Strategic Cost Reduction in Financial Services - Building Competitive Advantage

Abstract

Financial services institutions need to adopt a strategic approach for cost reduction that generates near-term cost savings while at the same time builds a more efficient operating model over the long term. Firms that use cost reduction to create a leaner, more efficient organization will not only survive the current difficult economic conditions, but will also prosper throughout all phases of the business cycle. The economic downturn that hit the United States and other countries in 2001 has made cost reduction the management topic of the day.