Accenture’s acquisition of Percipient’s digital twin technology is expected to help financial services clients in Asia Pacific accelerate core system updates. Credit: OleksSH/Shutterstock.

Professional services company Accenture has acquired a digital twin technology platform developed for banks, from Singapore-based fintech Percipient.

Terms of the transaction remain undisclosed.

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The platform serves as a virtual copy of banks’ systems, offering a central data hub to streamline core modernisation tasks.

Accenture’s acquisition of Percipient’s digital twin technology aims to help financial services clients in the Asia Pacific region speed up the update of their core systems.

The technology integrates data from both legacy and modern systems into a single real-time hub, facilitating the development of new products and services without the need for overhauling existing systems or disrupting operations.

Accenture’s integration of the digital twin solution from Percipient complements its existing capabilities, enabling banks to move away from legacy systems and adopt cloud and artificial intelligence (AI) led services.

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Percipient founder and CEO Navin Suri, along with the company’s core technology leadership team, joins Accenture.

Suri said: “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.”

According to Accenture’s research, banks transitioning to a modern, cloud-enabled digital core could see up to a 60% increase in revenue growth rates and a 40% rise in profits.

Accenture Asia Pacific financial services lead Masashi Nakano said: “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.

“Percipient’s unique capabilities strengthen our existing core modernisation offerings, enabling banks to efficiently unlock new opportunities for growth, launch new products faster, and deepen customer engagement through cloud, data, and AI.”

In April 2024, Accenture acquired Axis Corporate, a Spanish consulting firm specialising in financial services.