Global Trends For the Financial Service Industry

Global Trends For the Financial Service Industry
As the economic crisis continues to unfold, the financial service industry faces
serious challenges. The crisis is rooted in continuous imbalances, including
long periods of low interest rates, rapidly rising asset prices, and massive credit
and savings imbalances. The 2007 and 2008 Reports from the World Economic
Forum predicted these changes as continuous risk to the market.
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Earlier decades of exceptional growth and capitalism at its best have now
caused the market to adapt to tighter credit, growing government intervention,
slowing pace of globalization, and no economic growth. With increasing
regulations in the United States and decreasing availability of credit, the
industry faces a significant risk of stunted growth. The global recession is also
affecting the financial sector because of capital markets and decreased
aggregate demand, according to Max von Bismarck, Director and Head of
Investor Industries.
This article will provide leaders, employees and investors in the financial
service industry with five unique and timely trends to keep in the forefront of
their growth strategies for the next five years. These five key trends will shape
the post financial crisis in a holistic and systematic manner.
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GLOBAL BANKING. According to the World Bank, although many banks
such as American Express, Citibank and JPMorgan Chase conduct business in
multiple countries, they are relatively regional in the United States. In order to
grow, the financial industry will have to infiltrate emerging markets. For
companies that have a more aggressive growth strategy, the spread to emerging
markets such as Africa and Asia presents unparalleled opportunities for profit
and increased market share.
IT PLATFORM SHARING. Network World confirms that financial service
firms' business strategies must be altered for the new dynamics and intricacies
of today's market. Immediate access to information and integration along
product lines and geography are a must for future success. With the need to
supply information to a global market, firms must decrease cost. One cost
effective initiative is the use of platform sharing; like cell phone companies that
collaborate with local companies in order to decrease cost and increase access,
financial firms can do the same.

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