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Cost transformation
In sector:banking-and-capital-markets
Banks that redefine their cost base and rethink operating models are best positioned to strengthen profitability for the long term. From strategy to implementation, EY can help deliver enterprise-wide and business-unit-specific cost transformation programs for banks.
What EY can do for you
In a challenging operating environment, banks will need to swiftly reduce their cost base and focus on freeing up capital to invest in future growth, while maintaining service standards and competitive advantage. Cost-savings programs that have worked in the past will not necessarily translate into long-term success.
We believe taking a radical new approach to large-scale cost reduction initiatives will help banks to optimize profits and fund transformation. Key elements include:
- Utilizing a greenfield approach to build operating models
- Leveraging third-party utilities and managed services for non-core functions
- Adopting next-generation technology to re-engineer business models and operations
EY cost transformation services include:
- Cost-savings strategy and diagnosis
- Funding management and prioritization
- New operating model design and implementation
- Technology design and implementation
- Workforce transformation, change management, governance and communication
- Managed services
Our latest thinking
Six strategic levers to optimize long-term cost transformation
Achieving long-term, sustainable progress in cost transformation requires a strategic approach applying six potential levers.
08 Jan 2021
Michael J Wada
Explore our case studies
How a prudent cost reduction strategy proved integral to a bank’s growth opportunity
We helped a leading global retail bank design a cost transformation strategy that delivered results.
20 Aug 2020
Jan Bellens
The team
Jan Bellens
EY Global Banking & Capital Markets Sector Leader
Passionate leader on innovation in financial services, especially in emerging markets. Global citizen. Keen traveler.
New York, USA
Tom Groom
EY Global Client Service Partner
Corporate finance professional. Enjoys running. Father of three wonderful children.
London, GBR
George Kaczmarskyj
EY Americas Consulting Financial Services Robotics and Intelligent Automation Leader
Industry leader and solution provider in robotics and intelligent automation. Passionate runner. Family man.
Tysons, USA
Michael J Wada
Partner, Banking & Capital Markets, Financial Services, Ernst & Young LLP
Growth through M&A and Transformation. Works across borders with diverse teams. Focus on enterprise-wide change in Financial services. Avid sports fan. Enjoys travel, art and biographies.
London, GBR
Gagan Bhatnagar
Ernst & Young – United Kingdom Banking and Capital Markets Consulting Partner
Strategic transformation leader in banking and capital markets. Avid cook. Intrepid traveler. Husband and father.
London, GBR
