To further expand its digital banking solutions, Accenture acquired Allen International today. The Dublin, Ireland-based consultancy and IT services giant says that its goal in buying Allen was to leverage the firm’s track record of helping physical branches expand their digital capabilities, reduce costs, and improve customer service.
“Our acquisition of Allen International will expand and complement our capabilities to help banks make the branch a physical manifestation of the digital experience,” said Sushil Saluja, Accenture’s senior managing director of financial services in Europe, Latin America, and Africa. “Equally crucial, it will allow us to help banks reduce their distribution costs, typically by 30%, while still maintaining customer engagement.”
In a world where the term “digital transformation” is often as much a buzzword as an actual strategy, Accenture believes that Allen International has found its niche. The company, which is headquartered in London, has worked with some 350 banks in trying to move into the modern era of financial services with a focus on re-branding and overhauling the customer experience.
Accenture believes that the rise of digital adoption “makes current branch formats and networks unsustainable in the long term.” But despite this revolution in the industry, too many companies have proven unable to embrace new business models to capture the potential savings. It fears that the digital disruptors, which are not shackled with legacy ways of conducting transactions and last-century cultural hurdles, are “posing a threat” to the old guard, particularly when it comes to customer retention.
Now, Accenture hopes that the experience of Allen International can help it guide clients down a better path forward. “Joining Accenture offers us the scale and complementary skills and expertise to continue to help banks realize these significant benefits at a time when there is no choice but to bring branches into the digital age,” said Michael Allen, founder and group CEO of Allen International.
Photo Credit: Michael Gray