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Articles by Jared Rorrer
Guardians of Trust: Navigating Cybersecurity in Banking
Despite significant investments in cybersecurity, customers lack trust in the banking system’s ability to protect their data. "Trust is the bedrock of business.
Reinvent lending offerings and business models to stay ahead
In our discussions with banking executives, a common theme is how the lending market is changing and constantly giving rise to threats and opportunities, as covered in our Commercial Banking Top Trends for 2024. Confronting these changes is essential, but it also requires banks to be willing to reinvent to stay ahead. Previously, we touched on three shifts in lending which covers being data-driven, embedded finance and integrating ESG practices.
Strategic shifts to future-proof your lending business
Drawing from our Commercial Banking Top Trends for 2024, this series explores how banks can modernize their lending business and differentiate the customer experience by integrating AI, machine learning and other advanced tools. Previously, we touched on the disruptions in lending and analyzed the first of six shifts necessary to future-proof one’s business.
Key disruptions shaping the future of lending
As you start strategic planning this August, consider this: automated, data-driven lending is no longer a future vision—it’s happening now. In our Commercial Banking Top Trends for 2024, we spotlight this critical trend shaping the industry’s future. This three-part blog series looks at the future of lending, reflecting on industry experiences and providing insights into its transformative power.
Five key success factors for commercial banks to scale generative AI
Ella Fitzgerald was one of the first, in the ‘30s, to have a hit with the song ‘Ain’t What You Do, It’s the Way That You Do It’. The fact that legions of musicians have and continue to record it tells me there’s a universal truth there that most people recognize. This is certainly the case with generative AI. Using the innovation is cheap and easy.
Key considerations for North American retail banks amid ongoing uncertainty
In May of 2024, the Aurora Borealis, also known as the Northern Lights were on full display for the largest proportion of the United States in decades. The Northern Lights are caused by geomagnetic flairs or “solar storms” from the sun, which can lead to extremely disruptive events on Earth. In 2003, an extreme solar storm knocked out power in parts of Sweden and damaged electrical transformers in South Africa.
Four ways generative AI will transform commercial banking
We’re all still trying to get our heads around the big question confronting all commercial bankers right now: how and where will generative AI have the greatest impact? In our recent analysis of the top trends shaping the industry in 2024, we argue that each one is influenced to some degree by generative AI. In this second post we explore where within the bank early adopters are applying this transformative technology.
The time for generative AI in commercial banking is now Original
Spring is a time when most people, bankers included, take a fresh look at the challenges they face and tackle them with renewed vigor. Commercial banking should be on this year’s spring-cleaning list. While it is often the bank’s largest revenue generator, its processes continue to be highly manual, constraining the potential for profit growth. Our Commercial Banking Top Trends for 2024 report highlights the most critical issues, and it’s no surprise that generative AI features in all of them.
Unleashing the power of Gen AI in Specialty Finance | Accenture Banking Blog Original
Generative AI: what’s in it for me? Everyone, including auto and equipment finance providers, wants to know. The way I see it, it’s a technology that will have far-reaching impacts on the lending and leasing business, bringing efficiencies and better experiences for those organizations that incorporate it across the value chain. A few weeks ago, I put ChatGPT to the test myself.
Colette Prior, Author at Accenture Banking Blog
Colette Prior Managing Director – Operations & Credit Services Colette Prior is the North America lead for banking operations and credit services at Accenture. She has over twenty years of experience in the credit, commercial real estate, specialty finance and banking industry. She has worked extensively in end-to-end credit functions including: commercial and residential operations, securitization, and risk management sectors.
Commercial banks can benefit by transforming ops talent | Accenture Banking Blog
Well over a decade ago, I was fortunate enough to land a banking leadership role in commercial and corporate banking operations. I immediately noticed two things that have stuck with me ever since. First, the people in operations are some of the best and most well-intentioned, albeit often overlooked, employees in the firm.
Can banks help solve our global trade challenges? | Accenture Banking Blog Original
Unless you’ve been living under a rock for the past few years, you’re aware that global trade and supply chains have been facing a series of challenges, from lockdowns to inflation, from geopolitical upheaval to the transformational power of generative AI. Are these short-term challenges for the industry, or is there a need for permanent evolution to adapt to a new reality? And what role should banks be playing to keep global trade moving efficiently?
