Building the next generation of Banking
Technology has changed the way people and businesses bank, and traditional strategies no longer work. Now is the time for bold new approaches to intensifying disruption.
of customers recently chose a financial product from a provider other than their main bank
of consumers would borrow from a non-traditional lender, but 32% said only if it was in collaboration with a bank
of revenues at risk between now and 2025 if card-issuing banks are slow to invest in next-gen payment options
the share of US banks’ working hours which could be impacted by technologies like generative AI
the average premium that commercial payments clients would be willing to pay their provider for value-added services
How to reinvent banking
Embracing change at the heart of banking
Core banking transformation and modernization are critical for better customer engagement. Innovating with technologies like data and AI and improving efficiency, agility and competitiveness are key to creating change that delivers results.
reduced time to market for new products achieved via core banking transformation
Enhance customer experiences
Enrich your customer insight with data drawn from all parts of the bank and improve your ability to offer more personalized and meaningful experiences.
Increase efficiency and reduce operational risks
Raise efficiency and productivity across all layers by adopting modern technologies to support your digital transformation—including exploring AI—and reduce organizational risks.
Innovate new products and business models
React faster to the changing environment. Increase your flexibility to test new operating models, business strategies and products, supporting competitiveness and growth.
Achieve valuable outcomes
Modern cloud-enabled core banking solutions offer faster time to market, improved levels of automation and scalability and lower total cost of infrastructure ownership.
Cyber security: Resilience by design
As cyber assailants become more adept, banks that can mitigate risk, strategically deploy assets and investments and assign accountability are a lot more likely to earn the trust of their customers.
organizations that closely align their cyber security programs to business objectives are 18% more likely to increase their performance, including revenue growth and market share
Strategies for cyber security
Ensure secure growth by designing and implementing the right strategy, organizational structure and culture, fully aligned with the business strategy.
Protecting the organization
Create, operate and optimize AI-powered security capabilities that track and safeguard the bank’s data, assets, systems and people.
Understand emerging threats, prepare for the worst and hone the ability to respond rapidly and effectively to increasingly inventive attacks.
Advance operations maturity
By reimagining operations, banks can improve operational outcomes across every part of the business, enhancing quality and efficiency and driving competitiveness and growth.
of banks are expected to adopt workforce agility at scale in the next three years
Deliver results to all stakeholders
Leading banks look beyond their financial targets to create sustainable, long-term results through talent, clients, sustainability, experiences and inclusion and diversity.
Decouple revenue and cost
Banks can increase revenue through enhanced operations and experiences without a rise in costs and without having to change their core banking system.
Optimize data and AI
By making data more readily available and using it more intelligently, banks can improve their operations and transform them with AI in places where it can make a significant difference.
Drive performance gains through innovative processes
Embrace an outside-in perspective to continuously improve operations. Many leading banks use virtual representations to visualize processes, as well as real-time data to understand how and where to improve them.
Expand automation and make better use of human potential
With 43% of US banks’ tasks lending themselves to automation, there's huge potential to increase process efficiency and redeploy workers to areas where they can add more value.
Employ an agile talent strategy
Enable more personalized employee experiences and align and upskill your teams to make the most of new technologies and talent pools.
Stay competitive in a contested payments market
Payments providers face the threat of disintermediation and share erosion. To compete and grow, they need a strategy that builds on their traditional strengths while investing in innovation and agility.
of digital consumer payments are expected to be conducted by non-traditional players by 2030
Core infrastructure must enable efficient compliance, innovation and differentiated experiences that meet customer expectations.
Embedding payments within the purchase experience is a key feature of online commerce. To meet merchants’ requirements, providers must integrate effectively with their systems.
The digital payments market, estimated at $81bn, is forecast to grow 21% yearly to 2030. To claim their share banks must review their operations, experiences and partner ecosystem.
Increasing customer intimacy and value
By using data and AI to tailor services, banks and other payments providers can make customers feel more valued, boost loyalty and share of wallet and raise their lifetime value.
Reimagined payments operations
Cloud, data, analytics and AI can enable providers to transform and automate their processes, drive growth and competitiveness—and sustainably cut costs by 30–50%.
Emerging trends present opportunities for lenders
Buy now pay later, lending as a service and alternative credit risk modeling are just a few of the opportunities banks can seize to open new revenue streams and enhance and solidify customer relationships.
of consumers would be more willing to use buy now pay later for big-ticket purchases if it were offered by their primary bank
Reinvent consumer finance with a life-centric approach
With consumer credit accounting for more than a third of retail banking’s revenue pool, banks need a deeper understanding of customers’ circumstances and goals. This will allow them to offer the right finance at the right time in more personalized and convenient ways.
