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

There's is no doubt that the financial services are changing because of this dynamic world and shifts of technology , regulation or global events. Following are the most important issues which are facing by financial services industry :

• Digital transformation: In this today dynamic world the organisation now think of changing their support to customers from back end operations. Currently people are more towards digital behavior and this lead to less human interaction. This digital transform lead to more trust in the machines, new entrants with new technique, new laws and regulation for this transformation.
• Data and analytics: Financial Institution whether retail and commercials, have more data on their customers than anyone else. But they still struggle to extract meaningful information and use it for good business decisions. But according to estimates only 0.5% of data is used. Such this is causing problem of cost, privacy, incompatible formats etc.
• Artificial intelligence and digital labor: It cover a range of emerging technologies being used across the financial services industry, including robotic and intelligent process automation. Recent advancements have surprised even the most optimistic, but don't be distracted by these bright, shiny toys. In this technology world issues like control and governance are faced by business.
• Block chain: Block chain isn't a cure all, but there are clearly many problems for which this technology is the ideal solution. In this block chain some of issues are projects of it still not primetime, verification issues.
• Cost containment: another issue is cost which are due fail of most sophisticated plans.
• Global trends :In last years some of major issues like brexit and new policies which are the risk for the business.
• Deals: In this deal market both buyers and sellers suffer from risk and uncertainty.
• People : In this financial institution underplay the importance of their people strategy as this causes the workforce issues.
• Cybersecurity: In this digital world firms are facing the risk of the hackers.
• Regulatory easing: In this dynamic digital world new policies by goverment are of the issue in business road map.

To deal with such issues the following steps can be taken:

• business models should be open towards the new techniques
• information and data should be properly analyzed so to get right information and business analyised should hire
• proper balance between human and artificial intelligence as human cannot feel neglected
• proper rules and regulations for the banks, brokerages, insurers, regulator  
• Investment should be done in proper manner a this will reduce the cost of the business
• deals should done after roper analysis of all aspects as it reduce risk and uncertainty.