The promise of substantial cost savings from the shift to paperless online banking has stuttered in the US, as customer resistance to change, complaints about long queues at branches and the continuing popularity of cash pose stiff challenges.
EVEN after years of lean times, big US banks are coming under new pressure to cut costs. But management teams are finding some expenses simply won’t budge — like the US$1bil a year it costs Bank of America Corp to shuffle papers around and transport money in armoured trucks.
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