The age-old ritual of hashing out the annual corporate budget soon may be a thing of the past. New ways of doing business and new competitive pressures are forcing banks and other financial institutions to rethink this odious, time-consuming task.
The tagline of a recent newspaper ad for Providence, R.I.-based Citizens Bank asks, "Have we told you lately that we love you?" This is an ad touting certificates of deposit. Sorry, Citizens, yours is an unrequited love.
Achieving speed to market can provide banks with a competitive advantage. But they need flexible technology infrastructures to achieve speed-to-market strategies, and launching products just for the sake of offering something new won't win banks new business.