Question

There is no doubt that the financial services industry is always changing. Describe the most important issues facing firms in the financial services industry in 2019 and how you plan to use your skills to be a part of its future. (500-word maximum)

Answer 1

The financial services industry will be facing a plethora of issues come 2019. The most important and the most challenging of these issues are discussed below:

First of all there will be the issue of dealing with an environment with low interest rates in the future. The macroeconomic factors are most likely to keep the interests rates low and this will be challenge for the financial services sector as the will struggle to promote growth and sustain its profitability in the environment.

The second issue that the industry will have to grapple with is the issue of rebuilding its asset quality and strengthening its capital positions. Capital positions of several financial service firms have deteriorated and this needs to be strengthened and augmented further.

The third issue for 2019 for the financial services industry will be the challenge to develop new as well as reliable sources of revenue. Technology giants like Google and Amazon are disrupting the financial services industry through their offerings like Google Pay etc. The financial services companies will have to leverage the use of technology and make themselves more relevant to the consumers in 2019.

Lastly the financial services industry in 2019 will face the issue of systematically incorporating a risk management culture into its daily operations.

I am a student of finance. I am majoring in finance and minoring in IT (information technology). This combination of finance and IT will enable me to be a part of the financial service industry and help them solve their problems with regards to competition from non-traditional and new players like Google. I will be able to leverage my knowledge of finance and IT to help make my employers more relevant as well as more convenient for the customers.

please let me know if you have any doubt

thank you