolio management activities and in thebanking system as a whole.

When the new technology becomes integrated, and the industry recovers its stabil-ity, we can observe altered consumer behaviour and altered competitive structure. In thiswork, we have tried to show these evolutions in portfolio management.

1 The Back Office

As to security Back Office, and Stock Exchange Back Office, evolution is as impor-tant in big administrative centres as in specialized back offices.

Moreover, evolution does not concern only Back Office itself, but also the strat-egy of Back Office: is it essential to have ones own Back Office ? Isnt it better tosubcontract some of the tasks ?

It is the Back Office structure itself that is questioned again. The important re-forms of the Paris Stock Exchange, as well as many other financial places, question theBack Office concept. The European unique money reform leads to consider that it isnecessary to have a global vision of back offices.

A. The operations processing.

All the back offices have in common the same activity support : the information. Back offices are real factories, specialized in dataprocessing, which look after the whole pro-duction chain:

Managerial Finance 60

Portfolio

Management

New

Technology

Back

Office

Front

Office

ConsumerBehaviour

Inter-banking

Structure

Figure 1: Portfolio change diffusion processes resulting from new technology.


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- purchasing of raw materials,

- receipting and controlling the quality of delivered product,- classifying (or codification),- storage,- materials accounting,- transformations,- delivery of transformed products,- data safety standards (cryptogram in known codes such as SWIFT),- management control and knowledge of production costs,- pricing policy for commercial networks,- billing.

During the past few years, these tasks have become more and more complicated,due to internationalisation, which implies the respect of new standards.

B. The specific constraints of the Back Office.

All these constraints can be resumed in terms of risk control, profitability, dialogue withthe other sectors of financial institutions, intrinsic responsibilities and relations with ex-ternal authorities and supervision authorities.

The constraints of risks control

Risks control is more difficult than it used to be. Risks were estimated less importantthan they are today, and headquarters were less sensitive to them. Yet risks already ex-isted, but the profession of market operator was more simple and well wrapped in pre-cisely defined rules. Back Office simply followed established procedures and did not

play a prominent role of controlling. Therefore it was not really responsible in the busi-ness.

Regarding this point, it is important to point out, that up to 1987, (year of theworld-wide Stock Exchange markets crash) the double entry bookkeeping did not existin France. During this period, the huge proliferation of bills in waiting had shown whatthe danger was for banks.

The constraints of profitability

Fifteen years ago, back offices were considered as cost centres, a necessary dis-ease, and were the concern of the general organisation.

Back offices were considered as operators, working on the demand of front of-fices. Consequently, back offices did not have a direct perception of the final custom-ers, they were unknown to the customers. They didnt perceive any link between thequality of the service or the consistency or the frequency of operations.

After the 1987 crash, everyone became suddenly conscious of the outstanding im-portance of the quality of Back Office services, for the profitability of financial institu-tions.



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The golden boys of Wall Street became aware they had lost their power. A cul-

tural revolution took place. At the same time, people in charge of the Back Office be-came equivalent of people in charge of the Front Office. Back offices became profitcentres.

The evolution of key factors

They were numerous, and of completely different kinds.

These included the following:

- diversification of information and/or events the Back Office has to dealwith. This diversification is linked to the permanent innovation regarding fi-nancial products, which multipliesthe number of parameters to be considered.

- Internationalisation another type of diversification leads to a new behav-iour, and therefore new consumer expectations, and generates new trades forback offices. For example, regarding securities, the concept of custody(global custody, or subcustody) became current policy.

The profit margins evolution

Front Office does not work any longer on profit margin operations that reap 10 to 20 %.Today, it works on hundreds or thousands of a percentage point.

Considering these circumstances, profit or loss gaps, may result either from the

quality of the Front Office service or from the Back Office. This situation offers allguarantees for the adjustments settlements and the security of the operations.

The settlements and deliveries

After the crash of 1987, the undersizing and inaptitude of back - offices, with regard tothe volume of business transactions, clearly appeared (partly because of the outstandingbills).

