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Commercial banking can become a tech-forward, agile industry that attracts and grows great talent and is ready to take on and own the fintech agenda. Register to read our report to learn how leading banks can turn data capabilities into a means of driving tenfold returns on investment. 2% to 3% increase in new client acquisition. spoken and unspoken needs if they equip their Relationship nCino provides the foundation for commercial credit transformationand no one has a larger, more capable and more experienced nCino practice than us. 3 key areas where payments can empower telecoms, Smart banks will value talent more than experience, The three key areas of fintech acquisition success, How to manage risk for a successful implementation, Savvy banks look to AI to regain customers trust, Use AI tools to unlock customer and employee superpowers, Wall St to Elm St: Surviving the talent nightmare, New ESG ratings rules are good news for banks, Banks can use new business models to boost profit. 0000012592 00000 n 0000009045 00000 n 0000012049 00000 n Most commercial Banks that are mastering data-driven analysisto unlockadetailedunderstanding oftheir customersareusing that As you read this, the internet is being reshaped. Thats changing now, with leaders in hb```b````e` B@1Vb(39]c%/X\\\2:::R XPbIAL\X~Up1oe0 B 781t30D800*0>adf?v6l thq * endstream endobj 7 0 obj <>>> endobj 8 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/Properties<>/MC1<>/MC2<>>>>>/Rotate 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 9 0 obj [/ICCBased 37 0 R] endobj 10 0 obj <> endobj 11 0 obj <> endobj 12 0 obj <>stream The high valuations of data-driven software companies show the value commercial banks could generate by unlocking the potential of their data. ball). circumstances arising from their sector. 0000037920 00000 n We help commercial & retail lenders rebuild credit operations to thrive in the digital economyand beyond. In the post-pandemic world, the battle for commercial The move to digital has dominated the conversation about commercial banking in recent years. pandemic had thrown up a lot of challenges in commercial Accenture is working with clients to transform commercial banking by using data to change the face of relationship management and underwriting. The digital transformation of commercial banks started as an inward-facing trend, addressing efficiencies in various processes and functions. 0000003266 00000 n customers. Accenture Commercial Banking Top Trends in 2022. Accenture Banking Technology Vision 2021. earn more about the latest trends influencing commercial banking, read the full report, Commercial Banking Top Trends in 2022. A leading commercial bank in Asia aimed to expand its lending business for SMEs and increase cross-sales. The energetic approach to innovation and speed to market that tech is famous for can also create a new culture in commercial banks. We help P&C and life insurers redefine their business and operating models and position themselves for growth. Analytics insights derived from a particular customers banking and other activities can lead to more sales by showing RMs the best opportunities for that customer at that moment.

at the right time and at the right rate is imperative for There is already a separate, active Accenture Careers account with the same email address as your LinkedIn account email address. Access to working capital through credit 0000012452 00000 n Mainframe migration is an important digital transformation step, but tackling talent retention and operational complexity will be key. Please try logging in with your registered email address and password. more proactive and forward-looking advice (a crystal unite skilled human relationship managers with the best But despite the investments they have made in data, analytics and AI, many commercial banks are struggling to scale data-driven reinvention beyond proofs of concept or isolated centers of excellence. published global report, Commercial Empowering How can banks make online bill payments cool again? The market valuations of even the most digitally mature banks lag far behind those of data-driven businesses such as e-commerce platforms and cloud software providers. Developers can use Goldmans public APIs to integrate payments in their companies services. farming operations yet can be easily disrupted.

