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What Are The Global Trends For the Financial Service Industry?

Earlier decades of capitalism and exceptional growth at its best have now caused the market to growing government intervention, adapt to tighter credit, no economic growth, and slowing pace of globalization. With decreasing availability of credit and increasing regulations in the United States, the industry faces a significant risk of diminutive growth. The global depression is also affecting the financial sector because of decreased aggregate demand and capital markets.

Barry Bulakites is one of the financial services industry’s most recognized speaker and innovator, he has on average 250 speaking engagements yearly and has had several radio and television appearances behind him.

These five key trends will shape the post financial crisis in a systematic and holistic manner.

GLOBAL BANKING. The financial industry will have to infiltrate emerging markets in order to grow. For companies that have a more belligerent growth strategy, the spread to emerging markets such as Asia and Africa presents increased market share and unparalleled opportunities for profit.

IT PLATFORM SHARING. Immediate access to data and integration along geography and product lines are a must for future success. Firms must decrease cost with the need to supply information to a global market. One cost effectual initiative is the use of platform sharing; like cell phone companies that collaborate with local companies in order to increase access and decrease cost, financial firms can do the same.

E-BANKING. In order to compete in the marketplace, E-banking capability is quickly becoming an increasing requirement. E-banking capabilities provide companies with essential differentiation and flexibility in the market through Internet-based service applications.

MOBILE MONEY. The enhance of mobile phone usage in emerging markets makes mobile money a low cost, safe initiative for the financial sector. It is an easier way to transfer money to friends and family, money is sent, and withdrawals and payments can be made without ever going to a payment center. 

SELF-SERVICE. Self-service and the consumer should be a principal focus for firms in this new financial service world. Customer concerns and questions are addressed more quickly. This technology computerizes many processes; the result is that personnel workload is reduced while representatives operate more efficiently.

With the consumer at the center of most developments in financial service firms, creating new values for their potential clients beyond present expectations will be a top priority. The requirement for convenience mixed with technology makes mobile money a great enterprise in the emerging as well as the industrial markets. An entrenched chip in the credit card facilitates payments to be made by putting the card close to the payment processor. Mobile money will be an expansion of money and payment transfers without the need to go to a physical bank, the need for a card, or to use Internet banking. Transfers, payments, withdrawals and deposits can be made with a cell phone.

As Barry Bulakites  says, today's competition is fueled not just by commercial customers, but also by the firms that are the most cost effective and efficient. But in the long run, new technology, tighter regulations and improved business processes will cause escalating in emerging markets not only to alter the demographics of the clients, but also to better the future of the financial services industry and the global economy. Keeping the preceding trends at the vanguard of managers' strategic plans, financial firms will bounce back bigger and better than ever.