Chris Burton of Amdocs says that by upgrading their IT systems, traditional financial-services providers could bundle products and better retain customers
by Chris Burton, Businessweek.comWith all the new challenges banks now face, one of the oldest and biggest still remains: competition. And that competition goes far beyond a bank's typical rivals. Even retailers like Wal-Mart are getting into financial services, offering basic banking to their shoppers.
To address this new tide of competition, banks are looking for novel ways to retain and attract customers. But cosmetic enhancements and branch renovations can only go so far. Financial-services providers have to make extensive changes in how they sell to customers. The key to these changes will be upgrading information technology systems. In fact, if banks don't transform these systems, they stand to lose customers and substantial revenue.
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