In the absence of robust top-line growth, many banks had no choice but to implement ambitious cost cutting measures over the last five years. Seeking operational efficiencies, as discipline, was taken to new heights. But as John Kocjan, principal, Deloitte Consulting LLP, put it, “It is not fashionable to talk about this anymore, but the journey has not ended. Operationalefficiency is still a top concern for many of our bank clients.”
Banks today need new operational approaches encompassing ideas, including how best to invest in and deploy technology to make the banking organization more effective. But technology by itself is not a panacea for operational inefficiencies – it also needs appropriate governance mechanisms and leadership to be effective. Given these realities, banks need a new guiding principle to move forward into an uncertain future. Organizations may need to embrace change and reinvent themselves to succeed.
In the absence of robust top-line growth, many banks had no choice but to implement ambitious cost cutting measures over the last five years. Seeking operational efficiencies, as discipline, was taken to new heights. But as John Kocjan, principal, Deloitte Consulting LLP, put it, “It is not fashionable to talk about this anymore, but the journey has not ended. Operationalefficiency is still a top concern for many of our bank clients.”
Banks today need new operational approaches encompassing ideas, including how best to invest in and deploy technology to make the banking organization more effective. But technology by itself is not a panacea for operational inefficiencies – it also needs appropriate governance mechanisms and leadership to be effective. Given these realities, banks need a new guiding principle to move forward into an uncertain future. Organizations may need to embrace change and reinvent themselves to succeed.
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