What are the changing dynamics in the banking industry?
Answers
Answer:
In the banking industry there are many things which are changing very dynamically, the most dynamic thing of banks are the rate of interest on the fixed deposits of customers. There is a tendency to lower the amount of rate of interest and make the customers less attracted towards bank for depositing there money, and start investing in share market.
Explanation:
When there are many points which may be dynamic, at that point of time some points seem to be proportionate with the changes of the rate of some other aspect.
The changing dynamics in the banking industry:
- Banking industry have taken place due to changes in the needs of the consumers, period of market uncertainty, changes in technologies and demographics.
- It has brought in the new concept of E-banking and many new financial products in the markets.
- The introduction of electronic commerce has brought in changes in technology with the deregulation of financial conditions has resulted in a number of changes in the banking industry.
- The changes are also due to the deregulation of finance and the cross-industry competition. There are many new online financial products that have come into the markets which have prompted the changes.
- In order to reduce costs, there is the optimization of branch networks where the banks need to find new methods of increasing revenue.
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