Many financial services organisations are finding their post-financial crisis attempts to cut costs and improve efficiency have been far less successful than hoped and difficult to sustain. But there are ways of turning the situation into an advantage for your operational functions…
Smart firms are therefore looking at how to use the crisis as an opportunity to re-engineer their business in a way that can deliver lasting savings and sustainable improvements in operational efficiency. This includes realising potential synergies through the development of product ‘hubs’ and greater use of centralised service centres and other sourcing options. Further improvements could be achieved through a more aggressive approach to product rationalisation, reducing needless management layers and identifying opportunities for integration and consolidation in areas such as reconciliation. Streamlining and simplification can not only cut costs, but also strengthen management control and oversight, as well as support and secure operationally organic and external growth, whether domestically or internationally.
With their extensive view of value chains processes cost, risk and profitability, the finance and operations functions to jointly identify opportunities for savings, operational improvements and developing strong, realistic, and executable business cases.
PwC has a team of dedicated financial services cost management and performance improvement specialists who can help your organisation to gain the edge in efficiency and cost competitive delivery, namely: