Investment banking firms are under pressure from all sides. Non-traditional competitors, commoditization and new competitive threats combine with cost-cutting that has reached the point of diminishing returns. Complex, inflexible operating and technology platforms make innovation difficult. As the technology consumerization continues, flexible sourcing of people, infrastructure, software and information—using cloud computing and “everything as a service” (XaaS)—has converged with new design, development and deployment approaches and tools. The central investment banking concept is changing. Big ideas come from unexpected places. A digital ecosystem is emerging—one that depends on the customers, capabilities and value proposition of each firm.

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Digital Disruption:
Embracing an Integrated Digital Ecosystem

2. Copyright © 2016 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.
Non-traditional competitors. Commoditization. New competitive threats.
Investment banks are increasingly in the competitive crosshairs of players
from inside and outside of the traditional industry. Plus, cost-cutting has
reached its limit, and inflexible operating and technology platforms are
squashing innovation.

3. So what’s
the way forward?
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An integrated digital ecosystem.
Successful firms must combine financial expertise with
digital sophistication to deliver value to customers and
differentiate from the competition.

5. Flexible sourcing of people, infrastructure, software
and information — including using cloud computing
and “everything as a service” (XaaS) — has
converged with new design, development and
deployment approaches and tools.
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To start, banks should take stock of
their current challenges and
prioritize innovation:

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Investment banks are less often at
the forefront of new ideas.
Banks are devoting three times as much money to
maintaining legacy systems as they are to building
new platforms needed for growth.

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Investment banks need external
collaborations to improve business operations.
In particular, they need to introduce systems to support new
products and better customer service.

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Investment banks must accept the changing
nature of technology providers.
Many providers see their role as helping to define and satisfy
end-client expectations and overall customer experience.

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Investment banks must access deep talent pools.
Attracting promising new entrants and adopting new technologies
enables innovation and scale at minimal cost.

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To gain momentum,
banks need to look ahead and
invest for the future by:

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Redefining clients, value
propositions and roles.
Understand how value is derived to identify
areas for investing, partnering and leveraging
third-party innovations.

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Embracing modern architectural
principles and concepts.
Design future products, services and platforms
that are experience-driven, service-oriented,
collaborative and cloud-based.

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Establishing a renewed focus on talent.
Recruit agile candidates who are focused on design,
and create an environment where such individuals
thrive and grow.

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Encouraging and institutionalizing innovation.
Add board members with a track record of digital success,
establish an internal growth council, cultivate promising digital
opportunities and form closer ties with venture capitalists .

16. LEARN MORE
about how investment banks are re-tooling for
growth with our full report:
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Digital Disruption:
Embracing an Integrated Digital Ecosystem