South African Banks largely escaped the primary wave of the global financial crisis but the secondary wave of the global economic recession had a significant impact on the South Africa and the economy resulting in cost reduction becoming a key priority. The focus on cost reduction will always be important, but as we approach the start of the upturn of the economic cycle, it is now the time to refocus the organisation on where initiatives need to be focussed to take advantage of the anticipated growth and remove inherent inefficiencies in the revenue cycle.
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