Accenture has been in the news of late, but probably not for the reason the company would like. Last month a Trump official demanded no “Gobbledygook” from U.S. consultant firms, including Accenture. This came on the back of Accenture stating how efforts to reduce federal spending had led to delays and cancellations of new contracts. More importantly, back in June 2021, Accenture published its Capital Markets Vision 2025. Today we look at how this prediction has worked out for Accenture.
What is Accenture’s Capital Markets Vision 2025?
The report is a notable contribution to capital markets strategy, offering detailed insights into emerging trends. Interestingly, the vision does mention tokenization several times, and foresees its rise in popularity.
The consulting firm believed at the time in 2021 that the three biggest changes to come to the capital markets sectors in the next phase of industry will be as follows:
Sell-side firms will accelerate their strategic transformation programs, both in terms of changing business scopes and perimeters and in reshaping the cost base to drive consistently higher profitability.
Buy-side firms are expected to increasingly become “digitally native”—meaning they would infuse technology across their operating models, including into their investment process, client interactions and organizational culture.
Financial market infrastructure players will find competition intensifying as exchanges and asset servicing firms’ clients start to disintermediate and compete with them. The Members Exchange (MEMX) is a case in point, but competition in areas from market data to settlement and custody could also increase.
The firm also commented how disruption would likely accelerate. Much as we have seen.
Were Accenture’s Predictions Correct?
Sell-Side Firms have been pursuing transformation. This is most noticeable in the case of JP Morgan and its Onyx blockchain platform. There has also been large cost saving exercises in banks like HSBC and more recently Morgan Stanley which was reported to be reducing 2% to 3% of the company’s workforce by next month.
Buy-Side Firms like BlackRock and Vanguard have embraced digital practices, while newer firms like Jane Street operate as digital-native. We have also seen an influx of new players since the mainstream adoption of crypto and the rise of popularity of ETFs. These players include Jane Street and Brevan Howard who have joined the likes of D.E. Shaw in becoming more digital first than ever before.
Financial Market infrastructure players including stock exchanges and asset servicing firms has been predicted appropriately. Nasdaq and NYSE are facing stiff competition from new players like The Members Exchange (MEMX). MEMX was already in operation when Accenture’s Vision was written. It’s success since then has seen it continue to work with members including Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, Fidelity Investments, Morgan Stanley, UBS, and others. MEMX, operational before the 2021 report, has strengthened competition, as Accenture predicted.
MEMX was reported to have over 3 percent market share in U.S. equities and options in 2023. The exchange trades 24/7.
Another development in financial markets infrastructure is what the team at Digital Asset has achieved with Canton Network in Hong Kong. Digital Asset, together with HSBC and JP Morgan, is addressing problems with liquidity by proposing a common blockchain for global capital markets. This trend supports Accenture’s predicted rise in blockchain-based infrastructure
Nasdaq and NYSE in the meantime are looking at opening for 24 hours 5 days a week to address competition and retail investor demand.
Tokenization Correctly Predicted to Grow by Accenture
The Vision mentions how rebuilding around the core by removing processing costs from the front office and reshaping support functions will be a trend. It suggests that asset tokenization can help with this in the short term. Today asset tokenization is one of the biggest disruptors with a boom in real world assets and a potential market size of hundreds of trillions of dollars.
Tokenization is mentioned several times in the report. It is one of the most successful predictions that Accenture has made. This statement in the vision highlights the prediction best:
“Tokenization in capital markets means the fulfilment infrastructure layer becomes vanishingly small and the technology platform becomes paramount, alongside the advisory capability. We see this shift improving efficiency across global markets and, for the (few) truly tech-led companies, creating meaningfully more profitable businesses.”
One Thing is Sure – Disruption is Accelerating
Accenture shared in its vision how steering large companies through today’s (2021) environment and setting them up for success was never going to be easy. The firm predicted that in the future disruption will likely accelerate. We have seen a war since 2022 in Ukraine, high levels of inflation and geopolitical tensions of late. None of this would have been easy to predict at the heights of the pandemic in 2021.
Was Accenture’s Vision Prophetic?
Accenture’s Capital Markets Vision 2025 is largely accurate as of April 2025. It has been particularly accurate in predicting the rise of tokenization, digital nativity in buy-side firms, intensified competition in market infrastructure, and technology-driven transformation in investment banking. Sell-side profitability goals are less consistently achieved, and some challenges (e.g., regulation, macro volatility) were underemphasized.
Accenture’s focus on technology, especially AI, cloud, and tokenization, aligns well with industry trends. Firms like JP Morgan adopted blockchain strategies aligned with Accenture’s recommendations. Its historical significance is plausible given its foresight, though its full legacy will depend on 2025’s final outcomes, which are not easy to predict. The mention of tokenization was a standout, cementing the report’s relevance in a blockchain-driven era.
Author: Andy Samu
#Accenture #CapitalMarkets #Consulting #SellSide #BuySide
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