Global Financial Services Industry Leverages on Improved De-risking Mechanisms and Cost Reductions for Future Growth, According to New Report by Global Industry Analysts

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GIA announces the release of a comprehensive global outlook on the Financial Services Industry. Fast paced recovery in various segments such as banking and insurance from the recent economic meltdown is expected to drive the global market for financial services in the short to medium term period. Transaction security, operational efficiency, regulatory compliance, business continuity planning, financial re-engineering, customer service and enterprise risk management are likely to fuel market growth in the forthcoming years.

Financial Services: A Global Outlook

Follow us on LinkedIn – The financial services sector is a major consumer of a wide collection of business services and products. Apart from being an economic power, the industry drives other business operations, setting standards and contributing to achievements. The industry is the focal point to other sectors of the market, as the service provides the much needed finance to further their business operations. The industry is highly susceptible to market changes and needs to adapt on a quick time basis according to the changing environment. The emergence of niche players is heating up the sector, though there has been a decrease in the number of financial institutions. The entry of non-financial organizations into the Financial Services market is fast churning the sector, upping the ante even more. Rising competition and saturating markets in the developed countries have compelled big players in the international banking industry to explore emerging markets, which are still unexploited and unexplored. Growing income amongst the middle class population and developing economic conditions are the catalysts for emerging markets to flourish in the financial sector. With the rapidly increasing internet user-base and the growing craze for social media channels, the trend of using social networking sites such as Twitter and Facebook is also fast catching up in the financial services industry.

In the present scenario, the financial services market is witnessing myriad developments that are positively influencing the market, particularly in the banking sector. From the increased proliferation of internet banking and mobile banking to the increased usage of social media channels, the banking industry is transforming itself to suit the needs of new-age customers. Even in the insurance sector, the growing popularity of providing insurance through banks i.e. bancassurance is gaining all the more importance particularly in the developing nations such as Latin America and Asia-Pacific due to the extensive reach and relatively lower costs advantages provided by this channel of distribution. Adroit usage of the Internet and social media channels witnessed lately is expected to augur well for the market owing to the role that such media are expected to play in the process of re-building lost confidence of customers.

The worldwide financial services industry is anticipated to benefit largely from increasing levels of investments and promising growth opportunities in the Mobile Banking market. Although the initial focus was primarily on balance updates using text messages, the growing utilization of mobile Internet is allowing customers to carry out complex transactions too. Growing convergence of technologies has led to the advent of a wide variety of smartphones that are capable of facilitating Internet banking. As a result, the distinction between mobile banking and Internet banking is slowly blurring. Rapid strides made by the mobile Internet market is expected to promote the uptake of mobile banking services, thereby becoming a key strategy for banks’ business activities. Banks are increasingly offering ‘push’ or ‘transactional’ mobile banking services, by using mobile web or downloadable applications.

The research report titled “Financial Services: A Global Outlook” announced by Global Industry Analysts, Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report critically examines major market trends and issues, identifies major segments, highlights the indispensable need for IT in the financial services industry, and investigates the implications of globalization. The reader also stands to gain a prelude to topics such as ATM and Debit Card, Credit Cards, Online Credit Card Payments, Master Cards, and Visa Cards, among others. Regional markets briefly abstracted and covered include US, Canada, Germany, Italy, Russia, UK, Japan, Australia, China, India, Taiwan) Brazil and Chile among several others. The report offers a compilation of recent product launches, mergers, acquisitions, and strategic corporate developments. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.

For more details about this comprehensive industry 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 leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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