Enhance corporate lending with critical data and new technology
By accessing real-time data and deploying new AI solutions, banks can offer corporate clients a more consistent and tailored self-serve digital experience across multiple channels—allowing clients to be more proactive and easing the manual burden on RMs.
End-to-end lending transformation
Draw on advanced data analytics, workforce approaches and processing power—as well as new technology such as AI—to make the shift to smart, lean and secure digital lending operations.
Cost-efficient solutions for small business borrowers
The SME sector has always proved difficult for banks to address profitably. Advances in data management and automation are making it easier to understand customers and tailor solutions, while improvements in channels and experiences are streamlining delivery.
Increase growth by leading the green transition
Banks have not only committed to reduce their own carbon footprint – they’re also ideally placed to help corporate clients achieve net zero emissions. This requires new skills but will create a new revenue stream and deepen client relationships.
of the leading banks we interviewed said they want to become stewards of an economy-wide transition to net zero
Confronting the sustainability imperative
A comprehensive, integrated sustainability strategy will enable banks to play a central role in helping organizations minimize their carbon emissions. They will also need enhanced data and analytics, a set of specific new skills and a different, enterprise-wide mindset.
An intelligent approach to the ESG challenge
Expanded and automated KYC processes and a robust ESG information architecture helps provide reliable data banks need to measure and manage customers’ transitions to net zero. They'll also be better placed to identify greenwashing and comply with regulations.
Lending products designed for sustainability
To develop green financing products and enable quicker and smarter credit decisions, banks are not only improving their data collection and management, but also integrating their controls and decisioning frameworks.
An operating model fully aligned with the bank’s ESG goals should encompass not only technology, data, processes and skills but also the right infrastructure, partners and culture.
Managing risk for competitive advantage
Advance your business strategy at pace by gaining better insight into the risks that threaten your bank—enabling you to see further ahead and respond more effectively.
of survey respondents say complex, interconnected new risks are emerging at a more rapid pace than ever before
Increasing operational efficiency
By automating many human tasks and augmenting employees with more current data and advanced technology, banks can significantly improve reliability, accuracy and productivity while facilitating regulatory compliance.
Insight-driven risk mitigation
Collect and monitor data from internal and external sources and use AI to identify anomalies and rapidly detect risks and fraud. This will allow you to respond decisively to protect the bank and its customers.
Reconnecting with the customer
Today’s digital channels are functionally correct but lack differentiation and empathy. Banks can restore the human touch by understanding customer intent and effectively deploying data, AI and cloud to offer more holistic and personalized propositions.
increase in bank revenue from primary customers could be achieved by taking steps to build more meaningful personal relationships
Taking a fresh look at the customer journey
To an increasing degree, customers want tailored banking experiences that match those of leading providers in other sectors. That means organizing the bank’s data around its customers, rather than its products and channels.
From basic interaction to conversation
Banks can offer, at scale, services and advice that are highly relevant to customers’ lives by having more productive conversations enabled by the power of cloud, data and new technology like generative AI.
From siloed offerings to holistic propositions
By eradicating silos and partnering with ecosystem players, banks can offer propositions that combine banking and non-banking offerings through multiple touchpoints. They could then also reward customers for the entirety of their relationship.
Transforming banking talent
Speeding up strategic execution, activating new ways of working, unlocking human potential and improving sustainability are some of the strategies industry leaders are prioritizing to develop a future-ready banking workforce.
of banking executives say external forces are accelerating the need for a reinvention strategy that addresses their talent shortage.
Securing top talent
Banks seek not only to recruit scarce tech experts but also to again become a preferred employer of all talent. To succeed, they should review their brand image and culture, their workplace and practices and how their people can build rewarding careers.
A compassionate approach to talent augmentation
AI holds the promise of far-reaching changes in how work is done, as well as in the quality and efficiency of its outcomes. To realize this promise and minimize the accompanying disruption, a holistic, people-centered strategy is essential.
Talent demands continuous change
AI isn’t the only force transforming talent; employees themselves are demanding more flexible roles, different work environments, less rigid career paths and an employer that leads with integrity. The future-ready banking workforce is a work in progress.
The human element is crucial to capturing the full potential of any operating model enhancements. Change management should be included in all transformation programs and all opportunities to augment people’s roles with data and automation are worth exploring.
What’s trending in banking
Awards and recognition
Leader in Payments IT Services by Everest Group
Our banking leaders
Senior Managing Director – Global Banking Lead
Lead – FS Industry Group, EMEA
Managing Director – Banking, Latin America
Senior Managing Director – Financial Services, Accenture Japan Ltd