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1. financial services innovation
fintechdataworkbenchAs the economiccrisiscontinuestounfold,the financial service industryfaces
seriouschallenges.The crisisisrootedincontinuousimbalances,includinglongperiodsof low interest
rates,rapidlyrisingassetprices,andmassive creditandsavingsimbalances.The 2007 and 2008 Reports
fromthe WorldEconomicForumpredictedthese changesascontinuousrisktothe market.
Earlierdecadesof exceptional growthandcapitalismatitsbesthave now causedthe marketto adaptto
tightercredit,growinggovernmentintervention,slowingpace of globalization,andnoeconomic
growth.Withincreasingregulationsinthe UnitedStatesanddecreasingavailabilityof credit,the
industryfacesa significantriskof stuntedgrowth.The global recessionisalsoaffectingthe financial
sectorbecause of capital marketsand decreasedaggregate demand,accordingtoMax vonBismarck,
Directorand Headof InvestorIndustries.
Thisarticle will provide leaders,employeesandinvestorsinthe financial service industrywithfive
unique andtimelytrendstokeepinthe forefrontof theirgrowthstrategiesforthe nextfive years.
These five keytrendswillshape the postfinancialcrisisinaholisticandsystematicmanner.
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GLOBAL BANKING.Accordingtothe WorldBank, althoughmanybankssuchas AmericanExpress,
CitibankandJPMorganChase conduct businessinmultiplecountries,theyare relativelyregional inthe
UnitedStates.Inorderto grow, the financial industrywill have toinfiltrateemergingmarkets.For
companiesthathave a more aggressive growthstrategy,the spreadtoemergingmarketssuchasAfrica
and Asiapresentsunparalleledopportunitiesforprofitandincreasedmarketshare.
IT PLATFORMSHARING.NetworkWorldconfirmsthatfinancial service firms'businessstrategiesmustbe
alteredforthe newdynamicsandintricaciesof today'smarket.Immediateaccesstoinformationand
integrationalongproductlinesandgeographyare amustfor future success.Withthe needtosupply
informationtoa global market,firmsmustdecrease cost.One costeffective initiative isthe use of
platformsharing;like cell phonecompaniesthatcollaborate withlocal companiesinordertodecrease
cost and increase access,financial firmscandothe same.

2. E-BANKING.A special reportfromThe Economistseesthatwith3.5 billionpeople withcell phonesand
an expected10-20%year overyeargrowth,personal andbusinessbankingtransactionsare conducted
throughcell phonesmore andmore.Thus,E-bankingcapabilityisquicklybecominganincreasing
requirementinordertocompete inthe marketplace.E-bankingcapabilitiesprovide companieswith
essential flexibilityanddifferentiationinthe marketthroughInternet-basedservice applications.
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MOBILE MONEY. The increase of mobile phone usage inemergingmarketsmakesmobile moneyasafe,
lowcost initiative forthe financial sector.It isan easierwayto transfermoneytofamilyandfriends,
moneyissent,andpaymentsandwithdrawalscanbe made withoutevergoingtoa physical bankor
paymentcenter.M-Pesa,anearlydeveloperof mobile money,concludedthatmobilemoney"has
enormous social andeconomicbenefits."
SELF-SERVICE.Self-service andthe customershouldbe aprimaryfocusforfirmsinthisnew financial
service world,accordingtoIBM. AppViewXSisaself-service portal firmscanpurchase,socustomerscan
checkthe status of theiraccountand gaininstantaccessto available services.Customerquestionsand
concernsare addressedmore quickly,statesanIBMrepresentative.Thistechnologyautomatesmany
processes;the resultisthatstaff workloadisreducedwhilerepresentativesoperatefasterandmore
efficiently.
Financial service firmsneedtohave sustainable,steadyexpansioninthe emergingmarketsinorderto
grow inthe future.Deloitte andTouche Researchreportsthatfinancial service firmshave notpositioned
themselvestocapitalizeonmore geographicallydispersedopportunities.More than93 percentof the
executivesinterviewedforthisreportacknowledgedthattheirfirms"are notoperatingina globally
integratedfashion."
