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      "text": "This new approach will not only deliver the efficiencies banks seek today, but will also permanently bend the cost curve.",
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      "text": "Generative AI will play a crucial role in this process. Its remarkable ability to understand and capture institutional intuition and to learn perpetually lead us to believe we will see a quantum leap in banks' capacity to tackle the problems left behind by Six Sigma.",
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      "text": "We believe we will see significant changes in this area in 2024. Whereas cost reduction in the past was often akin to amputation—a painful but necessary step that everyone knew would cause injury—in the future it will be a much more creative approach. Careful pruning will be used to reshape the organization and stimulate growth.",
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      "text": "A dramatic example of this is a global bank which was struggling to compete in a regional auto loans market. Car dealers would typically help prospective buyers complete an application for finance and then send it to multiple banks and other financial institutions requesting quotes. This was a long, manually intensive process involving much information and document sourcing and checking.",
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      "text": "A few leaders are taking an even more fundamental approach: reimagining what the business should ideally look like a few years from now, and then working backwards, re-engineering every aspect—from the operating model and workforce through to products and experiences—to deliver the required outcomes as productively as possible. By targeting and capturing value they are not only eliminating waste; they are also reinventing their cost profile and setting a new performance frontier for the bank.",
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