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Jan 29

Trends Dominating the Financial Sector in 2014

Posted by abiao at 15:18 | Default | Comments(1) | Reads(1870)

Speculations have been floating over how the financial sector would be in 2014. While some say new initiative will be taken on the regulatory front, technology is expected to play a significant role. The following post takes a quick look at the same.  

2014 is expected to be quite significant for the financial services year; while the year is considered somewhat crucial for the financial services, the sector is expected to witness some challenges and opportunities that are definitely worth watching this year. And how will these affect the trends in the following year? Well some of the trends that will dominate the financial services industry in 2014 are explained below:
New Initiatives on the Regulatory Front  
While it has been estimated that the Consumer Financial Protection Bureau (CFPB) is definitely here to stay their technically astute team will stay there for long. A strong committed team would stay and do things in different and get things done in a different way. In practice it implies that the government is trying be more pro-active that before. Policies and reforms would be enforced as much.
Expenses of the Financial Data
It is a fact that bigger financial services are expensive to start with unlike customary software businesses that choose to rely on old laws of economics. Accompanied by high customer acquisition costs, financial services usually incur high financial data costs. As the value of financial data began to increase, it might go on to become more difficult to build new financial businesses that would be equally sustainable. Financial services dependent on their own data resources will have an advantage over because of the importance of financial and historical data. This however implies that financial data will continue to be more expensive than before.
Financial Products would become to Understand
Now going by certain mandatory rules, transparency is something that would be taken up seriously by the financial services. This is because transparency can create long-lasting businesses and strong relationships among customers. So, finance companies are expected to embrace a transactional perspective that is believed to be useful for the growth of the finance industry.
New Payments and Credit Options
New payment modes and different types of credit options will be seen within the sector. So, regardless to wherever you stand, these technological advances will create ripples within the sector. Online and offline payment modes have been introduced and other alternative forms of payments would also be taken into consideration.
Crowd funding
The idea behind crowd finding is to make raising capital easier for business. Investors will benefit from crow funding greatly as it has already opened up new opportunities and simplified the traditional process of investments.
Technology Driven Financial Services
Technology is expected to drive the finance services to a great extent. So a personalization of services is expected to rule the financial services this year. As commoditization and simplification of IT rages, it goes without saying that this would be a significant key in driving the financial services industry to the fullest. Social media and tools related to social media are expected to have a significant effect on the financial sector. Most of the traders in the market currently focus on using social media feeds in detecting the ideal market situation and then focusing on business developments.

Experts opine that an increasing harmonization of consumer experience with corporate and business technologies are expected to dominate the financial services market this year. Millions will look forward to the personalized form of financial services that would in offer in the coming years. Overall the financial sector promises a challenging year ahead.

Author Bio: Sampurna Majumder is a professional writer and a passionate blogger. Currently she is writing content for several websites such as Naukri.com that cover latest trends related to jobs and work related issues in the world and India in general such as finance jobs, Search finance manager jobs and others.

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