The same reportstatesthat financial firmsneedtoinvestawayfromveteranormature marketsand
towardemergingmarketsbecause "by2025, veteranmarketswill be rivaledbyothermarketswith
fastergrowingeconomiesandincreasinglysophisticatedfinancialproductappetites."USA based firms
can looktowardJapanese andAfricanmarketsforexpansionopportunities.KennedyConsultinganalysts
believethatthe marketwill reboundfromthe global financialcrisisin2011, but there will notbe any
returnto the robust levelspriorto2007 until muchlaterin the decade;hopefully,the five keytrendsin
thisreportwill helpthe leaders,employeesandinvestorsinthe financial service industrytolooktoward
a robust soundfuture.
In additiontogrowthstrategies,inthe 2002 Journal of BusinessandIndustrial Marketing,Hensonand
Wilsondiscussthe extremechangesthathave occurredinthe financial service industryandhow many
firmsare tryingtodevelopandexecute successfulstrategiesbasedoninnovativetechnologyand
customers.Aside fromthe regularupsanddownsof the financial world,technologyandinnovationwill
alwaysprevail asthe win-winforthe financial service industry.Because onlinebankinghasbecome the
norm formost customers,technologywillbe veryimportantinthese firms'strategies.

3. Withthe customerat the centerof most trendsinfinancial servicefirms,creatingnew valuesfortheir
currentand potential clientsbeyondcurrentexpectationswillbe atop priority.The needfor
conveniencemixedwithtechnology makesmobile moneyagreatinitiative inthe emergingaswell as
the developedmarkets.Manyfirmshave speedpay,the abilitytopaywithoutswipingthe card,as part
of theircreditcard services.Anembeddedchipinthe creditcard enablespaymentsto be made by
puttingthe card close to the paymentprocessor.Mobile moneywill be anexpansionof paymentand
moneytransferswithoutthe needforacard, the needtogo to a physical bank,or to use Internet
banking.Payments,transfers,depositsandwithdrawalscanbe made witha cell phone.
The World Bankconcurs that innovative technologyandanincrease ine-businessstrategieswillleadto
much lowercostsandgreatercompetitioninfinancialservices.Internetandrelatedtechnologies,the
WorldBank affirms,are more than justnew deliverychannels;theyare aninexpensive,different,and
veryeffectivewaytoprovide the same services.Since financial service firmsmustgrow organically,
buildcustomerloyalty,andaccommodate the customers'expandingneedsforservicesand
convenience,partnershipswithnewtechnologybusinesseswill allowthemtolowertheirexpensesand
be competitive.
EstablishedfirmssuchasAmex,Citibank,andotherscanpartnerwithgroupssuch as the wiredtech
savvyGoogle Alumni whoare notaverse torisk andwho ownfledglingtechnologybusinessesthatare
reshapingthe industrywithanewwave of innovativeproducts,write SpencerAnte andKimberlyWeisul
of BusinessWeek.Mobile MoneyVenturesisone suchfledglingcompanythatisa provideronthe
forefrontof alternativefinancial service products.Smallcompaniessuchasthese are able to provide
well-knownfinancialfirmsthe wherewithaltoopeninemergingmarketswhere there isaneedfor
cooperationwithotherfirmsinordertoattainthenobtainthe local customerbase.
Today's competitionisfuelednotjustbyprofitable customers,butalsobythe firmsthatare the most
efficientandcosteffective.Procedural andcultural clashwill resultfromexpandingintounknown
marketsas seenbythe historyof CitibankinAsiaMinor.But inthe longrun,tighterregulations,new
technologyandimprovedbusinessprocesseswill cause expandinginemergingmarketsnotonlyto
change the demographicsof the clients(bothgeographicallyandcore clients),butalsotobetterthe
global economyandthe future of the financial servicesindustry.Keepingthe previoustrendsatthe
forefrontof managers'strategicplans,financialfirmswill reboundbiggerandbetterthanever.