Accenture’s partners at Nomis are to be commended for consistently providing industry leaders the opportunity to gather and learn at the annual Banking Growth Forum. In May, I was honored to speak at the Forum for the second consecutive year and was again reminded in talking to clients and other executives that these are exciting times to be in banking, as shifting consumer expectations, waves of digital disruption, and new competitors are converging to create both challenge and opportunity. In fact, the urgency to act is growing, especially on those challenges and opportunities driven by technology. Ninety-six percent of executives polled in our global Banking Technology Vision 2019 survey said the pace of technology innovation in their organizations had either accelerated or significantly accelerated over the past three years.
This leads me to one of the themes from my presentation—DARQ Power. This acronym represents one of five technology trends described in our vision report which draws on interviews conducted with thousands of business and IT executives including hundreds in the banking industry. DARQ stands for:
- Distributed ledgers, like blockchain, which is poised to expand networks by ensuring the integrity and security of transactions.
- Artificial intelligence, including the conversational AI systems so much in demand in retail banking.
- Extended Reality, including virtual reality and augmented reality technology, which is closing the distance between businesses, their customers, and their workforces.
- Quantum computing, which will usher in new ways to approach and solve our biggest computing problems.
Our research shows that any one of these technologies has the potential to reshape the banking industry—but as with many new technologies, it is their combined effects that could be truly revolutionary. One benefit: realizing the full potential of these technologies could bring banks ~20 to 25 percent cost savings.
Thanks to the Nomis team for the opportunity to present this important research at the Forum and to share my thoughts further in this video interview.