Banks offer a dizzying array of products and services.
Add to the mix new regulations and shifting customer
needs, and the industry becomes even more complex. One
key to success: a streamlined product portfolio. Like
houses with attics full of worn-out armchairs and
discarded tables hidden above newly decorated living
rooms, most banks have a stockpile of overhauled,
outdated products tucked away behind a few shiny
innovations. Many of these products require complex
activities but have nothing to do with new sales. And
the glut of products is limiting not only profits but
also the flexibility to react to external pressures. It
is time to clean out the attic and focus on products and
features that your customers not only want but are
willing to pay for. Gaining a competitive edge requires
tackling the product complexity challenge. 2013
