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Product Development
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Banks' sources of revenue have changed, and they have to shift from an environment dominated by products, transactions, departments and short-term profit, to one driven by customers, customer experience, enterprise-level information, and delivering value-added information through integrated channels.
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In the current business environment, banks will take steps to improve their profitability and competitive capabilities, including product enhancement and redesign, cost restructuring, relationship focus, precision pricing, select customer acquisition, and mergers and acquisitions, according to consultancy Novantas.
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