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Being digital

Digital strategy execution drives


a new era of banking
July 2015

Digital transformation
The banking industry is under attack from digital disruption
From competitors to customers, processes to people, banking
executives who want to lead in a digital economy need to make
fundamental changes to how they operate.
Start-ups are driving changes in customer expectations
Established digital leaders are extending banking
services into non-banking digital ecosystems where
they are already dominant

5%

return on equity for both mature


or emerging markets achieved
through digital*

*Source: Everyday Bank, Accenture 2014


Copyright 2015 Accenture All rights reserved.

Time is of the essence


Banks must act fast in the face of rapid change
Banks can fully realize their
digital future by executing the
right digital strategy.
BANKS NEED TO:
Embrace disruptive growth and
transformational change
Appoint Banking, Technology
and Digital entrepreneurs

TWO SPEEDS

THREE GOVERNANCE
ROLES

ONE MIND-SET

Adopt a being digital mind-set,


inside and outside the business

Copyright 2015 Accenture All rights reserved.

Executing at two speeds


Balancing new growth options with transformation of the core
Digital disruptors are attacking the banking industry, redefining
customer expectations and reshaping industry boundaries.

Banks need to embrace two speeds:


SPEED 1Disruptive: the rapid adoption of new
options for business growth (e.g. crowd everything,
data monetization)
SPEED 2Transformational: fast change in the
core business of banking (e.g. addressing customer,
enterprise and operational strategies)

32%

of bank revenues are


at risk from new digital
business models*

*Source: Everyday Bank, Accenture 2014


Copyright 2015 Accenture All rights reserved.

Governing with three roles


Banks need to appoint three entrepreneurs

Customer
experience

Three entrepreneurs need to work together in a highly


collaborative manner:
Banking entrepreneurre-orient your business to
balance value and risk
Technology entrepreneurflex your platform to render
the organization more open, flexible and scalable
Digital entrepreneurdelight your customers
by anticipating their desires

Copyright 2015 Accenture All rights reserved.

Adopting a being digital mind-set


Evolve the banks culture, internally and externally
Being digital on the outside:
Using digital to improve customer engagement
and the customer experience.

Being digital on the inside:


Using digital to adapt internal banking practices
to deliver and stimulate the being digital agenda

61%

of digital transformers see shortages


of digital skills as a top challenge and
have concerns about attracting and
retaining top digital talent*

*Source: Digital Double-Down: How Far Will Leaders Leap Ahead? Accenture 2014
Copyright 2015 Accenture All rights reserved.

Where next?
Orchestrate a new everyday banking ecosystem
Current execution models must change to
simplify customers lives and offer services
of unprecedented diversity and value.
To satisfy customers and stakeholders, take
advantage of:

TWO SPEEDS
THREE ROLES
A BEING DIGITAL MIND-SET

Copyright 2015 Accenture All rights reserved.

REINVENT
BANKING

Being digital
Read other reports in the
Being digital series:

Stay Connected

Fast-forward to the right digital strategy


Seven essential no-regret capabilities
Embrace the future of work and your people will
embrace it with you

Learn more about this report at


www.accenture.com/DigitalBanking

Copyright 2015 Accenture All rights reserved.

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About Accenture

About Accenture Strategy

Accenture is a global management consulting,


technology services and outsourcing company, with
more than 336,000 people serving clients in more than
120 countries. Combining unparalleled experience,
comprehensive capabilities across all industries and
business functions, and extensive research on the
worlds most successful companies, Accenture
collaborates with clients to help them become highperformance businesses and governments. The
company generated net revenues of US$30.0 billion
for the fiscal year ended Aug. 31, 2014. Its home page
is www.accenture.com

Accenture Strategy operates at the intersection of business


and technology. We bring together our capabilities in
business, technology, operations and function strategy to
help our clients envision and execute industry-specific
strategies that support enterprise wide transformation. Our
focus on issues related to digital disruption,
competitiveness, global operating models, talent and
leadership help drive both efficiencies and growth. For
more information, follow @AccentureStrat or visit
www.accenture.com/strategy

Copyright 2015 Accenture All rights reserved.