Leaders Series: Lucy Walton @ Accenture
Issue 7— March 7th, 2017
This series highlights the unique stories of leaders from various communities across the growing digital currency and blockchain technology industry. The goal is to showcase the fantastic work these leaders are all doing at different levels of their respective organizations, and to encourage more people at all stages of their careers join the revolution we’re creating, together!
Lucy Walton is a Senior Manager at Accenture Strategy
She’s been in Management Consulting for the last decade, and now w0rks closely with Accenture’s clients who are evaluating, assessing, and implementing blockchain technology projects.
How did you get into blockchain technology?
To me, this is one of the most exciting technologies right now. My Financial Services clients started showing interest in Blockchain and Distributed Ledger ecosystem some years ago. Around the same time, I knew several friends and colleagues in NYC who left large corporates to join Blockchain start-ups. In the last 12 months I have seen my clients interest in the topic of Distributer Ledger technology flourish, from a place of limited understanding and a desire to develop a grasp of the technology, to a more commercially motivated conversation around use cases and Proof of Concept development.
What did you do before you got into this?
I have been with Accenture’s Strategy Practice for the last ten years, in London and then more recently in our New York practice. Prior to that I was at Bloomberg LP for several years. In my current role I support our Financial Services clients to shape and deliver their Business and Corporate Strategy, usually with a 3–5 year time horizon.
What’s been the most interesting experience you’ve had in your role so far?
I’ve been lucky enough to work with a vast array of clients from the World Gold Council, to most of the major international banks over my career so far. My most fascinating project recently was to set up an industry Reference Data utility (referred to in the press as ‘Project SPRED’) with 5 of the world’s largest Investment Banks working together to create a brand new entity. Working with the World Gold Council in London was a highlight, I feel lucky I’ve had such variety in my career.
As a management consultant and trusted advisor, you are likely one of the first places your clients turn to learn about blockchain technology and its implications for your clients’ businesses. How do you view your role in helping your clients understand this new technology?
In our Strategy practice, Accenture has the benefit of deep and enduring client relationships. Accenture serves over 92% of Fortune 100 companies and more than 75% of Fortune 500 companies. Many of these relationship number in the decades, so we are able to partner with our clients to solve their most complex business problems — this is what makes me passionate about our work.
As you think about the evolution of the blockchain space, what do you think is preventing adoption by financial institutions?
I have encountered strongly held but somewhat uninformed views about the risks associated with Blockchain. I also see Distributed Ledger is often associated only with Bitcoin, which brings with it some negative connotations. Time and better education within banks about DL will address this challenge. As will successful deployments of use cases which are already in development.
Gender diversity in particular is something very close to my heart and something I am greatly involved in promoting at Accenture. In future, it would be great to see more diversity in the industry, as well as in Financial Services more broadly, to bring more holistic perspectives to implementation efforts and to the challenges Blockchain can address.
What changes do you think blockchain will accelerate in your financial services clients’ business models?
DL has huge potential to address increasing cost pressures the banks are facing and other key business challenges, such as AML/KYC, risk management and compliance, pivoting to digital ways of working, real time payments and overcoming the barriers to change brought about by legacy infrastructure.
More broadly, Blockchain has the potential for a hugely positive impact on the speed and efficiency of financial markets, something we are already seeing from the first implementations of DL technology in this industry. Thanks to these benefits I would expect to see first movers making great strides in the next 5 years, with a group of fast followers shortly after that. My clients in banking and capital markets are uniquely well placed to move forward with Distributed Ledger technology. The level of interest is high, although perhaps higher than the willingness for adoption in the short term.
Thanks to Lucy for sharing her story.
