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Essay / Research Paper Abstract
A 5 page paper discussing changes in the financial services industry. The purpose here is to identify five major trends and developments in the financial services industry, particularly those in banking as those trends affect other segments of the larger financial services industry. The trends identified here are consolidation within the industry; the growing importance of the electronic environment; globalization effects; currency issues; and increased need for information security. Bibliography lists 7 sources, 6 from 2003.
Page Count:
5 pages (~225 words per page)
File: CC6_KSbankFinSrvs.rtf
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Unformatted sample text from the term paper:
All of business has changed dramatically in the past generation, but likely none more than the financial services industry. The things that banks, brokers and insurers do
remain largely the same, but the manner in which they accomplish those things have not. Neither have the venues in which they operate, as globalization and technological advances continue
to alter the entire financial services industry. The purpose here is to identify five major trends and developments in the financial services industry,
particularly those in banking as those trends affect other segments of the larger financial services industry. The trends identified here are consolidation within the industry; the growing importance of
the electronic environment; globalization effects; currency issues; and increased need for information security. Consolidation The "merger mania" of the early- and mid-1990s appears
to have slowed dramatically, in part because there are so many fewer distinct banks now than at the end of the 1980s. One of the casualties of the "new
economy" was to be the traditional setting for banking and stock trading, and in many ways those predictions have been realized. Some predicted that traditional banking soon would be
a thing of the past, only to find that even those who conduct most of their banking online still want to be able to visit a branch of their banks.
The final result is that "there are 32% fewer commercial banks than a decade ago but 15% more commercial bank branches" (Rajendra, 2003; p. 17).
The same trend has applied to brokerage service companies as well. Prudential Securities and Wachovia are old companies that merged their retail brokerage services in 2003
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