It is at that time that the Paris Stock Exchange market tackled the great reform con-cerning the settlement/delivery systems, which led to the creation of RELIT ( an auto-mated system, considered by many as a worldwide reference) involving all the partners of

the Paris Stock Exchange market (intermediaries, institutions and supervisory authori-ties).

The content of traditional activities

Information flow management needs have a perfect knowledge of information channels.The problem is no longer to enter and to produce, but to pilot, to survey and control fromend to end the efficiency of the chain, to detect dysfunctions in order to take the neces-sary action. Flow management must be secured, so it disposes of indicators at thekey points of the chain.



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The inventory control

If apparently this has become a more familiar area, it is not however a simpler one. Thisactivity has been regularly remodelled by the Paris Stock Exchange market, establishingqualitative criteria, which may be compared to the highest international norms.

Back offices profession organised itself by creating a French Association of Se-curities Professions (AFTI) which contributes to create and to apply the rules of thegame and the reference norms. In connection with this, the terms of reference of a portfo-lio manager and of the mutual funds holder has been drawn up and show the importancegiven to new norms and to the quality of the Paris Stock Exchange market in the interna-tional competitive context.

The productivity and scale economies constraints

Portfolio management, becoming a more and more industrial activity, appropriate indus-trial management concepts are adopted, such as productivity and scale economies. Oper-ating costs are very high in banks, and automation reduces these costs.

At the same time, the level of required skills increases, and margin shortening leadsto a more severe global policy of production cost.

So, new skills have appeared: management control, organisation control, and com-puter science development.

Moreover, new profit sources appeared with new Back Office professions. Forexample, the securities advance loan gives to the securities owners the means to enhance

their assets and to obtain gains, enabling them to obtain stockholders equity.

Finally, Back Office has (with its new concepts) a commercial function, related tothe quality of the product or the service sold to the customer. Back Office is also be-coming a fundamental element of the image of the intermediary.

Today Back Office communicates with the client by providing information about:

- his assets,

- achievement analysis, clients accounts consolidation,

- announced operations,

- transactions on assets held by the customer.

The Investment Services European Directory ( DSI : Directive Europenne sur lesServices dInvestissement)

Thanks to this Directory, the notion of European Markets is created.

This Directory enables any European financial operator to operate in the Commu-nity after having obtained his European Passport.



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It sets the rules of the market control the first aim of which is to end the brokers

monopoly (since 1997). Even if this first text is important, it only transformed the com-petition existing between the different actors, whereas its final goal is a competitive reor-ganization between membersstates and markets.

The industrial revolution

This revolution was (as it is often the case) very painful for many actors: many people leftthe profession, arbitration was implemented between core skills and non core skills(which can be subcontracted), with all the social and technical consequences involved.

The professional requirements have been transformed, integrating new skills likesubcustody or global custody.

Most often, the industrial characteristic of portfolio management led to heavy in-vestments. Today, the admission fee to the profession is evaluated 150 millions FrenchFrancs, to which it is necessary to add the annual budget of computerscience develop-ment, which is particularly high.

Moreover, the average profitability of French banks is distinctly lower than theprofitability of European competitors. This leads inexorably the French banking industryto Back Office subcontracting needs.

This is a real strategic reorganisation of the French banking sector, obliging banksto converge; (the withdrawal of J.P.Morgan in 1995 from the securities profession, andsubsequently the withdrawal of Credit Lyonnais, and at the same time that of other bankslike Socit Gnrale or Chambre Syndicale des Banques Populaires, specialized in this

profession).Technology is more and more sophisticated. Its costs continue to increase and the

financial constraints, linked to the technical ones, do not carry a very high level of elas-ticity.

The main advantage of French banks which want to take part in the Back Officemarket lies in the modernism of Paris Stock Exchange market and in the remarkable reli-ability of its settlement/delivery systems.

