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Accenture Technology Vision for Banking

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Learn how banks can exploit five emerging technology trends for bigger, better business outcomes.

To learn more, visit https://www.accenture.com/bankingtechvision

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Accenture Technology Vision for Banking

  1. 1. People First: The Primacy of People in the Digital Age 2016 Accenture Technology Vision for Banking
  2. 2. 2016 Accenture Technology Vision for Banking Intelligent Automation Liquid Workforce Platform Economy Predictable Disruption Digital Trust Copyright © 2016 Accenture. All rights reserved. 2 The Accenture Technology Vision 2016 identifies five technology trends fueled by the people first principle and that are essential to banking success in the digital economy.
  3. 3. The Platform Economy It’s time for banks to join in and welcome others 3Copyright © 2016 Accenture. All rights reserved. New technology platforms have the power to drive banking innovation • 83% believe platforms will be the “glue” that bring organizations together in the digital economy • 46% believe adopting a platform-based business model and engaging in ecosystems of digital partners to create value are very critical to their business success • 59% are already investing in a competitive digital technology program as part of their business strategy. • 52% percent expect to be working with new digital partners in their industry in the next two years; 42% expect to be working with new digital partners outside the industry.
  4. 4. The value for banks is being fueled by three key natural traits 4Copyright © 2016 Accenture. All rights reserved. Distribution Power Law Enables scale by allowing non- financial services providers in the network to draw on bank customer data in ethical and secure ways to generate new revenue in the ‘long tail’ of the distribution curve— avoiding diminishing returns associated with traditional value chain models. Network Effects Two user groups generate network value for each other, resulting in mutual benefits that drive demand-side economies of scale. Network Synergy Cross-industry, mutually-benefiting synergies around growth and competitiveness arising as the right participants come together, link their products/services and create a marketplace that satisfies a specific customer need that would be cost-prohibitive to do alone.
  5. 5. How should banks participate? 5Copyright © 2016 Accenture. All rights reserved. Banks should consider operating across a combination of five key roles: • Relationship player. The bank owns the relationship with customers, leveraging partners to provide solutions. • Platform provider. The bank provides a platform for sellers, buyers and content providers to interact. • Core financial services utility/manufacturer. The traditional role of banks in providing financial services. • Innovation playmaker. The bank participates in digital banking ecosystems, using a full spectrum of approaches to provide capital and to enter new businesses. • Digital ID enabler. The bank operates a secure platform, offering consumers access to digital commerce.
  6. 6. Digital Trust Erase the trust paradox in banking 6Copyright © 2016 Accenture. All rights reserved. Banks’ digital trust paradox is unsustainable • 84% of bankers agree trust is the cornerstone of the digital economy • 86% of consumers in North America trust their bank over all other institutions to securely manage their personal data • Customers rank financial services companies among the least trusted by customers to behave in ethical ways. 12015 North America Consumer Digital Banking Survey 22015 Edelman Trust Barometer Report
  7. 7. (Re)building bank customer confidence relies on two major components: Ethics and Security 7Copyright © 2016 Accenture. All rights reserved. 7 A culture of ethics in banking requires decisive actions in key areas: • Communicate clearly to consumers on customer data being collected, for what purpose, who can access it legally and how it will be used. • Use data primarily to offer customers reciprocal benefits that are directly relevant to the data and service being provided. • Be responsible to accurately collect, manage and access customer information, with accountability for the use of data.
  8. 8. Banks can combine ethics with stronger security strategies toward higher digital trust: 8Copyright © 2016 Accenture. All rights reserved. Adopt a zero-tolerance approach with a cyber- risk appetite in moving toward open and ecosystem banking. Incorporate next- generation security mechanisms in managing data security risks. Rethink identity and access management, using more innovative techniques. Integrate security solutions—such as security-aware application design, integrated database security and others— into new products. Identify indicators of risky insider activity to detect early signs of possible fraud or criminal activity.
  9. 9. Liquid Workforce Bank on “fluid” teams focused on results 9Copyright © 2016 Accenture. All rights reserved. Banks realize a “liquid” workforce is a competitive advantage 74% of bank executives believe that a more “fluid” workforce would improve innovation. 55% of jobs in banks that have a digital component today (compared to 50% across all industries); bank executives expect this number to increase to 61% in three years. 75% of banking executives believe in three years the proportion of workers will shift towards more multi-skilled, flexible employees.
  10. 10. To start and progress their digital transformation, banks must develop new, more fluid, workforce strategies 10Copyright © 2016 Accenture. All rights reserved. Skills Build learning as a core competency in the organization to actively generate skills that are in demand. Projects Use technology to coalesce and disband internal and external talent at your disposal for new innovative projects. Organization Optimize workforce responsiveness with insightful analytics that provide a real-time view of organizational capabilities.
