McKinsey says banks have to step up digital efforts to stay relevant
New York
BANKS must increase efforts to offer digital services and automate back-office functions to improve returns, satisfy regulators and ward off new competitors, according to McKinsey & Co.
Some banks need to think of themselves as data companies and may need to spin off back-office units that perform tasks such as collateral management and price verification, the New York-based consulting firm said in an annual review of the banking industry. The move toward digitisation "accelerated markedly" in the past year, McKinsey said.
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