A new problem appears with the evolution of the stock exchange market, the pro-fessions, the systems, the European opening: the protection of the financial marketsagainst the systemic risks. These risks consist in the possible consequence of the with-drawal of one of the competitors and are liable to induce serious dysfunctions.

In 1990, the Ble Committee (composed by the central banks governors of the tenmost important nations) defined norms adopted by the governors of the European Cen-tral Banks in 1993. These norms aim at a correct risk evaluation by each financial institu-tion so as to limit them in relation to their fellow members (bilateral limits) and in relationto the financial market (multilateral limits) and to limit risks, by a guarantee system.

The interbanking means of settlement contributed to lead to a great complexity ofthe channels depending on the different means of payment, the different types of marketoperations and the different mediums used (paper or electronic) .



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This structure disappears, and a new one, more simplified takes its place. The prin-

ciple consists in consistency and rationalisation of the different systems. Almost each oneof them has its own standard and a specific information channel.

In France, since a few years, all the securities are no longer paper materialized, sothat all the transactions are driven through two settlement/delivery automatized systems(RELIT and RGV).

The means of payment are driven through a unique system (SIT).

This means that the consequences of this organisation are that the different back of-fices which correspond to the different professions of a bank:

- means of payment,

- securities,

- stock market rooms,

must be jointly organized. The concept of differentiated back offices must be replacedby the concept of transversal Back Office operating on all the lines.

The second strategic consequence for the bank is related to the means necessary tobecome successful. It is clear that a great number of financial establishments or bankswill not be able to follow the trend, either because of organisational problems or financialproblems.


Figure 2:The new organization of back offices.


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The developments and questions raised by this new organisation will have an im-

pact on the professions, as well as on the actors.

These impacts can be articulated around four main ideas :

The impact on the structures

As we have said before the different back offices will have to work together. Thesetting of the new competitive structure is based on cooperation, in terms of transversaldata bases, in order to get a global view of risk management and of flow control.

The organizational impact

Banks treasurers must take into consideration their flow management (whatever the ori-

gin), and the daily risks that they can induce on the management of competitors. So, thisimplies vision of the market activities, of securities operations, of stock operations andthe accounts department flows.

Instrument panels and indicators must correspond to these new needs, enable banksto have a global vision and look for the proper informations to evaluate the nature and thequality of the risk in each section.

The logistic impact

This impact is linked to the creation of the right set of computer tools, as well as beinglinked to the human resources problems such as:

- changes in the definition of dealing rooms,

- changes in the skills,

- changes in the levels of job evaluations,

- changes in the work process and the internationalization.

The processes impact

Back offices must redefine data processing, follow up processing and control process-ing.

The analysis of all these impacts leads any bank to question their capacity on

whether they have to subcontract or not their back offices.

At this point, it is very significant to note that cost is perceived as a main discrimi-nant after having considered the fundamental criteria (a study was done by the CaisseCentrale des Banques Populaires).

In a priority scale, these are :

- adaptability (to the market, and to the technology),

- ability to respond to clients specific needs, including international needs,



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- security,

- secrecy,

- adaptability to Front - Office needs.

So, the main problems consist in logistics and skills.

To summarize, the question is whether it is better for a bank to invest in human andfinancial assets so as to get a good logistics and a good Back Office, or it is better to in-vest in financial management and in capital assets operations, and in all operations con-cerning the main traditional functions of a bank.

This question arises in almost all the banks which worry about their profitability,and which want to concentrate their efforts on the major strategic goals.

2 The Front Office

The Front Office is the commercial part of portfolio management.

Its evolution, due to new technologies and new norms (linked together) is not inde-pendent from the Back Office evolution.

The quality and the personalisation of the relationship is tightly linked to the per-formance level of the Back Office.

