Want to Grow Your Bank? Embrace These 3 Mandates
After several years of "holding the fort" post-financial crisis, banks are now looking ahead to the future. Pursuing growth and innovation in the current business and regulatory climate can be daunting, but KPMG recently issued a report with some advice on what banks need to do to succeed in both the immediate future and long-term. Here are some of the notable takeaways.
1. Embrace Change
For banks to effectively move forward and continue to grow the business, a culture that is not afraid to embrace change is necessary, KPMG argues. New, more efficient operating models must be sought, and being nimble and innovative is key to success.
"Banking leaders must choose to adapt and evolve, or risk irrelevance," the report reads. "In the future, when banks look back on this time of change, an organization's resilience will not be measured by how much adversity it endured throughout the financial crisis and this period of recovery; rather, it will be measured by how well it adapted to it."