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The banking industry is displaying cautious optimism around its growth prospects. Ninety percent of the 140 bank finance officers surveyed by Accenture expect to see growth increase in 2015.
Accenture’s extensive interviews show a careful, but positive vision for the coming year, but one also tempered by concern over macroeconomic uncertainty and an unpredictable debt crisis playing out in Europe.
Despite expected obstacles in Europe stemming from a simmering debt crisis and general macroeconomic uncertainty, the 1,250 surveyed senior finance executives spanning nine major global economies and 12 industry sectors expect growth in revenue in the future.
In terms of strategic priorities, the most common banking sector response is cost reduction, with some growth. Nearly all respondents—99 percent—agree that business process outsourcing supports a range of growth objectives.
Accenture’s extensive survey of 1,250 senior finance executives—140 chief bank officers—display a cautious optimism around future growth. Banking executives are unique in expecting their growth to come primarily from Asia (35 percent), with Europe next (27 percent) and North America expected to account for only 18 percent of the total expected growth. A large number of those surveyed see a mix of organic and inorganic drivers for growth (36 percent).
Barriers to organic growth are seen coming from economic uncertainty (47 percent) pricing and/or cost competitiveness (44 percent) and competitive dynamics (44 percent). For inorganic growth, barriers highlighted by respondents include difficulties finding attractive targets (51 percent) and high acquisition prices (50 percent).
February 7, 2014
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