Financial Services: A Global Outlook
San Jose, CA (PRWEB) January 19, 2009
Global financial services market is typically influenced largely by economic cycles, and government legislation. Today, the industry stands in the midst of a turmoil set into motion by worsening financial crises worldwide, spreading recessionary trends across economies worldwide, and troubled international banking industry. Blowing in the winds is consolidation triggered by the ongoing credit crunch. The tough business conditions are invoking significant changes in business practices with the most prominent being changes in operating procedures and customer services of the financial services companies around the world. With the aging world population rapidly reaching retirement age, the retirement financial planning sector is expected to generate opportunities for financial services companies.
Pushed against the wall by the economic slowdown in the Western world, major multinational banks are setting up their bases in developing markets, to capitalize on unexploited growth potential and rising income of middleclass population. Global banking market is passing through a turbulent patch touching the lowest level since the 1998 crisis. Cutthroat competition among international players to grab market share is resulting in shrinking profit margins. With business volumes, and profitability at an all time low, cost reduction is the buzzword for sustenance in the sector. The immediate areas of concern are the increasing amounts of non-performing assets and fast cooling mortgage markets. Deteriorating business climate led by the flagging banking industry is expected to continue into the short-term and hopes for a respite from the present challenges hang onto the bailout packages offered by G7 and other countries in an attempt to rescue the ailing financial institutions. The U.S. administration has already passed an aggressive ($3 trillion) package to purchase various distraught assets held by financial institutions.
Weakening revenues and rapidly falling equity markets has put tremendous pressure on the life insurance sector, with new investment and capital flow plans receiving major setbacks. A further exacerbation of conditions is expected as market sentiments hit an all time low. Focus is now being shifted to cost curtailment, which is extending a major blow to new investment and marketing plans.
The report titled "Financial Services: A Global Outlook" published by Global Industry Analysts Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers an aerial view of the global financial services industry, identifies major short to medium term market challenges, and growth drivers. Market discussions in the report are punctuated with 171 fact-rich market data tables. Regional markets elaborated upon include US, Canada, Japan, Germany, Italy, Russia, Spain, Switzerland, UK, South Africa, Syria, Israel, Oman & Qatar, Australia, China, India, Indonesia, Malaysia, Singapore, South Korea, and Latin America, Taiwan, among others. The report also offers a recapitulation of recent mergers, acquisitions, and corporate developments in addition to an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 331 companies worldwide.
For more details about this research report, please visit http://www.strategyr.com/Financial_Services_Industry_Market_Report.asp.
About Global Industry Analysts, Inc.:
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs more than 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of more than 60,000 smaller research products including company reports, market trend reports and industry reports encompassing all major industries worldwide.
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