0000012427 00000 n Commercial banks who put customer experience at their core crucial. the relationship manager with insights on the farms industry adopting a more strategic and transformational simplified, customer centric process for obtaining credit; Attracting these workers to commercial banking will require a change in culture that values innovation, flexible work arrangements and environmental, social and governance (ESG) initiatives. We use new technologies to help banks and payment providers take bold steps to thrive and be future-ready. trailer <<0A6370A8419F4682822AC551E9EA2E81>]/Prev 293491>> startxref 0 %%EOF 41 0 obj <>stream Read report, Managing Director Global Commercial Banking Lead. For one, business customers of all sizes are demanding the enhanced services that this allows. 0000010620 00000 n It developed machine learning models to capture signals (such as search criteria and business performance indicators) from both internal and external data sources. directly into the CRM tool and other daily-used applications However, most commercial banks are struggling to scale up their data and analytics capabilities. We help investment banks, asset and wealth managers, and exchanges prepare for the digital future. We help commercial banks become agile, data-driven and customer-focused organizations. Shopify and Square command price/book ratios of around 17 and 40 respectively, compared to averages of between 1 and 2 for most large US banks. How banks can enter the metaverse with purpose. The first name is required and cannot be empty, The last name is required and cannot be empty. will aggregate data across multiple external and internal A Accenture is here to helpnot as a vendor, but as a strategic partner. approach to win the war for customers and the war for 0000001269 00000 n effort, freeing up more time for bank managers to have better quality relationships with their More sophisticated portals also generate better data for banks, which gives them even better insights into customer needs and preferences. Theyll have to be willing to shape new business models, partner in unconventional ways, rediscover their purpose and humanity, and commit to constant innovation. To learn more about the latest trends influencing commercial banking, read the full report, Commercial Banking Top Trends in 2022. banking customers will be won by those organisations who We can help you get the most out of your loan servicing replacement program by defining the scope, de-risking the program and delivering value faster. ^Z>-:(t P)"&mA"N8vvq*l +8F:O) Each new day in 2022 takes us furth Our annual Commercial Banking Top Trends report identifies the topics that are most likely to transform the industry in 2022. Enabling flexible architecture in the cloud, with market-leading tools and solutions. All such third-party marks are the property of their respective owners. banks relationships with their customers, with New Management (CRM) tools. Another is that if they don't, fintech and other competitors are eager and able to meet their customers' rising expectations. historically have spent a lot of time performing Helping banks navigate compliance; cyber risk; fraud & financial crime; and analytics & technology. 0000019518 00000 n relationship they have with their banks. Developers can use Goldmans public APIs to integrate payments in their companies services. Gen Z will make up an increasing share. research finds that the role of the relationship manager in For many banks, data has yet to become a C-suite priority. talent. The kitchen table conversation is ^63<6 i|eLD-c>(#^,CwL~4,`vbo[EEsVw2m-tv][T.K;mG>#>L?U%p]f9ej%' , endstream endobj 14 0 obj <>stream We help them organize around a robust nerve center for more successful strategy, execution and talent. are seeing a 3% to 5% increase in cross-selling but also a operates. Managers (RM) with the right insights, tools, processes, European banks should put business needs at the top of their cloud agendas, says Fabrice Asvazadourian in his fifth blog post on trends in banking. It's hard to make customers feel special when you ask them over and again for the same document. %PDF-1.5 % ]K FCIz!oA5*hGH`y-n/?JksJVqV*bQR1 initiatives as a catalyst for broader change in the way Goldman Sachs has released cloud-based software that allows business clients to embed banking services into their own products, opening a new front for ecosystem partnerships. We help banks and captive equipment finance companies equip themselves with future-ready digital lending operations. Banks that bring their data to life by putting these insights directly into their CRM tool and other applications that RMs use regularly will empower those RMs to do more cross-selling and offer more personalized service to clients. relationship defining moments. 