The changing nature of money is only one facet of the financial services revolution.
Money makes the world go round. This age-old phrase definitely holds true for the financial sector of any country. It is the financial structure that forms the foundation of a developed or a developing economy. Thus, it won’t be wrong to say that at the helm of a country’s economy lies the financial industry, which keeps the market alive.
According to the website streetdirectory.com, a financial service is any service or product of financial nature provided by the financial institutions operating in the market. Such a service is governed by a measure maintained by a party or a public body exercising a regulatory or supervisory authority delegated by the law. Financial services in the economy are offered by various institutions, including insurance companies, credit card companies, accountancy companies, angel investor companies and banks.
The emergence of financial organisations providing multiple services from a single platform has led to the convergence of financial services. This rising global trend has blurred the line of demarcation, which once separated insurance companies, brokerage firms and banks from one another. The aim of these new financial organisations is to make things easy for their customers and to provide their customers maximum financial services under one roof.
Because of its significance, the financial services sector deserves our special attention. The humongous growth along with the equity involved in the sector makes it the undaunted king of the services industry.
Increasing market competition today has forced financial services companies to cut down their costs and provide quality support and services to their customers. Customer expectations and requirements are increasing with each passing day owing to a rise in their personal wealth and their desire to get personalised financial products and services.
Amidst increasing competition and need for quality control, only those companies can survive that can change themselves according to the changing needs of the market. According to streetdirectory.com, “In this environment, the winners will be companies that can turn the challenges into opportunities to build stronger and more enduring customer relationships, sharpen their process efficiency, unlock talent and creativity, use improved risk management processes to deliver more sustainable returns and use used regulatory demands as a catalyst for strengthening the business and enhancing market confidence.”
With a breakthrough in technology, the financial industry has become more dynamic and is offering round-the-clock services to its customers. Compared to other sectors, the global financial industry is riding the technological wave, making monetary transactions possible in less time and with more transparency. A person sitting in Europe can now easily enjoy financial services available in the US through various Internet transaction platforms.
World of Business, as a business magazine, offers in-depth coverage of the global financial services industry to bring in light the insights about the sector and to make sure its readers are well informed about the developments happening in this sector.