Banks Have Little Revenue Growth to Show for Investments in Technology

Globally, traditional banks have invested $1 trillion in technology over the last three years; however a new Accenture report shares that the investments have not resulted in increased revenue growth; Accenture looked at 160 of the largest retail and commercial banks in 21 countries; data showed that banks who had made the most progress in going digital were both the most profitable and highly valuable but profitability is being driven by reducing costs as opposed to driving revenue growth; this isn’t the result that many banks had planned for and shows that a compelling digital offering isn’t the only thing that matters. Source