Last year Accenture ACN issued a digital banking report showing the gap between banks who are digitally focused and those who are not was widening; the company revisited the report with fresh data and it showed that the gap was becoming even more pronounced, banks that are digitally focused demonstrate superior market valuations driven by current and prospective returns on equity; the pandemic could help set this trend into overdrive as all banks are now forced to make digital a core component of their offering; as Alan McIntyre of Accenture writes in Forbes, “One of the impacts of Covid-19 on the retail and commercial banking sector may be the acceleration of this existing trend and supercharging it in a way that will make it difficult for the digital laggards to ever catch up.” Forbes
