Can banks cut costs without cutting quality?
To achieve sustainable success, banks must carry out cost saving measures without hindering their reputations and capabilities.
Cost transformation initiatives are fundamental to banks’ reinvestment opportunities. Although many work toward achieving this from within, the expertise of an external partner can often allow a bank to think afresh about how it can best achieve its cost reduction measures in a sustainable, balanced way.
One global bank, trying to achieve its 30% cost savings target, had initiated a cost reduction process but had gradually started to struggle to identify additional cost-reduction opportunities and ways to deploy its capital more effectively.
At this impasse, the bank decided to engage an external partner to help it reach its goal. EY’s experience in helping banks transform their business lines, channels and products to achieve greater growth made it an ideal partner to support the bank in reprioritizing its investments to improve return-on-investment (ROI) and time to market.