Global trends in the financial services industry

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Global trends in the financial services industry

as the economic crisis continues to unfold, the financial services industry is facing serious challenges. The crisis is rooted in the continuing imbalances, including long periods of low interest rates on a rapid rise in asset prices, credit and large-scale and savings imbalances. Expected 07 and 08 reports of the World Economic Forum these changes as an ongoing risk to the market.

previous decades of extraordinary growth and capitalism at its best now caused the market to adapt to the credit tightening, and increased government intervention, and a slowdown in the pace of globalization, not economic growth. With increasing regulations in the United States and decreased availability of credit, the industry faces a significant risk of stunted growth. Global recession has also affected the financial sector, capital markets and lower overall demand, according to Max von Bismarck, Director and Head of Investor industries.

this Article leaders, employees and investors in the financial services industry will provide with five trends and unique in time to keep in the forefront of their growth strategies over the next five years. These five key trends will shape after the financial crisis a comprehensive and systematic manner.

five major trends

[1945001global] banking. According to the World Bank, despite the fact that many banks such as American Express, Citibank and JPMorgan Chase doing business in multiple countries, they are relatively Regional in the United States. In order to grow, the financial industry to infiltrate emerging markets. For companies that have a more aggressive growth strategy, and the spread to emerging markets such as Africa and Asia unparalleled opportunities for profit and increase market share.

technology sharing platform. Global Network confirms that the business of financial services companies strategies "should change the dynamics and complexities of the market for a new day. Instant access to information and integration along the production and geography lines are a must for success in the future. With the need to provide information to the global market, we must companies reduce the cost. the cost of one effective initiative is to use sharing platform; such as cell phone companies that cooperate with local companies to reduce cost and increase access, can financial firms do the same.

electronic banking. see the special report of the magazine The Economist that with 3.5 billion people with mobile phones, and is expected 10-20% per year over year growth, and are made of personal and commercial banking transactions through mobile phones more and more. Thus, the ability of bank E is quickly becoming increasingly a requirement in order to compete in the market. the banking potential of electronic companies that have the necessary flexibility and differentiation in the market through services-based applications to the Internet.

transfer money via mobile phone. increased use of mobile phone in emerging markets makes money mobile, low-cost initiative safe financial sector. It is the easiest way to transfer money to family and friends, the money is sent, payments and withdrawals can be made without ever going to the physical or payment center bank. He concluded M- Pesa, a developer of early mobile money, and this mobile money "has enormous social and economic benefits."

self-service. You must be self-service and customer focus primarily for companies in this new world of financial services, according to IBM. AppViewXS is a self-service portal companies can buy, so that customers can check the status of their account and instant access to the services available. It has been addressing the issues and concerns customers more quickly, and provides the IBM representative. This technology automates many processes; and the result is that the workload of the staff is reduced while working faster and more efficiently representatives.

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financial services companies have, sustained and steady expansion in emerging markets for growth in the future. Deloitte & Touche reports that financial services companies did not position themselves to take advantage of opportunities geographically dispersed research. Admitted more than 93 percent of the executives interviewed for this report that their companies "do not work in an integrated way in the world."

The same report indicates that financial institutions need to invest away from the markets veteran or mature and towards emerging markets because "by 2025, will be rivaled veteran markets from other markets with growing economies faster and appetite for sophisticated financial products increasingly. " Can companies based in the United States towards the Japanese and African markets look into opportunities for expansion. Analysts Kennedy Consulting believes that the market will rebound from the global financial crisis in 2011, but there will be no return to strong levels before 07 and even later in the decade so far; we hope that the five major trends in this report on the leaders, employees and investors in the industry financial services to look towards the future of the powerful sound.

In addition to growth strategies, in the Journal of 02 from Business & Industrial Marketing, Henson and Wilson discuss the severe changes that have occurred in and how many companies are trying to develop and implement successful strategies based on innovative and customer technology and financial services sector. Apart from the normal ups and downs of the financial world and technology and innovation will always prevail in the win for the financial services industry. Because online banking has become the norm for most customers, and technology will be very important in the strategies of these companies. "

with customers in most directions center in financial services companies, and the creation of new values ​​to the current status and potential clients will go beyond current expectations be a top priority. the need for mixed comfortable with technology makes mobile money a great initiative in emerging as well as developed markets. many companies have a payment speed, and the ability to pay without batting card, as part of their credit card services. chip built-in credit Card Payment can be made to be by placing the card close to the payment processor. Mobile money is the expansion of the transfer payment and money operations without the need for a card, and having to go to a physical bank, or use online banking. payments and transfers, deposits and withdrawals can be made with a cell phone.

the World Bank agrees that innovative technology and an increase in e-business strategies will lead to significantly lower costs and increase competition in the financial services sector. The Internet and related technologies, and confirms the World Bank, more than just a new distribution channels; they are an inexpensive way, different, very effective to provide the same services. Since must financial services companies to grow organically, and build customer loyalty, and accommodate customers' growing needs for services and comfort, and partnerships with the new technology will allow them to cut costs companies, and be able to compete.

companies founded, such as American Express, Citibank, and others can partner with groups such as wired technology savvy Google graduates who do not accept the risk and who have the emerging technologies that are reshaping the industry with a new wave of innovative products companies, and writing Spencer Ante and Kimberly Weisul of the work week. Mobile Money project is one of the fledgling company, which is the provider at the forefront of alternative financial services products. Small businesses like these are able to provide well-known financial firms enough money to open in markets where there is a need to cooperate with other companies in order to achieve and then get the local customer base emerging.

contest

Today is fed not only by customers profitable, but also by the companies which are the most efficient and cost-effective. Will clash procedural and cultural result from the expansion of the unknown markets, as we have seen before in the history of Citibank in Asia Minor. But in the long term, the regulations more stringent, new technology and improved business operations expand in emerging markets will cause not only to change the demographics of the clients (basic and customers geographically), but also to improve the global economy and the future of the financial services sector. Remember past trends in the forefront of managers strategic plans, financial and corporate recovery bigger and better than ever.

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