Accenture buys digital twin tech platform for banks from Asian fintech

Accenture has acquired a digital twin technology platform for banks developed by Percipient, a Singapore-based fintech company specialized in banking technology transformation.

Percipient’s platform serves as a digital twin 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 banks 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.

“Percipient’s platform strengthens 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,” said Masashi Nakano, Financial Services lead for Asia Pacific at Accenture.

By integrating Percipient’s digital twin solution within its wider digital transformation offering, Nakano said that Accenture will be better positioned to help banks decouple from legacy systems and embrace cloud and AI-led banking services. That transition comes with its benefits –recent Accenture research found that banks with a modern, cloud-enabled digital core attain up to 60% higher revenue growth rates and a 40% increase in profits than those with legacy architectures.

As part of the deal, several members of Percipient’s technology leadership team will join Accenture.

Terms of the transaction have not been disclosed. The deal is Accenture’s first in Asia since it purchased Japan-based Climb.