COST REDUCTION STRATEGIES IN BANKS

In this article, the strategies of cost reduction are illustrated by using different ways to accomplish the costs of the banks in Uzbekistan. Cost management is a continues process of banking, aimed to bring more benefits. According to Taylor (2017) Cost control encompasses cost reduction as well, which is the sum of business managers' efforts to keep an eye on, assess, and reduce expenses. These initiatives could be informal in character and restricted to a single department within the company, or they could be a part of an official program for the entire corporation. To effectively manage costs, bank managers must possess a solid understanding of legal, accounting, and marketing issues in addition to production and service methods, and commercial bank services. Dopson (2015)