Banks Spend $1 Trillion on Digital, But Few Reap the Rewards
- Just 19 of 161 large banks see significant ROE gains: study
- There’s a gap and ‘it’s coming from digital,’ co-author says
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While global banks have been pouring money into information technology -- to the tune of $1 trillion over three years -- only a handful appear to be fully committed to a digital transformation and are therefore reaping the benefits, according to an Accenture Plc study.
Just 19 of the 161 largest retail and commercial banks that the consulting firm examined have been focusing enough on digital strategies to “make the shift to a different sort of bank,” Accenture said in the report, released Thursday. And those that did were rewarded for their efforts, the firm said.