The Front Office profession is changing with the arrival of banking emarketingand the taking into consideration of the new technologies in news coverage and commu-

nication. Thanks to their storage power and their electronic power data processing, theyoffer the opportunity to accede to the privacy of their clients and create new relationshipswith them. The e-marketing allows a personal approach one to one and one to few.The e-marketing mix takes the place of the traditional marketing mix with the goal of im-proving the brand loyalty policy and the conquest of the market. This new policy is devel-oped through the promotion of new products and new services issued from the newtechnologies, by the creation of virtual channels of distribution and customer relationshipon line, by a new approach in pricing, and the creation of new means of communica-tion.

Emarketing takes its place in the general dispositions of distribution of the estab-lishments which create virtual direct banks. This new marketing assumes that there is anintegration of telecommunication in the heart of Front - Office executive headquarters

and a partnership between the data processing management and the marketing manage-ment.

We witness the introduction of the new technologies called CRM (Costumer Re-lationship Management). The new work station gives the counsellor the possibility tohave a better dialogue with the clients and to manage commercial campaigns consistentwith one to one marketing. The informations concerning the client and his backgroundare accessible on the computer screen of the counsellor. This counsellor has access tosoftware which enables him to take everything into consideration and, at the sametime, proposes various solutions. We observe a decentralization of the marketing/selling



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operations and re-allotments of the marketing functions of the functional departments to-

wards the operational departments.

Front - Office can establish its own approaches, independently, and customizescripts for campaigns in relation with the market and the structure of the clients and ofpossible new client targets. Front - Office can be free to choose its development and themethods to reach its commercial goals.

The CRM solution leads to a more profitable personalized relationship, and al-lows the generalization of the onetofew marketing approach.

Of course, the counsellor becomes a collector of informations, to enrich the database. He collects microinformation (on the client), he has macroinformation in his pos-session ( the information on the market, on the products) and megainformation (general

information in order to best serve his clientele).

Now, new technologies enable the financial institutions to get a real informationsystem which provides a good knowledge of the client. This knowledge is global and dif-fers from the past one, which was fragmented according to the different operational chan-nels.The new Front - Office needs a synthetic image of its clients. This is the role of theclients information system.

Information and communication techniques are part of the direct commercial pro-cess. The informationcommunication channel develops on its own. More and morebanking and financial services will be included in other services like work, culture, sportand leisure. TV channels begin to offer packages of services as, among them, financialbanking informationcommunication services. The relationship with the client is entirely

altered. The banking sector will not go on considering itself as a sector with its advan-tages and internal professional reactions.

For the future, banking may be considered more as a group of services which canbe held by actors belonging to other sectors. For example, the online channel process-ing of stock exchange orders can be commercialized by industries such as telecommuni-cation.

Today, no company could question the necessity of its presence in the Internet.Hopefully, such is the inertia of the market that any change takes long enough to be un-derstood by the customer. So companies have enough time to digest and make use of it.

The Internet phenomenon is a part of the popular vocabulary but in many cases (al-

most three quarters of the clients) does not correspond to any concrete application.

On the other hand, users of new technologies are the most attractive customers, andthe image of the establishment depends greatly on its adaptability to this type of technol-ogy. It is a paradox to consider the development of Internet in portfolio management, inprivate banking, in top of the line activities, considered in the past, as activities based ona close relationship between the portfolio manager and his client. However, Internet port-folio management is becoming increasingly more important. It is a good way to maintainthe existing top of the line clientele, and to reach for the average customer which is thenew target of private banking.



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Because of globalisation and deregulation, customers are better informed, and are

becoming more demanding. The required level of service quality is increasing. That iswhy the portfolio marketing remains traditional, and consists in being innovative andqualitative. The personal relationships policy of a bank, based on portfolio management,becomes a relationship based on individual answers to clients needs, on investment secu-rity, on product and service quality, on cost transparency and product performance.

In this context, Internet and new associate technologies bring main competitive ad-vantages. Nowadays, we have to associate the notion of portfolio management to the re-search of the highest economic efficiency. The top of line clients demand on linetransactions, for simple orders as well as operations control. Portfolio management dif-ferentiation is based on technologic innovations and on its creativity. Internet comple-ments the preferential relationship between the client and the manager. The combinationof these two capacities enables the bank to provide a global quality service for a hard to

please clientele.The financial institutions have to remodel their offer, and the productmix. They have to make a strategic analysis, an operational, organizational, human, ju-ridic and fiscal impact analysis, and draw up a business plan eventually.

