Source: KPMG
The US banking industry is at a pivot point, says KPMG. Banks across the country must develop a business strategy that focuses on raising their top line by improving their connection with customers, and at the same time continue efforts to reduce costs and improve processes.
Regulatory compliance can no longer dominate the time and focus of management, states the report.
Instead, compliance should be ingrained into daily processes so that management can focus on generating revenue, not an easy feat in the low interest environment, declining loan loss reserves, and competition among banks.
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