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Banking reinvented: Beyond value chains to value networks

The banking industry is seeking out value networks to drive innovation, scalability and speed.


From competition to co-opetition 
Many Fintech players already own the characteristics that banks desire. Banks are not protected from obsolescence and the risk of disintermediation is real. Industry risk profiles are being redefined.

Banks are focusing on open innovation, which is at the heart of the digital transformation, engaging with external technology solutions, knowledge capital and resources early on in the innovation process.

Banks need to adopt a flexible, customer-centric strategy.  They must become more responsive to cultural change, manage a digitally savvy workforce, keep pace with regulatory and security demands and explore the technologies that underpin the new wave of value networks.

Eighty-nine percent of banking business and IT executives said they are already either using or experimenting with APIs and industry platforms


Key Findings

Removing limitations
Incumbent banks have three main limiting factors in tackling change:

  1. A gap in technology acumen and expertise in the “decision rooms”: Since technology is no longer an enabler of strategy but serves as a critical competitive advantage, improved technology capabilities could help banking leaders make informed decisions, faster and more effectively.

  2. A gap in the speed of change and time to act: Banks should evaluate their degree of “readiness” to change and take action. Banks need to accelerate the pace of innovation and revitalize their businesses if they are to remain competitive.

  3. A cultural attitude and aversion to change and risk: Start-ups may have the advantage of having less to lose, but being too conservative is risky in a fast-changing, digitally disruptive environment—culture must not be a barrier to the concept.

These limiting factors can be overcome when banks focus on digital financial solutions to redefine their businesses.


Three fundamental “truths”
Banks must consider:

  • Platforms rule. Using platforms, banks can build an ecosystem of partners that operate outside current industry boundaries to establish disruptive revenue streams.

  • Data is the new currency. Traditional detailed data on customer interactions contains vital information around developing a better and more tailored online/mobile presence (such as improving cross-selling opportunities), which gives banks a considerable advantage over Fintechs. 

  • Agility is key. A “faster,” more agile organization, where every aspect of the business excels, is better equipped to compete at speed. Banks need to avoid a linear or incremental perspective and be prepared to manage the resultant risk.


Mauro Macchi
Mauro Macchi
Senior Managing Director – Accenture Strategy, Banking 
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Steven Westland
Steven Westland
Managing Director – Accenture Strategy, Technology Strategy
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