Roles of Financial Institutions’ on Global Economy

University: Business Studies

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With the advent of new technologies such as internet, modern communication methods and transportation, world is becoming a global village, thereby, increasing the importance of financial institutions in the global economy.

Discuss how the financial services industry is likely to change over the next decade?
Studies have shown on the emerging trends in the financial services, following conclusions were obtained:
A. Customers today are more educated and are beginning to take control. Customers will be smart, informed users of financial services. They will only be interested in service providers that can meet their very specific and individualized needs.
B. Specialized competitors. Market consolidation will continue, making the big banks even bigger. But they will face an influx of market competitors including community banks, industry specialists and non-bank banks that specialize in providing specific services such as credit unions. This change will develop Partner-competitor relationships .
C. A new workforce. The need for productivity and efficiency will create new sources labor and work practices. But there will also be intense competition to attract and retain talent and experienced employees.
D. Regulated transparency. The need to comply with globally enforced standards of transparency and accountability will force the adoption by banks of integrated, enterprise-wide systems and processes.
E. Sharply focused technology. The enabler of all this change will be technology that supports rapid, accurate decision making and greater operational flexibility and efficiency. The successful specialists will be those who can track and analyze specific customer needs and speedily meet them with profitable, reliable products.
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