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This Accenture report offers an overview of the current state of the banking industry, and how banks should consider responding. The time has come for them to challenge their old conventions and become future-ready by prioritizing technology. It is time to commit fully to change, because in a steadily fragmenting market, every bank is now a challenger.
After a decade of disruption, a digital end game is emerging in banking. Winners and losers will come from both traditional and challenger sectors. Profit compression, the increased cost of risk, and accelerating digital transformation are all leveling the playing field for banks. Another super-cycle is gaining momentum: Share and revenue are leaking out of banking into other industries, especially bigtech. This is driven by ‘ambient banking,’ where banking services disappear into the background of our digital lives and industry barriers blur. The outlook is strong for banks that address four imperatives for success. Read Accenture’s report to find out more here.