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Accenture: Cloud imperative for banking – Growth Markets

Banking faces unprecedented structural shifts

For a number of years, the banking sector in the growth markets of Asia-Pacific, Africa and Latin America outperformed its global peers across a number of financial metrics. The balance is now tilting in growth markets as banks’ balance sheets come under greater pressure and new digital competition emerges. The macroeconomic impact of the pandemic has compounded the scale of challenge banks face.

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Banks that had already begun their journeys to cloud have been able to navigate these challenges with greater agility and responsiveness. Post-COVID, cloud will prove even more transformational, equipping banks with vital scalability, efficiency, agility and security. In fact, cloud maturity is fast becoming a hallmark of the world’s best-performing banks. Our report assesses the current state of cloud maturity in growth markets and outlines the steps banks can take to accelerate their cloud-powered transformations.

In brief

  • Cloud is essential for banks in growth markets to tackle today’s challenges and grasp tomorrow’s opportunities.
  • Banks in growth markets face flat revenue growth, pressure on balance sheets and disruptive competitors. And COVID has amplified these challenges.
  • It’s now harder than ever to drive essential business transformations for accelerated growth and new hyper-personalised customer offerings.
  • Cloud is the key enabler of the agility, efficiency, resilience and innovation that banks need to move forward with new operating models.