It’s not necessarily a race against time or competitors. But to claim the prize, banks need to run like a well-oiled machine.
Merger and acquisition activity over the past decade has transformed large U.S. banks into increasingly dominant mega-banks and reduced the market share controlled by smaller ones, particularly in major urban areas.
To compete in a digitized world, retail banks need to transform themselves into a center where customers can receive relevant financial advice and guidance.
A bank’s strategic priorities for 2016 should include building excellence in cross sell, improving IT management and determining how to partner with alternative finance companies.
Collection agents can not only help banks salvage bad debt but also preserve customer relationships that will demonstrate value once the economy recovers.
Wells Fargo executive Martin Davis says successful mergers require more than just a focus on technology integration – people and culture are key.