While product variety can be required to meet consumers’ demands, this variety is directly proportional to the complexity that firms will have to deal with and the costs that they will incur to service an extensive product suite.

Established financial services firms typically have a large suite of products, with a significant proportion of these being low demand, low value products that are often part of their legacy range.

Firms can reduce the operational costs of servicing their products, meet changing customer demands and help drive sustainable growth by engaging in Product Simplification, as outlined by our Risk Consulting team.

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The pace of change is challenging leaders like never before. To find out more about how KPMG perspectives and fresh thinking can help you focus on what’s next for your business or organisation, please get in touch with our team below. We’d be delighted to hear from you. 

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