Want to Grow Your Bank? Embrace These 3 Mandates
3. Don't be Afraid of Technology
Bank executives must not look at investment in technology as an unnecesarry or unimportant expense, KPMG says. Legacy systems, in some cases decades old, can hinder the industry's efforts to reduce the complexity of operations, cut costs, and deliver bottom-line improvement.
"The promise of harnessing technology advances can help banks streamline operations to reduce operating costs, connect future and existing customers across a multitude of new and emerging channels, tap new revenue streams, enhance customer loyalty, and build better defenses against cybercrime and denial-of-service attacks," says KPMG.
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