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Digital strategy execution drives a new era of banking

Digital disruptors are attacking the banking industry, redefining customer expectations and reshaping industry boundaries. From competitors to customers, processes to people, banking executives who want to lead in a digital economy need to make fundamental changes to how they operate.

Large incumbent banks know they need to move rapidly to react to digital disruption. But while each bank has its own digital journey, executing at the right speed, with the right governance model and mind-set can be a fast track to success.

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Digital strategy execution drives a new era of banking

  1. 1. Being digital Digital strategy execution drives a new era of banking July 2015
  2. 2. The banking industry is under attack from digital disruption From competitors to customers, processes to people, banking executives who want to lead in a digital economy need to make fundamental changes to how they operate. • Start-ups are driving changes in customer expectations • Established digital leaders are extending banking services into non-banking digital ecosystems where they are already dominant Digital transformation Copyright © 2015 Accenture All rights reserved. 2 *Source: “Everyday Bank,” Accenture 2014 return on equity for both mature or emerging markets achieved through digital* 5%
  3. 3. Banks must act fast in the face of rapid change Banks can fully realize their digital future by executing the right digital strategy. BANKS NEED TO: • Embrace disruptive growth and transformational change • Appoint Banking, Technology and Digital entrepreneurs • Adopt a “being digital” mind-set, inside and outside the business Time is of the essence Copyright © 2015 Accenture All rights reserved. 3 ONE MIND-SETTHREE GOVERNANCE ROLES TWO SPEEDS
  4. 4. Executing at two speeds Copyright © 2015 Accenture All rights reserved. 4 *Source: “Everyday Bank,” Accenture 2014 Balancing new growth options with transformation of the core SPEED 1—Disruptive: the rapid adoption of new options for business growth (e.g. crowd everything, data monetization) SPEED 2—Transformational: fast change in the core business of banking (e.g. addressing customer, enterprise and operational strategies) of bank revenues are at risk from new digital business models* 32% Digital disruptors are attacking the banking industry, redefining customer expectations and reshaping industry boundaries. Banks need to embrace two speeds:
  5. 5. Banks need to appoint three “entrepreneurs” Three entrepreneurs need to work together in a highly collaborative manner: • Banking entrepreneur—re-orient your business to balance value and risk • Technology entrepreneur—flex your platform to render the organization more open, flexible and scalable • Digital entrepreneur—delight your customers by anticipating their desires Governing with three roles Copyright © 2015 Accenture All rights reserved. 5 Customer experience
  6. 6. Evolve the bank’s culture, internally and externally Being digital on the outside: Using digital to improve customer engagement and the customer experience. Being digital on the inside: Using digital to adapt internal banking practices to deliver and stimulate the “being digital” agenda Adopting a “being digital” mind-set Copyright © 2015 Accenture All rights reserved. 6 *Source: “Digital Double-Down: How Far Will Leaders Leap Ahead?” Accenture 2014 of digital transformers see shortages of digital skills as a top challenge and have concerns about attracting and retaining top digital talent* 61%
  7. 7. Orchestrate a new everyday banking ecosystem Where next? Copyright © 2015 Accenture All rights reserved. 7 Current execution models must change to simplify customers’ lives and offer services of unprecedented diversity and value. To satisfy customers and stakeholders, take advantage of: TWO SPEEDS THREE ROLES A BEING DIGITAL MIND-SET REINVENT BANKING
  8. 8. Stay Connected • Fast-forward to the right digital strategy • Seven essential “no-regret” capabilities • Embrace the future of work and your people will embrace it with you Learn more about this report at www.accenture.com/DigitalBanking Being digital 8Copyright © 2015 Accenture All rights reserved. Read other reports in the “Being digital” series: Follow Us–Twitter www.twitter.com/AccentureStrat Watch Us–YouTube www.youtube.com/accenture Connect With Us–LinkedIn www.linkedin.com/company/accenture- strategy
  9. 9. 9Copyright © 2015 Accenture All rights reserved. About Accenture Accenture is a global management consulting, technology services and outsourcing company, with more than 336,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high- performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.accenture.com About Accenture Strategy Accenture Strategy operates at the intersection of business and technology. We bring together our capabilities in business, technology, operations and function strategy to help our clients envision and execute industry-specific strategies that support enterprise wide transformation. Our focus on issues related to digital disruption, competitiveness, global operating models, talent and leadership help drive both efficiencies and growth. For more information, follow @AccentureStrat or visit www.accenture.com/strategy

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