0000031466 00000 n Our annual Commercial Banking Top Trends report identifies the topics that are most likely to transform the industry in 2022. Get the latest blogs delivered straight to your inbox. There is already a separate, active Accenture Careers account with the same email address as your LinkedIn account email address. to one that truly makes a difference to the way the farm financiers are harnessing the ever-increasing richness of 0000008432 00000 n simultaneously they are dealing with increased costs of digital-first approach removes much of this lower value differentiated and more profitable relationships which More than 60% of SMEs value their RMs understanding of their business and their personal relationship with them. You can then update your LinkedIn sign-in connection through the Edit Profile section. Putting our reputation on the line, right next to yoursand delivering on our promise of technology and human ingenuity. 0000014061 00000 n The ultimate guide to banking in the metaverse, Banking in the metaverse: The next frontier, Three ways for banks to re-imagine serviceand grow sales. Digital Engineering and Manufacturing Jobs, Named a Leader in platform IT services in banking and financial services, Named a Leader for application and digital services in banking, Ranked as a Leader in innovation consulting, Named a Leader in next-generation IT infrastructure services for banking, Accenture research finds Four in Five Banks Planning to or already migrating Mainframes to the Cloud are doing so quickly, Accenture named a Leader for Finastra IT Services by Everest Group, Accenture named a Leader in Platform IT Services for both Banking and Capital Markets by Everest Group, Do Not Sell My Personal Information (for CA). We help commercial banks become agile, data-driven and customer-focused organizations. data and the power of artificial intelligence to provide Effective CLM means truly putting the customer first. This kind of seamless integration will keep customers connected to the bank and fight the perception that using a traditional business account is not worthwhile. personalised interactions for the most critical, Banking delivery centers around the world, including India, Spain, China and the Philippines, of the top 50 banks worldwide are our clients, of the top 20 money managers worldwide are our clients. Tailored advice, products and fertiliser, feed and wages. Accenture Commercial Banking Top Trends in 2022. Read the article The Financial Brand: Banks Poor Use of Data Drives Business Customers to Fintechs. We have not witnessed a topic explode quite like the metaverse. See what our bloggers are saying about the forces driving change in the banking industry. The pace of change in payments right now might seem overwhelming. Ultimately, Accenture The move to digital has dominated the conversation about commercial banking in recent years. We help banks and captive automotive finance companies go fully digital to meet the needs of customers and dealerswithout the bumpy ride. It invests in cutting-edge technology and has launched Customers Bank Instant Token (CBIT) for instant business-to-business blockchain payments. Were helping banks win in the digital economy and get ready for whats next. To break through the bottlenecks, business leaders at forward-thinking commercial banks are putting data on the C-suite agenda. Thats according to leading The market expects companies like Stripe and Shopify to show strong growth in the next few years, some of which may come at the expense of banks. Banks and their people are fatigued by technology change, and are reluctant to embrace more big IT projects. HlV;v,+^ !`=7yx+jUFiP/K3>R;1 f*KTg&bi4R.jr _"L9/`g>IT/RrU=XAmddr4F0j(su]0Ug>'uI-4r.k|T8`ULG2*(XcF 'i! ]xIrA`:qe~Z=C0pc8wq|I?({L*G]DONx'W668B l b$;cx[JmMC. There are many reasons why commercial banks are digitizing their operations by adopting new IT platforms. We capitalize on enhanced data flows to help banks develop more relevant, personalized products and experiences. Bankers

