Maximizing Retail Bank Cost Efficiencies Through Technology
Technology to become core driver for profitability
There has been increased emphasis on utilizing technology to improve profitability and achieve cost
efficiencies; the role of technology has changed from being a process driver to a revenue generator. Retail
banks are using technology to increase profitability by utilizing customer relationship management (CRM)
systems and consumer analytics to identify new customer groups and offer customized products and services
to targeted customers. In addition, key measures adopted by retail banks to improve operational efficiencies
include an increase in information technology (IT) spending and upgrading IT systems.