With Internet, the portfolio manager has access to the charts and financial datacomparisons of different world markets. He is able to offer financial legal advice and ad-ministrative formalities.

The available software, integrated in the financial institution, is performing threemain functions:

- sales marketing,

- profitability by client evaluation,- risks consolidated management.

This software is able to integrate different internal sources of information, to con-solidate data in order to get a precise evaluation of the customer relationship, and to ob-tain a good control management.

Internet users are a good target for portfolio managers. Many studies made inFrance show that the revenue of these people is 60 percent higher than the revenue of theaverage consumer. These people have been studying for many years. The profile of theInternet user is very similar to the profile of the first buyers of personal computers tenyears ago. They have, in their portfolios, more financial products than the traditional cli-ents and generate profits which are 30 percent higher than the average client.

Of course, intense competition will appear, and will contribute to the reduction ofthe Bank commissions and to the increasing volatility of the market.

Internet is contributing to re-engineering the distribution costs and leads to a newconcept of portfolio management profession: a more active knowledge of clients, imme-diately translated into a personalized offer of products and services. So now the problemis to offer products and services, available only on the web. This medium, considered atfirst like an added distribution channel, is becoming an essential aspect of the relationshipwith the top of line clients. It is also one of the best means of differentiation.



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It is important to note that, this channel is going to induce partnerships and alli-

ances with other actors. The quality of this virtual network is a key success factor of frontoffice e-business strategy. The average financial assets of the clients are becoming largerand larger as the number of connections is increasing, whether on a qualitative or a quan-titative basis (skills knowledge: centres of interest, needs).

Front - Office can develop virtual communities which are structured and organizedfor a special community : professionnal or cultural or economic. The market area answersto the needs and the problems of a targeted community and can be developed in differentways : communication (forums, e-mail, debt), collaboration (online calendar), personal-isation (home-page conception and realization), commercialization (large and targetedoffer). The goal for front - offices is to develop the strong feeling (for Internet users) ofbelonging to a community. The Internet userclient interacts on this new exchange area,acquires a kind of new citizenship and creates his own references world.

Every component of the community has to be satisfied, as well as the community asa whole. Thats the way front - offices can create a business village, a reference site forexample for a professional targeted channel, with free services and paying services.

The organization of a business village privileges the concepts of confidence,credibility, and service quality. Front - Office is the centre of different partnerships andalliances with various actors, and contributes to the establishment of a successful inter-mediation, where added value is consequent.

If the community is well organized by the Front - Office, it becomes a locked mar-ket, almost impervious to competitors. The Ebusiness enables to integrate the clientwithin the information process. That is the way the client is taking the power away from

the Front Office.

Front - Office evolves from a production information system to a distribution infor-mation system where the concepts of profile and traceability are the main elements. Now,Front - Office must succeed in transforming a spectacular technical initiative into a longterm distribution strategy. It must demonstrate its ability to attract new clients, to keepthem, in what is called the stickiness. It must be able to offer a financial opening,unique point of access to multiple informations, centered on the client. It is certainly oneof the best centre to offer all the available transactions on Internet. The client has a moti-vation to be connected to the bank web site: consulting his accounts and demanding in-formation on his securities in hand.

Front - Office can offer detailed information to different communities (differenti-

ated by common centers of interest or by common activity centers). Information can bediversified: on the public aids, on the evolution of regulation, on the fiscality changes,even on educational subjects and games. Moreover the open door strategy enables Front -Office to provoke a better perception of the service and of the bank, because of its person-alized content.

Conclusion

The analysis and points of view which have been presented herein lead to a global recon-sideration of the question of commercial relations.