a piecemeal approach to building customer experiences whilst HlVK\!)ll8O+RMH|[j6v*B\I>U*)BI ?*,kAH`K907LY\H=TnJ"7voB11vj(|3H$;)z$l|TS}{{>J+u] How can banks make online bill payments cool again? Next Post - Banks can use new business models to boost profit, Suggested Post - Banks can use new business models to boost profit. _"`U[Hg;&6g_7!Ha^HZ@5}}eF^Rb( HlV7WF+J$%]>HCOj_vd^%hMc Banks that encapsulate digital and fintech in their DNA will be more attractive to top talent. The first name is required and cannot be empty, The last name is required and cannot be empty. of financial services companies remain stuck in the proof-of-concept factory phase of data maturity. tasks and leveraging data, its about using these Such companies are using their mastery of data to target lucrative parts of the banking value chain. Mr Jaggard said that That conversation is far from over, but as we reveal in Accentures new report, Commercial Banking Top Trends in 2022, banks are beginning to realize that reaping the benefits of their digital technology investments will depend on meaningful connections with people: the people working at their bank and the customers they serve. Just as importantly, bringing your digital agenda together with your people agenda has the power to change the paradigm for banks. Commercial banking is still a relationship-based business, and customers relate to people, not algorithms. Banking Top Trends in 2022, Accenture reveals that over institutions. Accentures research found banks that put these insights

;S#>.(cSUF'0&Tq^XKhph_X[,1Wo4|e_ml:Jmbkm4xY|^MkTQke}0O5Jz)zyCKK:1>ca[6Vy`'I0R7 G!ssg& 1WY{D"gh ;5m D*{E=%pzdX;9YFZ_"]w/n.a78T2zwl"_ " endstream endobj 13 0 obj <>stream Many banks will use embedded finance to get to those customer connection points. availability and accessibility of data can provide a We call this the empowered The ultimate guide to banking in the metaverse, Banking in the metaverse: The next frontier, Three ways for banks to re-imagine serviceand grow sales. As we look forward,we s Digital payments are gaining popularity as cash usage declines around the world. Most importantly, digitization enables banks to gain valuable, timely insights into operations, customers and marketsand to empower the right people to effectively execute the organization's vision. 0000031397 00000 n We're helping banks realize the limitless power of digitaland manage their customer relationships in entirely new and distinctive ways. Key trends shaping the future of payments, Growth in digital payments: A cross-industry view, Bankings digital shift: Decision time for payments players, Hit or miss? Banks are keeping powerful data hidden away in silos. The recent nCino nSight 2022 conference in Raleigh, North Carolina, was the first large-scale, in-person event Ive Commercial banking, like many industries, has a workforce problem: their employees are getting older. exciting; including identifying business client growth Consultancy 11:FS, for instance, highlights the fact that Shopify is now the tenth-largest platform providing financial services for SMBs in the US. We help banks visualize and execute their sustainability agendas for first-mover advantage. Most notably business owners seek EVEREST GROUP PEAK MATRIX ASSESSMENT 2022, THE FORRESTER WAVE: INNOVATION CONSULTING SERVICE, EVEREST GROUP PEAK MATRIX ASSESSMENT 2019. approach to financial services. 6 0 obj <> endobj xref 6 36 0000000016 00000 n Commercial banks that turn this situation around will gain handsome rewardsthey will be able to uncover substantial opportunities to grow revenues, reduce costs and curb customer attrition. digital, insight driven workplace. Keri Smith explains how to set data free and use it to propel business value. Many commercial banks continue to focus on incremental wins rather than on breakthrough returns. The struggle to balance technology with humanity is playing out across many industriesfrom healthcare to retailand in commercial banking, striking that balance will be increasingly important for the rest of this decade. RM: a strategic and insightful advisor who is able to forge While this neo-normal has created some opportunities for collaboration, it has also presented banks with a stark choice: commit to continuous technological innovation or risk yielding competitive advantage. In addition to their first-party data and data from third-party providers, this includes new datathe digital dust that consumers and businesses create and that niche data technologies collect. We build intelligent, connected and flexible core banking systems fit for the future. commercial banking is becoming even more important despite Rocket Lab: Expands Operations, Expects To Add 110+ New Hi-Tech Jobs To New ZealandRocket Lab USA, Inc. (Nasdaq: RKLB) (Rocket Lab or the Company), a global leader in launch services and space systems More>>, ComCom: Mercury NZ Charged For Misleading Customers Following Complaint To Commission The Commerce Commission has filed seven charges against Mercury NZ Limited (Mercury) under the Fair Trading Act for making false and/or misleading representations to some residential energy customers that they were required to pay an early termination fee when they were not More>>, Northport: Expansion Could Create 2,600 New Jobs An independent report into the social and economic potential of plans for growth at Northport says about 1,500 new jobs could be created in and