Sophisticated insight in banking
To grow and prosper in today's ever-changing world, banks too must change. They need to transform themselves by moving beyond the status quo and any associated organizational silos, infrastructure complexities and other constraints - and toward an operation centered on the client.
How will banks achieve this transformation to become the bank of tomorrow? Based on our most recent banking industry research, surveys and interviews, we believe that sophisticated insight is a key differentiator. This conclusion is a natural evolution from our prior research studies on themes relating to globalization, simplification and specialization.
To succeed in the new economic environment, banks must not only avoid excessive risks, but also rebuild and strengthen client trust and mindshare. Smart banks in both emerging and mature markets should invest in sophisticated insight to specialize their operations and offer products and services at prices that are aligned with their clients' needs. Specifically, banks should leverage their insights to better manage risk, become more client centric, and enhance operations by reducing or avoiding complexity.
While mature market banks should focus on eliminating complexity and reducing costs, banks in emerging markets need to diversify their income sources, while maintaining costs. And banks worldwide need to invest in analytics to help them specialize operations and deliver superior products and services that best meet their clients' needs.
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