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More banks to collaborate with digital partners

Anuradha Shukla | June 16, 2016
Will enable banks to offer services tailored to customer preferences.

52 percent of bank executives expect to be working with new digital partners within their industry in the next two years, according to a new report by Accenture.

Collaborating with digital partners is expected to enable banks to offer services tailored to customer preferences.

Forming new digital partnership is driven by technology innovation that is changing the banking industry at a very high rate.

85 percent of bank executives anticipate that the pace of technology change will increase rapidly or at an unprecedented rate over the next three years.

"For banks, building platforms means understanding the privileged place you have earned in the customer ecosystem arising from trust, connectivity or proprietary data and appreciating the value of that position in the market," said Alan McIntyre, senior managing director, head of Accenture Banking.

The platform 'glue'

83 percent of bank executives surveyed believe platforms will be the 'glue' that brings organisations together in the digital economy, and 46 percent said that adopting a platform business model and engaging with digital partners are very critical to their success.

Of the banks that expect to be working with new digital partners, 42 percent expect those partnerships to be outside of the banking industry within the next two years.

74 percent of bank executives believe a more fluid or 'liquid workforce' will improve innovation by introducing more diverse thinking and individuals to the process.

84 percent of respondents agree that trust is the cornerstone of the digital economy, and 76 percent strongly agree that they are exposed to more risks today than they are equipped to handle as a digital business.

85 percent agree that a lack of data security and ethical controls could exclude them from participating in other companies' digital platforms and broader ecosystems.

 

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