TechnologyAccounting SoftwareKPMG issues profit warning for banks

KPMG issues profit warning for banks

[QQ]As many as 50 percent of UK banks’ customers may actually be losing the organisation money, according to KPMG Consulting. Speaking at the Institute of Economic Affairs 2nd Annual Retail Banking Conference, Phil Middleton, head of European banking strategy at KPMG Consulting, warned that almost half of any bank’s customers are likely to be unprofitable, yet few financial institutions have the capacity to identify these customers and act accordingly. In addition, banks should focus on building trust as a means of increasing their ability to develop their customer base, rather than simply “bolting-on” services.[QQ] Middleton said: “Many banks are simply not aware which customers are destroying capital, due to the lack of integrated customer information.”

Related Articles

5 key tech innovations helping accountants transform their businesses

Accounting Software 5 key tech innovations helping accountants transform their businesses

3w Heather Darnell, Founder of Ask the BOSS
Finance and the tech foundation: what’s needed to deliver impactful business insights?

Accounting Software Finance and the tech foundation: what’s needed to deliver impactful business insights?

3m Workday | Sponsored
Best accounting software for businesses in the UK

Accounting Software Best accounting software for businesses in the UK

3m Accountancy Age, Reporters
Making sense of enterprise tech concepts for finance teams

Accounting Software Making sense of enterprise tech concepts for finance teams

4m Workday | Sponsored
Open Banking: what you need to know

Accounting Software Open Banking: what you need to know

4m Edward Berks, Xero
Accountancy in the digital age: Flexibility, agility, efficiency

Accounting Software Accountancy in the digital age: Flexibility, agility, efficiency

6m Pegasus Software | Sponsored
Sage purchases Intacct in its largest ever acquisition

Accounting Software Sage purchases Intacct in its largest ever acquisition

10m Alia Shoaib, Reporter
5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

10m Alia Shoaib, Reporter