Couple of years in the recent past has been havoc for world economies. Giant financially armed countries had to manage a situation of hand to mouth which was getting tougher with every sunset. This condition spread to all countries of the globe and was widely popular as the Global Financial Crises. This faithful period during the years 2007-2008 is stated as the worst time for economies and is still sought as a terror full experience for the financial institutions across the world. The monetary industry faced this pitiful condition after the dangerous experience of the 1929 Great Depression which is said to have been of a similar kind.
Thankfully, the financial conditions are coming back to normal and the countries are managing a much decent performance when it comes to their survival. The ratio of unemployment which was stepping high has sloped low now. Besides, other issues related to the financial sector are slowly but surely falling to rest. The global banking sector was one of the prominent ones that were affected by the slowdown. Similarly, it was also from the very few that clocked an express recovery rate, coming back to the normal positive trend helping its dependent sectors as well. It is obvious for any economy to have a leak proof banking sector which is healthy and supportive. On these lines, major banking systems worldwide are bringing in constant improvements to provide a more client friendly environment thus enhancing their respective economies.
Lets glance through the Top Trends for the Banking sector this 2014:
Go Digit: According to a reliable market researchon the topic, around 35% share of the bank market in North America would be available for grab by 2020 as the digit banking is taking over the method of traditional banking. This is due to the rising usage of Internet, increase in sales of smart phones and tablets. A bank customer today, is in need and demands a bank transaction at any hour of the day as per his/her convenience. Therefore, to keep up with the pace and competition every bank is going digital and providing the best that is possible.
Bank while mobile: Mobile banking in initial stages wasn’t utilized by many fearing the security laps involved. However, today according to a study, every 8 of the 10 bank clients want to bank from their mobile. Moreover, they also want to add up the banking activities which are possible using a cell phone. This shows that customers now like and demand more interactive banking through mobile phones. You may decide for yourself, use mobile banking facilities or stay lagged.
Social presence for your bank…..Needed?? : Some of us may feel it is needless to showcase a bank’s features on a social platform. Things get known when they spread out; having an omnipresent effect over the social platforms always helps in connecting to services that are offered and getting educated about the new activities. It is all about marketing what you have and doing it for the good of the business by spending an affordable price is no harm. In fact, this is only going to do positives.
Rocketing Competition: Now that they have done most of the positives, they have to face the competition. This is because, all of them are doing it the similar way; clients today have a liberty to pick and choose from the available banks and their services. People can and are going for the ones which are best suited for their needs. Consequently, 2014 and beyond are years that are going to prove competitive even for the banks.
Importance of right human resource: It is highly important to manage the workforce of the bank in the best productive manner. Rightfully positioning of the staffs according to their profiles clears off half the work load. This not only assists in providing an on dot service to the customers, it also avoids the work pressures on the staffs, enabling better productivity.
The new customer is most important: The present generation client for the banks is the most educated one. In fact, these often prove to be sources from where they are informed of what different are their competitors doing or are planning of. It is needless to say that such a client is an absolute treasury; it’s only fair to retaining them by providing them quickest and accurate service.
So, there is loads of positive waiting to happen in the retail banking industry this 2014, possibly brining bundle of profits to the world economies.