Accenture has announced its acquisition of a digital twin technology platform to enhance its capabilities in modernising core systems for banks.
“Banks’ core systems are often decades old, with layers of tangled code that are costly to maintain, reduce business flexibility and require highly specialised talent, making the need for transformation urgent,” Masashi Nakano, Accenture’s Financial Services lead for Asia-Pacific.
Digital twin
The digital twin platform, developed by Singapore-based fintech company Percipient, is designed to simplify data application and optimise product development and services by integrating and unifying the data from each system into a single real-time hub.
The digital twin ensures that overhauling existing systems or disrupting operations is unnecessary.
Digital transformation
The digital twin solution enables Accenture to help banks transform legacy systems and embrace new technologies like cloud and AI.
Recent research from Accenture revealed that shifting to a modern, cloud-enabled digital core helps banks increase growth rates (60%) and profits (40%).
“We have a shared vision to reinvent how digital transformation is achieved at financial institutions. By combining Percipient’s platform with Accenture’s core banking and technology capabilities, we can enable banks to more seamlessly transform their legacy systems and gain agility and speed while lowering the risk associated with such modernisation effort,” said Navin Suri, the founder and CEO of Precipient.
