Joined Accenture in: 2013
Mads joined Accenture in 2013. Prior to leading the Financial Services (FS) practices in Denmark, he led the Danish Banking Practice in which he was driving a successful expansion of Accenture’s footprint at existing and new clients and within capital markets. Mads has extensive professional knowledge and many years of experience in working with insurance companies, banks and capital markets across the Nordic region.
What’s on the horizon:
The FS industry is in the midst of a digital transformation, combined with a dramatic shift in consumer behavior. In the banking sector, mobile payments are rapidly increasing and new competitors are entering the market, such as Google and Amazon that are cutting deep into the transaction part. Meanwhile, insurance companies are predicting new claims.
As we speak, we are conducting a number of projects within digital transformation where we are using more advanced artificial intelligence, like robo-advisors and virtual agents. We also see how the new payment regulative PSD2 will force banks to open accounts and transaction information to every third-party with consent from the account holder. This enables new aggregators – metabanks – to enter the scene. In the meantime, Internet of things (ioT) are providing insurance companies with a vast amount of opportunities, including connected cars and homes when software and network connectivity is built into devices and handled autonomously. The use of blockchain concepts and technology will impact the ecosystem in the mid- and long-term view by providing new prospects. However, this also implies that a number of middle-men activities will disappear. Clearly, it is an exciting time to be in FS. It will not be the survival of the strongest, but the survival of the fittest to change – for both our clients and ourselves.