Disruption, distraction, and digital. These three words have defined the COVID world and will continue to dominate commercial banking well into 2021.
Last spring, commercial banks around the world did something rather miraculous—in a matter of weeks, they stood up end-to-end digital loan and grant disbursement programs across the globe, positively impacting nearly every SME, commercial and corporate client on the planet. In the moment, the industry witnessed first-hand the power of digital when it is unleashed in commercial banking.
Unfortunately, banks have not yet translated this incredible digital effort into their existing technology, capabilities or culture. In 2021, the commercial banks that make the pivot to the future, develop a clear and forceful strategy to deploy digital to their clients, and simultaneously shore up their digital foundation, will be set to own the Roaring Digital ‘20s.
But how, exactly? Following the success of our top trends forecast from last year, we set out to answer this question. After extensive internal deliberation and conversations with our clients and other industry experts, we’re excited to share our thinking. Here is what the global commercial banking team at Accenture forecasts will be the most important trends for the industry in 2021.
We would love to hear your thoughts on the year ahead for commercial banking. If you would like to talk through any of the above trends, please reach out to your Accenture lead.