Breaking Barriers: Exploring How Banks Scale Generative AI for Growth | Accenture Banking Blog
Disclaimer: ChatGPT did not write our post, but we did ask it for title suggestions and picked our favorite one. Thanks, generative AI! We’re at an inflection point. Every day, we see how artificial intelligence (AI) capabilities are mirroring and surpassing human capabilities at generalized skills. Accenture’s recent report, A New Era of Generative AI for Everyone, explains why generative AI is the ultimate “co-pilot” for human capabilities that will transform work and reinvent business.
Banks can no longer stall on sustainability | Accenture Banking Blog
Banks have the opportunity of a lifetime. And if they don’t act now, it’s going to slip from their grasp. I’ve just returned from speaking with senior bank executives around the US and Europe. The topic of our talks? One of the many pressing issues facing commercial banks today: sustainable credit—using banks’ capital resources to protect our planet and its inhabitants. What did I learn? Most bank execs are sincere about reaching their sustainability goals.
Commercial banks must now focus on fundamentals Original
Having pulled through the Covid pandemic, the unravelling of international supply chains and a global energy crunch, commercial banks must now grapple with a spike in interest rates and the collapse of some high-profile peer institutions. Rarely have I seen the banking industry in such flux and uncertainty. How should banks respond? My advice: Pause … take stock … focus on the fundamentals. Shifts in the global macro market prompted many banks to start the year cautiously.
Commercial banking top trends in 2023
Central banks worldwide have increased interest rates to levels not seen since before the financial crisis of 2008/9. The end of the 'borrower's market in credit is the macrotrend that sets the stage for the other commercial banking trends we expect to emerge in 2023. We believe that commercial banks will be able to manage the risks due to credit deterioration and serviceability challenges. They will also reap an interest income windfall from rising net income margins (NIMs).
ESG ratings regulations welcome news for banks
Environmental, social and governance (ESG) ratings are essential for banks and the companies they fund. But too often these sustainability assessments are opaque and inconsistent. Now, regulations that would improve the transparency of ESG ratings have just moved closer. The International Regulatory Strategy Group (IRSG), in the UK, has declared its support for the regulation of ESG ratings.
Banking on sustainability | Accenture Banking Blog
It’s important but not critical. That’s been the dominant narrative around sustainability. Until now, that is. There seems to be a definite shift to changing this narrative, a shift that could be worth trillions of dollars to the banking industry. In 2007, Google famously became the first major company to be carbon neutral. According to a 2020 BBC News article, the company has already offset all the carbon they have ever produced.
Hit or miss? Our Top 10 Banking Trends, reviewed
Every January since 2018, our annual “Top 10 Banking Trends” report has attempted to cut through the noise and reveal the real forces shaping the industry’s future. We’ll be hard at work putting the finishing touches on our 2022 version over the holidays. It will be unusual in more ways than one.
Commercial Banking Top Trends: What to expect
Plotting a course through disruption Undoubtably, 2020 was a year of massive upheaval that put an increased spotlight on the state of digital transformation across industries around the globe. Everything from retail and food services to travel and commercial banking was impacted—and as businesses of all sizes grappled with the challenges of the pandemic, it became clear that those with active digital strategies would be the ones most likely to find solutions the fastest.
Four ways banks can bolster their credit management
In my previous post, I highlighted three overlapping phases of the looming credit crisis and the implications for banks. As I mentioned recently on the World Economic Forum’s COVID Action Platform (Accenture leads the WEF’s COVID-19 Banking and Capital Markets Industry Action Group), the next few months will likely see the weight of activity shift from the initial Public-Led Stimulus phase to the second Private-Led Debt Provision phase.
Banks face an imminent credit crisis
The likelihood of a quick, V-shaped COVID-19 economic recovery is fading in many countries. The impact of the downturn—lower incomes, further job losses, diminished demand and more—is likely to endure, driving many consumer and business borrowers into default. A torrent of delinquencies will cause a new credit crisis that is likely to swamp but not sink the banking system.
A how-to guide for monetizing Open Banking
In my last post, I shared the two emerging business models that are powered by Open Banking: banking as a platform and banking as a service. The future of any Open Banking offering will depend on the value it provides or the monetization options it creates. Participants can bundle or unbundle offerings and services. The value generated will depend on several factors, including overall market proposition, customer-ownership model, partner value-adds and the share of risk and liability.
Two business models for monetizing Open Banking
In my first post, I talked about how it was time for banks to start looking beyond compliance in Open Banking and to imagine their role in the new application programming interface (API) economy. Open Banking offers banks the opportunity for greater efficiencies and new revenue growth, not to mention competitive advantages in an increasingly disrupted financial services landscape.
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