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STRATEGY > KNOWLEDGE/COMPETENCY
TECHNOLOGY > BLENDED
INTEGRATION
Banking Industry Borrows Operations Lessons from Manufacturing
NEW YORK—June 12, 2006—An Accenture survey has found that banking institutions around the world are borrowing techniques from the manufacturing sector that are enabling them to simultaneously cut costs and boost growth, as well as simplify internal operations and increase their differentiation in the marketplace—a strategy Accenture calls “industrialization.”
According to an announcement highlighting the survey’s findings, the concept is inspired by parallels between the banking and manufacturing industries, where standardized operating platforms are used to reduce cost and complexity while simultaneously providing product components that can be tailored to customer segments. This approach seeks to address the inefficiency and high costs resulting from years of increasing complexity as banks expanded capabilities, offerings, and channels, thus gaining the flexibility needed to develop tailored solutions, the announcement stated.
“We began developing our industrialization point of view after seeing leading banks starting to embrace advanced manufacturing techniques,” explained Trevor Gruzin, managing director at Accenture’s banking practice in North America and Asia-Pacific, in the announcement. “This research confirms our theory.”
He continued, “We are working with more than 50 banks on industrialization engagements and believe we’re at a tipping point. For the last decade, most bankers would admit they alternated between cost-cutting and growth strategies, but almost never pursued these approaches simultaneously.”
Survey respondents included senior executives at 107 of the world’s 1,000 largest-asset banks, including half of the top 100 institutions.
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