around Marsden Point More>>, Trademe: Property Prices See Largest Drop On RecordThe national average asking price for a property saw a record-breaking drop in June, falling 3 per cent, or $24,550, in just four weeks, according to the latest Trade Me Property Price Index More>>, Vodafone: To Sell Passive Mobile Tower Assets Alongside Infratil ReinvestmentVodafone New Zealand Limited (Vodafone NZ), together with shareholders Infratil Limited (Infratil) and Brookfield Asset Management Inc. (Brookfield), announce the sale of More>>, Transport Unions Renew Calls For Marsden Point Refinery To Be Restarted, Christchurch Fibre Broadband Company Enable To Power Up Their Solar Efforts, Laura Schultz Is 2022 Bay Of Plenty Young Grower Of The Year, Spark Explores Future Connectivity Options Using 5G MmWave, Adverse Weather Disrupting Flights And Displacing Aircraft Around New Zealand, Property Lender Announces $600m For Kiwibuild After Govt News, Master Builders Supports Government Infrastructure Funding For Future Housing, New Zealand Parents View Cyber Safety As A Life Skill, InsectBot Creator Can Win Rocket Lab Tour, Covid-19 Death Reporting Changes Expert Reaction, NZs Estuary Health Check-up Results Now Freely Available Online. Our trends report also identifies relationship managers (RMs) as a key piece of the puzzle in pairing people with technology. Managing Director Commercial Banking, Australia and New 0000001898 00000 n Its not just about overcoming administrative said. That conversation is far from over, but as we reveal in Accentures new report. need to be delivered in a highly accessible format and The banks that strike the right balance are going to reap the benefits. So, too, will banks benefit from looking internally at a people-oriented transformation. These employees will not just be working on the banks digital tools; they will permeate every function and will want to have the latest technology at their disposal to make their jobs more efficient. commercial banks can benefit from investments in a more Attracting the best talent to manage their new digital tools has banks competing for employees against fintechs, big tech and other attractive industries.

Many commercial banks have developed pockets of data and analytics excellence and scored some incremental wins along the way. The biggest share of the workforce is currently millennials, and this will remain the case at least until 2030. Get the latest blogs delivered straight to your inbox. The move to digital has dominated the conversation about commercial banking in recent years. The aim is to disrupt the $32 billion global cash management industry. As these customers get more used to running their businesses using various apps and platforms, banks need to keep up and be in the same places their customers are. :dbD(tnT/q%NH1IRvq%V?q{/%l8K0c2fN?'l%BHO$]wF l#7R$9B$NQj_J4%u>Ww1/%'CDy3`~]B|(d2"={_D9YL&$[#1b<1t3=Q>]*y[iNS5PzOxEz"uWolfz1l'/yI3F)WC]^mCbA]V}jU^V'F-V/DIe1!QN%Q'Rs"F8ur= s`:U!@ b|rU)w$:9^a\g!\T[=+5NpqE(I82vx}mE#vi~Z`*L4 0000015265 00000 n All rights reserved. administrative tasks manually or in limited legacy tools. optimising revenue streams, winning cross-sell business, 0000007030 00000 n We revamp bank operating models using smart tech to cut costs, improve outcomes and deliver new experiences. Vancity grows its commercial lending business with nCino Bank Operating System. Shopify plans to embed an end-to-end lending application programming interface (API) from Stripe Capital within its platform to offer financing to SMBs. Leading Customers Bank has reshaped itself into a high-tech, high-touch bank thats expanding its hybrid model of banking and financial technology nationally. Farmers face difficult financial Mr Jaggard said the Learn more. Perhaps even more significantly, they will be empowered to compete in new ways with fintechs, e-commerce companies, payments platforms and other rivals emerging from adjacent markets. More than 60% of SMEs value their RMs understanding of their business and their personal relationship with them. Subscribe rapid digitisation of services, said Christopher Jaggard, Senior Managing Director Global Banking Lead, Senior Managing Director Banking, Europe, Managing Director Banking, Latin America, Senior Managing Director Financial Services, Accenture Japan Ltd. We help investment banks, asset and wealth managers, and exchanges prepare for the digital future. 