Question

What are the challenges in the modern banking sector and give suggestions

Answer 1

The challenges that the banking sectors are facing and the solutions to them are as follows:

1) Attracting customers for the long term is really important. The banks can do this by having something unique and important to offer to their customers.

2) A bank needs to know their customers extremely well. Their needs and financial outlook is changing with the evolution of everything around them.

3) Promoting confidence is something that banks need to do these days. Most people do not want to invest in banks because they are sceptical. If banks can provide factual evidence of the economy getting stronger, then they would have more capital.