Accenture - Commercial Banking Trends 2020
Accenture - Commercial Banking Trends 2020
COMMERCIAL
BANKING
KEY DIGITAL
TRENDS
2020 “From the front office
to onboarding and loan
COMMERCIAL origination, some thought
KEY DIGITAL
realize end-to-end digital
transformation this way.”
If that’s not enough, banks are still solving for the LIBOR transition Integration with the digital ecosystem.............................. 9
and many are on the cusp of a loan servicing transformation
related to the AFS Level III mandate—all during a potential wave of
M&A activity. 2020 will be an exciting year, and while five years ago
I was right in saying the next five years would be the most exciting
for commercial banks, the same holds true for the next five.
JARED RORRER
Managing Director —
Global Commercial Banking Lead
[email protected]
THE BENEFITS Emotionally, the end of the arduous and expensive digitization process feels
like the end of the transformation journey—but the next level involves much
Unlocking digital capability is both easier and less expensive than building lower investment for much higher returns. Industries like retail should be
digital foundations, but it’s a crucial hurdle—spending a bit more to get a lot viewed as omens of what is to come for commercial banking. As fintechs,
more value. A relatively small investment can realize auto-decisioning and AI and all digital capabilities continue to mature, the imminent threat of new
augmented credit decisions along with real data and new insights for RMs competitors will grow, and banks that don’t transform to digital in the next
that precipitate deeper client relationships, ultimately improving efficiency decade will find themselves left behind by default.
and sales. Additional data will improve credit quality and allow for returns to
be quantified. RMs will leverage technology to derive value beyond simple
management reporting.
A connected ecosystem of supporting technologies also makes the whole
greater than the sum of the parts. The more data collected and effectively
analyzed, the more banks can provide better and more specific client
insights to drive cross-sell opportunities and value-add client discussions.
* Financial News, Banks face spiraling costs from 50-year-old IT, October 2, 2017
** Ovum (TMT Intelligence / Informa), January 2018