Just 1 problem:
Many of them don’t have the teams and technical knowledge to implement these changes.
They could hire someone to do it for them, or even build a new team.
But would this actually help long-term?
Or are you just dying a slower death?
You’re already lagging in the industry—grappling with a dying business model.
At this point, you might be better off selling the business or merging with another bank that’s already technologically advanced.
Adding your bank into their technologically-sound, core systems is going to be MUCH easier than trying to build your own from the ground up with either outsourced or brand new, internal talent.
Not to mention, these bigger banks have a level of scale that’s needed to run an effective bank in such an efficient market with national and global reach.
They don’t have trouble with recruiting,
They can implement the best systems,
They have lower costs of funds,
And they are all around more efficient.
Even if you hadn’t considered it before,
A sale or merger can be a great option.
Make sure you give it some serious thought before it’s too late.
Digging deep on banks is what I do.
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