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Accenture Banking 2020: Building Blocks for Success in 2020

Accenture Banking 2020: Building Blocks for Success in 2020

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Published by Accenture
How can North American banks thrive in 2020? Accenture Banking identifies 3 building blocks for success. More at http://www.accenture.com/banking2020.
How can North American banks thrive in 2020? Accenture Banking identifies 3 building blocks for success. More at http://www.accenture.com/banking2020.

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Categories:Types, Business/Law
Published by: Accenture on Nov 14, 2013
Copyright:Attribution Non-commercial

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Building Blocks for Success in 2020
Sustainable competitive advantage. Banks can capture it by leveraging three building blocks—optimization and simplification, agility, and continuous innovation. Doing so could mean pre-tax return on equity levels of up to 18 to 25 percent.
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A journey through rough seas
Building scale was once synonymous with marketplace dominance for North American banks. But in the era of convergent disruption, scale is not enough. From consolidation to digital banking, complex forces are redefining the banking landscape.
An evolution, not a revolution
It’s easy to see how banks can get marginalized in a swirl of challenges. The good news is that an incremental path forward to sustainable competitive advantage exists for banks that invest proactively in their own futures.It all begins with
optimization and simplification
. This is working as efficiently and effectively as possible in the existing structure. Consider it a baseline, something most banks are already doing—eliminating accumulated complexity that limits them. This may be by improving channel fulfillment, streamlining the business with enabling technology, or taking other actions. Yet optimization and simplification only take banks so far. Improving profitable growth will require
agility
. From embracing digital throughout the business to reinventing customer experiences, agility is seizing opportunities and managing change as a tailwind. While banks have yet to achieve it broadly, agility is the new baseline for 2020.Finally, banking leaders in 2020 will stand apart through
continuous innovation
. The highest performers will be disrupters moving forward—acting as first movers in key parts of their businesses. This is not continuous improvement, but rather a willingness to redefine the banking landscape by introducing and responding to disruption.
Chart a new course to 2020
Most banks understand that they will have to makes some changes to realize sustainable competitive advantage. A clear path for success exists for those that start now.
How can banks go beyond just surviving to thriving in 2020?
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 Source: Accenture research analysis using SNL financial data, historical, current and projected financial performance of today’s top 22 North American banks with more than $50bn in assets.

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