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2015 Technology Vision for Banking

Digital ecosystems built for the emerging "We Economy" reinforce the need for the Everyday Bank.

Overview


This report offers a banking industry perspective on the five digital trends outlined in Accenture’s Technology Vision 2015. Each trend reinforces the strategy for banks to become an Everyday Bank—digitizing their operations to fulfill their customers' financial and non-financial needs.

  • Internet of Me: Banking, personalized at scale

  • Outcome Economy: Device-driven banking solutions

  • Platform (R)evolution: Defining ecosystems, redefining banking

  • Intelligent Enterprise: Smarter, more efficient banking

  • Workforce Reimagined: Bank employees collaborating with machines

Learn more about Accenture Banking.

Background

A top priority for banks today is to become an Everyday Bank. They need to digitize their operations and become a part of an interconnected ecosystem of cross-industry providers that pivots around customers’ everyday needs.

The five trends outlined in Technology Vision for Banking 2015 underscore the concept of the Everyday Bank. They emphasize the need for banks to master the shift from “me” to “we” to usher in the “We Economy,” where new possibilities of partnerships and collaboration can yield growth and profitability enabled by digital technology.

The Everyday Bank Vision

The Everyday Bank Vision:

By capitalizing on the trends, banks can make big bets toward a profitable future and become an Everyday Bank.

Analysis

Respondents of the Technology Vision for Banking 2015 survey, comprising 243 executives from some of the world’s leading banks, agree with the importance of adopting the trends.

  • Eighty-eight percent believe that industry boundaries will blur as platforms reshape industries into interconnected ecosystems.

  • More than half of respondents view delivery of the new “Internet of Me” experience as a top priority.

  • Nearly 90 percent believe that with the adoption of more intelligent hardware, sensors and devices, new business models will shift the focus of selling from products or services to outcomes.

  • Two-thirds are already using open innovation programs to integrate applications and collaborate with business partners.

  • Eighty-four percent agree they will need to focus on “training” their machines as much as their people in the next three years.

  • More than 75 percent believe that successful businesses will be the ones that manage collaboration between employees and intelligent machines.

Recommendations

Building interconnected ecosystems, extreme channel integration and flexible IT systems is not an easy task. Utilize the recommended 100-day action plan to build the foundation for becoming an Everyday Bank.

  • Internet of Me: Appoint a cross-functional team to champion and develop the end-user experience based on a deeper understanding of who they are and what they want.

  • Outcome Economy: Catalog the outcomes your customers are trying to achieve and map those outcomes to current product and service offerings, to identify the gaps.

  • Platform (R)evolution: Conceptualize your business as a platform upon which others can build services.

  • Intelligent Enterprise: Develop a comprehensive understanding of software intelligence and the advantages it provides—from making decisions to self-evolution and discovering opportunities for innovation.

  • Workforce Reimagined: Uncover opportunities for integrating technology to increase your workforce’s operational efficiency and workplace safety. Tap knowledge from the human resources, business and technology areas.


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