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May 26, 2016
Learn how banks can exploit five emerging technology trends for bigger, better business outcomes.
To learn more, visit https://www.accenture.com/bankingtechvision
People First: The Primacy of People
in the Digital Age
2016 Accenture Technology Vision for Banking
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.
It’s time for banks to join
in and welcome others
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platforms have the
power to drive banking
• 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
• 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 value for banks is being fueled by three key
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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
Two user groups generate
network value for each other,
resulting in mutual benefits
that drive demand-side
economies of scale.
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
How should banks
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Banks should consider operating across a
combination of five key roles:
• Relationship player. The bank owns the
relationship with customers, leveraging partners to
• 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
• Innovation playmaker. The bank participates in
digital banking ecosystems, using a full spectrum of
approaches to provide capital and to enter new
• Digital ID enabler. The bank operates a secure
platform, offering consumers access to digital
Erase the trust
paradox in banking
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trust paradox is
• 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
relies on two major
Ethics and Security
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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.
Banks can combine ethics with stronger security
strategies toward higher digital trust:
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Adopt a zero-tolerance
approach with a cyber-
risk appetite in moving
toward open and
Rethink identity and
using more innovative
security and others—
into new products.
Identify indicators of
risky insider activity to
detect early signs of
possible fraud or
Bank on “fluid” teams
focused on results
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Banks realize a
“liquid” workforce is a
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.
To start and progress their
banks must develop new,
more fluid, workforce
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Build learning as a
core competency in the
organization to actively
generate skills that are
Use technology to
coalesce and disband
internal and external talent
at your disposal for new
insightful analytics that
provide a real-time view
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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:
and skills to
• 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
crowdsourcing, application developers
and traditional outsourcers, to
supplement the core internal
The essential new
co-worker in digital
Banks have an
opportunity to improve
• 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%)
Banks can drive more value by pairing
Intelligent Automation with people
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Machines analyze banks’ massive data
simultaneously in seconds to be used by bank
advisors to offer more personalized service.
Automate, speed up and off-load more routine
tasks and free executives to focus on higher-value
Machines quickly access and analyze Big Data to
verify customer identity, understand problems, find
solutions, recommend services and hand off to a
New ways of
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.
Serve low-to-medium net worth customers with a
personal touch which banks could not do profitably
in the past.
People + machine possibilities
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
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Banks need to be
proactive to spot the
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• 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
ecosystems likely to
usher new disruption
The opportunity? Predicting digital disruption
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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-
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
• 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
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With predictive capabilities, banks can develop
strategies to forge new roles and new paths
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