![]() ![]() Please refer to your advisors for specific advice. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. By evaluating the borrower’s plan and by looking at his or her credit history which the bank can get from one of the major credit-reporting agencies the bank can assess whether the loan is likely to be repaid. For more information about our organization, please visit ey.com. This is where banks reduce transaction costs associated with trust. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.ĮY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. According to Alice Zhou, Senior Manager for Financial Services at EY, “in order for the cost to be sustainable, every initiative had to balance out the experience, efficiency and effectiveness.”ĮY | Assurance | Consulting | Strategy and Transactions | TaxĮY is a global leader in assurance, consulting, strategy and transactions, and tax services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. In addition, the strategy was underpinned by a firm focus on sustainability. EY’s work in carefully considering each stage of the cost reduction program secured complete trust from the board that this strategy was the correct one to implement. As a result, each measure was devised to reduce the bank’s costs in the most effective way, while not damaging ongoing operations and the bank’s reputation amongst its customers. Developing a governance model to drive global consistency efficiently to achieve overall targets and allow for local customization.ĭuring a period of 12-14 weeks, EY worked swiftly with the bank to produce a strategy that would gain the full support of the board.Rationalizing and redirecting existing investment plans to better align with the bank’s digital and business needs.Assessing digital and operational maturity to eliminate non-value added work, deflecting work to lower cost channels, and driving automation to reduce processing costs.EY banking strategists and advisory teams worked with the bank’s team leaders worldwide to analyze the most effective ways to reduce the bank’s costs by: ![]()
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