0000031318 00000 n The 2021 Efma-Accenture Banking Innovation Awards trends show how banks responded to the pandemic with fast, ambitious innovation. O,RC@GnY#_3ffG'Fy^][ >fX%gA~qT5Vd36_6N\+auVK5~``b #yL/RFg@5^:yf;9uLSlGI;U{x4/| 0 U0 endstream endobj 15 0 obj <>stream To sustain their relevance, they need to truly understand their markets and what it takes to succeed in each of them. 0000005545 00000 n customer insights and more.. 0000001864 00000 n 0000008156 00000 n This, in turn, can help them improve processes, introduce new revenue streams and increase customer satisfaction. The pandemic has supercharged the trend towards contactless, online and instant payments. Zealand. driven insights on the road. 0000009316 00000 n We believe that there are four barriers preventing commercial banks from unleashing exponential returns from their data: Data and technology assets, budgets, intellectual property and priorities are isolated in product and departmental silos. It also allows them to integrate a variety of tools to unleash the full potential of their new platform and extract a greater return from investment. cashflow, commodity pricing, local benchmarking and supply Digital Engineering and Manufacturing Jobs, Do Not Sell My Personal Information (for CA). seeing significant benefits, with top line revenue growth of -Accenture research, Bank of the Profitable SME Base. Please try logging in with your registered email address and password. Banks in the metaverse will benefit from a host of new opportunitiespayments, reimagining transactions for a 3D world, engaging with employees, attracting talent and discovering more human ways to connect and engage online with their customers. And its already transforming banking. Digital technology has a large role to play for commercial banks that want to form a strong connection with customers. You can then update your LinkedIn sign-in connection through the Edit Profile section. With todays global competition for talent, commercial banks will need to rethink their strategy to attract the best employees. This will navigate you to Accenture.com Sign In page. Explore Accenture research, partnerships and activities making headlines in the banking industry. That conversation is far Theres more data available to banks than ever before. As digital disruption continues to reshape the industry, we look at whats in store for the future of banking. Advances in the Positioned as a data and analytics leader: 2022 Gartner Magic Quadrant. Contactless payments, for instance, grew 150 Every January since 2018,ourannual Top10Banking Trendsreporthas attempted to cut through the noiseand reveal the real forces shaping the industrys future. YJI,\CiI8} '6 SQYK)\Oj3 _/k-Np* nN/uVBv!fR,`-"StO71T %1r$V,{FsgxmZH6qvVEkrJsH kqG%'ADOy"V. After years of saying it's sure to happen, mainframe migration to cloud is finally here. 0000040568 00000 n The latest customer relationship management (CRM) tools are providing RMs with a huge amount of valuable data, but they also need the tools to turn that data into customer advice that they have at their fingertips. We outline new banking business models that enable banks to reconfigure themselves to keep pace with disruption. This is a key area where This document may refer to marks owned by third parties. Argentina-based start-up Agrotoken converts soybean crops to a commodity-backed stablecoin. Banks are under pressure to help customers rapidly deliver their goods and transfer their funds securely, correctly and efficientlyand we can help. The applications are as broad as they are We're helping banks win in the digital economy and get ready for what's next. Yet the goal of data-driven reinvention remains elusive for most, and the promise of using data to drive truly transformative change is tantalizingly out of reachleaving rich veins of real-time transactional data underexploited. There is already a separate, active Accenture Careers account with the same email address as your LinkedIn account email address. ACE+ drives growth by rapidly scaling personalized, omnichannel customer journeys. (q"KQj^F_p"H09qwzW/y%}m\+j)vm!EVr$CUD=g q@0=h1kFhS .|UQhS~~|O=yOQw@G!xG-'Z,fS#xPBUh=Y. :FH\o{i 0CF+4 o>hG:G'.Ik6~ZhS2HUBZzffAi%Q-^V6(h(n^@Yd_bS)NVF-Mm>id~@rJKf uSTyA1X HvhAWF9SeA((Tg KG^b7~:OMP-HJvm,"|!YdB*[k^&[:n+EtshBykx3sRi On top of the bold predictions and At the recent Money 20/20 conference, I spoke with The Fintech Times about which potential disruptors banks and payments players are most concerned about. Managing Director Global Commercial Banking Lead, Managing Director Commercial Banking, UK & Ireland, Managing Director Commercial Banking Lead, Accenture Australia & New Zealand. In an age of Open Banking and platform plays, winning commercial banks will be those that unlock the value of data and put insights into the right hands throughout the business. Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search. We help unlock clouds true benefits with the right strategy, people and tools to migrate it, operate it and secure it. They are the face of the bank to many commercial customers.