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Cost transformation
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.
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.