  11. 11. 11Copyright © 2015 Accenture All rights reserved. Forward-thinking banks will go further to organize their workforces around business outcomes and business services (ex, giving customers a unified view of their financial picture), relying on: Best-fit delivery approach with “multi-speed” features Bank’s committed investment Value for the customer Service structured around an outcome Knowledge and skills to deliver and sustain it • Small teams that support the evolution of the outcome • Hard and soft skills—particularly, communications and collaboration— development and diversity embedded into the team • External skill sources, such as freelancers, contractors, crowdsourcing, application developers and traditional outsourcers, to supplement the core internal workforce
  12. 12. Intelligent Automation The essential new co-worker in digital banking Banks have an opportunity to improve operations • 86% of bank executives agree the widespread use of artificial intelligence (AI) provides for a competitive advantage beyond cost. • 77% expect AI will be a significant change or complete transformation for banking over the next three years • Banks plan to use cognitive information systems or increase intelligent automation: - Knowledge worker tasks (91%) - Customer interaction/experience (88%) - IT tasks (90%) - Embedded AI solutions (80%) - Machine learning (79%)
  13. 13. Better outcomes Banks can drive more value by pairing Intelligent Automation with people 13Copyright © 2016 Accenture. All rights reserved. Faster decisions Machines analyze banks’ massive data simultaneously in seconds to be used by bank advisors to offer more personalized service. Greater efficiency Automate, speed up and off-load more routine tasks and free executives to focus on higher-value functions. Highly-tailored customer service Machines quickly access and analyze Big Data to verify customer identity, understand problems, find solutions, recommend services and hand off to a human specialist. New ways of working Machines analyze job applicant traits to predict which ones will leave and recommend retention strategies—insights that HR managers can use to personalize employee programs. Capture new revenue Serve low-to-medium net worth customers with a personal touch which banks could not do profitably in the past. People + machine possibilities
  14. 14. Rally the troops. Leaders must be advocates for doing things differently as humans and machines work together more collaboratively. Sharpen the human edge. Revise the organization’s talent development programs to reflect the more strategic work that people will perform. Close the trust gap. Leaders can grow middle managers’ trust of intelligent systems by choosing systems with proven track records. Chart a course of discovery. Create a union of managers and machines that multiplies the value that each are able to deliver alone. Four ways banks can create more productive relationships between people and machines 14Copyright © 2016 Accenture. All rights reserved.
  15. 15. Copyright © 2016 Accenture All rights reserved. Predictable Disruption Banks need to be proactive to spot the next wave 15Copyright © 2016 Accenture. All rights reserved. • 85% of bankers agree that bank industry boundaries are being erased and new paradigms are emerging with every industry being significantly impacted • 45% of bankers say financial services companies are going through significant digital business transformation or digitally-enabled change • 27% of bankers believe the industrial Internet/Intranet of Things will cause a complete transformation of the industry Fast-emerging, cross- industry digital ecosystems likely to usher new disruption for banks
  16. 16. The opportunity? Predicting digital disruption in banking Copyright © 2016 Accenture. All rights reserved. 16 Large, traditional banks with strong consumer and corporate customer relationships across industries are particularly well placed to watch for and recognize three indicators of ecosystem- driven disruption: Rapid growth and patterns of digital ecosystems inside and outside of banking. Shifts—gradual or sudden—in consumer income and spending that may indicate needs and point to new bank products or services. Use of new technologies, such as the Internet of Things, to reshape industry processes, products and services.
  17. 17. • Envision your role, and new partnering relationships, in the next phase of economic disruption. • Pilot an initial foray into a digital ecosystem, targeting one business process, product, or service best aligns with your prioritization of potential disruptions. • Create new metrics to measure success in digital ecosystems by extracting insights from your pilot to uncover potential indicators. • Identify new skills demanded to support the expansion of your digital ecosystem strategy, and develop a plan to acquire these high-priority skills. • Continue to increase information security, boosting investment in machine-to-machine security and authorization technologies to support ecosystem-driven innovation. Copyright © 2016 Accenture. All rights reserved. With predictive capabilities, banks can develop strategies to forge new roles and new paths
  18. 18. 18Copyright © 2015 Accenture All rights reserved. to learn more, visit www.accenture.com/bankingtechvision
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Learn how banks can exploit five emerging technology trends for bigger, better business outcomes. To learn more, visit https://www.accenture.com/bankingtechvision

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