Soul-searching is Job 1 at a lot of banks.
That’s the takeaway from a KPMG survey of more than 100 bankers due out Wednesday.
Nine out of 10 banks said that they have re-examined, are in the process of re-examining or will re-examine their operating models, according to an advance copy of the survey results. “This means banks are rethinking everything from who their customers are to how they reach them and the products that they will offer”, said Brian Stephens, national leader of KPMG’s banking and capital markets practice.
New regulations and a struggling economy would seem to demand big changes, but banks are often accused of clinging to the past.
“It is relatively encouraging that there wasn’t a burying-their-head-in-the-sand mentality,” Stephens said.
Forty percent of the respondents said that asset and wealth management would be essential to expand revenue over the next few years.
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