Richard Lumb Accenture Excellence in Financial Services
As far as earning the distinction of “firm veteran” status goes, it doesn’t get any more dyed in the wool than Accenture’s Richard Lumb. He helped the firm diversify into management consultant in the 1980s and 1990s.
Today Lumb oversees the growth and strategy of Accenture Consulting, whose more than 40,000 consultants serve clients across 40 industries. He’s also responsible for all of Accenture’s services for the global financial services industry and setting the overall business strategy for Accenture Consulting.
You might think someone who accomplished so much with Accenture before the Internet era would be content to rest on their laurels, but not Richard Lumb.
Over the last 12 months alone he’s had a hand in some major efforts and research, such as “Launching our dedicated blockchain technology practice, which has involved partnering with pioneers in blockchain technology… we are working with clients to achieve breakthrough cost savings by embracing this technology and there is huge transformational potential in this area.
Also developing our FinTech Innovation Lab programs—particularly in London. It brings together fintech start-ups with the leading banks and allows us to work with clients like HSBC and BBVA to address the need for digital innovation,” Lumb says.
He even authored a recent Accenture study showing the opportunities and advantages banks can gain from strengthening their boards’ technology acumen. It found that just 6 percent of directors at the top 100 global banks have tech expertise on board. The study attracted widespread interest in the industry and media.
As for what motivates him, Lumb says it’s a privilege to work with some of the world’s most successful companies and with some of the most talented minds in business. “That can be daunting at times but it sure is motivating! We’re also working at the forefront of the digital revolution, which is incredibly stimulating – you are constantly being challenged to confront change and innovation,” he says.
As far as winning the award, Lumb says it brings him pride. “The business has come a long way in recent years and this award is wonderful recognition of that.”
What’s the biggest factor to your success?
“Collaboration and team work—involving both our own people and often our clients’ workforce. Much of our work is complex and requires a range of skills. We go from high-level strategy right through to implementation and we get deeply involved in what happens under the hood. So putting together and leading diverse teams is essential. Building long-term relationships. All of our top 30 financial services clients have been with us for more than 15 years. It’s those kind of long-term ‘partnership’ relationships that enable consultants to really add value. When you’re working at the cutting edge of technology and digitization of business, you have to keep challenging your own preconceptions.”