The whole world is facing financial crisis. These crises have arisen out of factors such as constant inflating assets prices and deflating interest rates, imbalances in the savings, and huge credits. This turbulence was predicted a long time ago by the World Economic forum. With the ever growing government’s interference and slow globalization, it has become difficult for not only investors but also for the financial advisory services to provide quality fast track financial solutions to their clients.
There are ways in which the financial world can thrive by overcoming problems pertaining to curtailed demands, tight credits, and economic growth. In the passage, some trends related to financial service industry is given which will facilitate the employees and leaders to provide fast track financial services to their clients.
The important trends to follow
1. Globalized Banking: The major banks in most of the countries have their business’ centers established all over the world but their main focus concentrates on their native region. Major banks in the world such as American Express and Bank of America should choose to conduct their business globally, instead of concentrating on regional territories. There is a dire need for the financial industry to expand beyond the national borders. Global markets of Africa and Asia provide ample opportunities for enhanced profits and market shares.
2. Sharing the IT platform: Today finance industry needs to mold itself according to the intricacies and dynamics of the ever-changing business environment. The information has to be accessed immediately and products need to be integrated to decrease the all over cost of the financial operations. Major financial advisory services can collaborate with small companies to share the IT resources.
3. Incorporating E-banking: It is something barefaced that more and more people are using the internet to complete their day to day operations. The cell phone usage in the coming years is likely to increase by 10-20% and more people will be using it as a portal to conduct their business and banking transactions. To compete in the market a robust E-banking capability has become imperative.The financial advisory firms need to consider this fact and develop more and more internet based services accordingly.
4. Encouraging Self-service: With the global population becoming technologically aware, the emerging trend of the self-service should also enter into the finance industry. Developing application and services which will help the customers to gain an instant access is the need of the time. This will help to reduce the human resource cost for the financial advisory firms.
5. Mobile money facilities: Gone are the days when people would physically transfer money. The mobile phone has become a safe and convenient portal to fulfill the purpose. Many financial firms have taken this initiative to assimilate mobile money features in their services. At such firms customers do not even need their cards; the transaction can be completed using the mobile.
All these trends establish customers as the center entity in the services provided by the financial firms. To attain a steady and sustainable growth in the future, the financial firms need to design their services focusing mainly on the customers. It is one of the important ways of providing fast track financial solutions to the customers.
