For some years, banks have been talking about an ‘End-to-End Vision’, stressing the importance of managing processing costs, the need for an effective and integrated control framework and an holistic approach to client service.
However, at many banks this is still some way off. The end-to-end vision has taken a back seat to the drive for new products and financial innovation that characterized the boom years.
Post the market dislocation, banks’ senior management have been forced to review their businesses from front to back. Far greater focus is being given to the control environment, processing efficiencies and STP. Now, when people talk about ‘cost to serve’, they are thinking about onboarding and processing costs, as well as sales costs.