Banking and Payments
Addressing the cost reduction challenge in banking - part 1
The first of our 2-part series examines how to build sustainable programs that prevent costs from reappearing.
Cost optimization remains at the very top of the agenda for bank CEOs across the Asia-Pacific region. A tricky macroeconomic environment and competition from fintechs will keep it there.
Ensuring that optimization programs are a sustained success remains an elusive goal, however, as costs that seem to have been controlled continually resurface to the detriment of P&Ls. That’s often down to a lack of scalability as businesses grow, or because costs have simply been shifted from one team to another rather than fundamentally re-engineered.
Our latest two-part series sets out the key priorities when designing and embedding sustainable cost reduction strategies. We define a new mindset that bank CEOs must embrace before exploring imperatives such as selecting the right technology for the job, taking account of the value of scalability and keeping a lid on rising data costs.
Read our two-part series to explore 8 key cost reduction priorities:
1. Choose the right technology
2. Focus on scalability
3. Build true Centers of Excellence
4. Reorganize decisively
5. Optimize across journeys
6. Reduce data costs
7. Strategic approach to vendor value
8. Understand cost-to-serve
Read our two-part series
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