Accenture (NYSE: ACN) has acquired a digital twin technology platform for banks developed by Percipient, a Singapore-based fintech with experience in banking tech transformation.
The acquisition enhances Accenture’s banking modernization capabilities, helping financial services clients in Asia Pacific “accelerate the reinvention of their core systems, foster innovation and drive growth.”
Percipient’s platform serves as a digital twin—or virtual duplicate—of banks’ legacy and modern systems, “integrating and unifying the data from each one into a single-real time hub.”
This can reduce the challenges that many banking platforms face around core modernizations by simplifying the “application of data and enabling faster development of new products and services, all without overhauling existing systems or disrupting operations.”
Integrating Percipient’s digital twin solution further complements Accenture’s capabilities to help banks decouple “from legacy systems and embrace cloud and AI-led banking services.”
Banks that shift to a modern, cloud-enabled digital core can attain up “to 60% higher revenue growth rates and a 40% increase in profits, according to recent research from Accenture.”
Masashi Nakano, Accenture’s Financial Services lead for Asia Pacific said:
“Banks’ core systems are often decades old, with layers of tangled code that are costly to maintain, reduce business flexibility and require highly specialized talent, making the need for transformation urgent. Percipient’s unique capabilities strengthen our existing core modernization offerings, enabling banks to efficiently unlock new opportunities for growth, launch new products faster, and deepen customer engagement through cloud, data, and AI.”
Navin Suri, the founder and CEO of Percipient who joins Accenture together with Percipient’s core technology leadership team, said:
“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 modernization efforts.”
Terms of the transaction were “not disclosed.”
