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Banks that harness new technology and embrace the three horizons of change have the opportunity to take a larger share of consumer payments, grow deeper relationships and reach more customers.
In the post-crisis environment, banking organizations worldwide need to make significant changes to their business model, cost base and operations to drive a recovery in return on equity. At the core of these changes are new technologies, which are redefining consumers’ behavior and expectations toward their banks.
While the latest wave of technology is part of the challenge, it can also help deliver the solution. In fact, technology will account for up to two-thirds of the profitability uplift required to be a high-performing bank. So the question is this: Is your organization positioned to be a winner in technology-enabled transformation?
In this report, Accenture sets out the journey banks can take to reshape and transform from their legacy model to an information-led business fit for the future, and identifies the three horizons of change where technology can activate new banking business models.
Explore the Technology that Matters interactive website: www.accenture.com/technologythatmatters
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Banks in developed markets are struggling to reach a sustainable level of profitability in the face of increasing regulatory costs, and volatile revenues have exposed high and inflexible cost bases.
Many emerging market banks are struggling to maintain profitability, as margins are under pressure and investments in new capabilities are required to capture growth opportunities. At the same time, banks worldwide are facing an inexorable move to a digital marketplace, shifting customer behaviors and intense competition.
These changes require banks to manage technology differently. Banks need to move from their historical approach of building and managing the overwhelming majority of their software and technology solutions in-house. Instead, they must progress to a more diverse and balanced approach, focused on sourcing and orchestrating the best available technology solutions.
The banking industry is in the midst of rapid and accelerating adoption of new technology–but faces critical challenges in exploiting it fully. It’s time for banks to seize the initiative by using technology to deliver the transformation they need.
Accenture believes that the industry leaders are moving toward a fresh and differentiated vision for banking: the connected and digital bank—a new type of banking organization in which business and technology are more closely aligned than ever before. As such, the challenge for banks is to explore new opportunities for technology change, creating the basis for new banking business models offering higher return on equity.
To help banks make the right calls, Accenture has identified three horizons of change where technology can activate new banking business models.
Improve business performance. Improve revenue generation, operational efficiency and risk management of existing business models.
Extend business models to new markets. Extend business models to new markets and new customer bases through new distribution and operation approaches.
Develop new markets and new business models. Access new revenue streams and develop new economic models for providing financial services.
Banks can harness new technologies to drive critical changes in their business models.
In these videos, Accenture explores how technology initiatives can helps banks in the post-crisis environment and looks at the three, key horizons for change:
Horizon 1: Improve Business Performance – Optimizing the digital customer experience
Horizon 2: Extend Business Models to New Markets – Expanding access in untapped markets
Horizon 3: Develop New Markets and New Business Models – Drawing new connections to create value
November 14, 2013
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