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Probably, commercial business never worked simply with transactions but also

needed to entertain relations. Now, these commercial relations become a basis for mar-keting reflection due to many reasons.

The first reasonis due to the fact that the consumer is in a phase of changes. Theconsumer is not so easily traceable in simple and well-structured categories. There is nolonger a standard model.

The consumer becomes increasingly unstable. So, the traditional marketing toolsused for Front - Office become questionable. It is now difficult to acquire a middle classunfamiliar new client just by offering him a standardized product and using advertisingcampaigns.

Today, there are many types of consumers with different expectations and atti-tudes.

Meanwhile, some characteristics seem to be common today to most clients:

- the need for a social tie and a dialogue,

- a lack of consumer fidelity,

- the research of a product close to his personality,

- a superior rationality to the pre-existent one which consists in a comparison be-tween various propositions,

- a new way to fight against risk: the short term planning.

With the arrival of new technologies, Back - Office is making great progress. Thisprogress is automatically followed by the subsequent development of Front - Office. Thetwo operations become strategic for firms.With the split of the scope of its activities,Front - Office presents two points of view. First, it keeps its human side with the workingcontribution of the portfolio investment counsellors. Second, it sizes up a technologicalaspect with the emergence of virtual banks and on-line systems offered to the custom-ers.

The key event is the advent of quality and constancy in the private banking pro-posal.The information provided to the clientele is making rapid progress and is reliable.

The factual news are expressed by punctual data. We can summarize this in figure 3.

Traditionally, customers received a general information via the financial newspa-pers, the Radio and TV. Henceforward, with regard to information, the consumer finan-cial behaviour is different: on line news lead to immediate reactions.

This trend is increasing with Internet technology and the new means of informationwhich are more and more numerous with the arrival of new technologies. For instance,TV channel Bloomberg provides live, in all the details of the worldwide stock exchangemarkets, economical and financial news.



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All these matters lead to short term reactions, as those to German Momentum In-vestors who make investments as soon as informations are available (that is to say whenevents happen).

Risk perception and, consequently, attitude of customers are becoming quite differ-ent. We witness changes from problem approach/middle long term reflection towardsproblem approach/ immediate reaction and live action.

This new approach fits into the process of short term planning management.

The second reasonis due to the new technologies which give the opportunity tothe Front - Office to focalize this business to the clients and not to the products.

The relations between the clients and the Front - Office are becoming interactive.

We assist to a new definition of the relationship between the clients, Front - Officeand Back - Office. We may even assist to a new concept: the offer will create the de-mand. The new marketing one to one is appearing. A new system Front - Office, cli-entssuppliers is merging with the arrival of the cash less society and a newdefinition of the role of the different partners.

Similarly, it appears that banks have to agree on common principles and then, to co-operate on the definition of common technical norms, if they want to succeed. To be suc-cessful, a product has to be accepted by all banks (for example: means of payment), andthe centralized unique Back - Office of the Banque de France (for means of payment aswell as for securities) obliges banks to work together every time they begin to think of anew technical product.

This process consists really in a new organization of the banking system as a whole.We can summarize this tendency in chart 3.


Figure 3: Evolution of consumer risk behaviour facing up to new type of information.

Traditional Information Factual information

Structure No structure

Ranking Live

Knowledge Information

Risk is in opposition withreflection

andlong term planning.

Risk is in opposition withimmediate action

andshort term planning.


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Level of

Specializatio

Competitio

Cooperatio

Agreeme

1 2 3 4

Principle

Norms

Product

Product - Assembly,

Speficity, Sub

Time

Chart 3: The cooperation basis of the technical competition.Level ofrelationship

Specialization

Competition

Cooperation

Agreement

Product - Assembly,Specificity, Sub-Contract

Products

Principles


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This means that today, in portfolio management as in the banking system as a whole,

(as in other technological sectors) it is impossible for firms to innovate, if they do not co-operate first on common technological principles and norms.

Because of new technology, the concept itself of competition has to be removed.

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