If there is anything that’s buzzing round globally is the Impact of recession, globalization, technological advancements and other key factors in the Banking Arena. Banking sector have come a long way to be involved in:-
- Financial planning, ways of operating self-business, securing strategic ties with countries worldwide,
- Supporting countries economic and GDP growth, Regularise and maintain global deficits, manage debts, Funding for Small and Medium Entity etc.
- online banking including all key portfolios including wealth and Asset Management, on the go assistance regard any financial investment plans and other activities.
- Going Cashless trendsetter viz performing core transactions without currencies and even withdrawing currencies without any hassle to visit even ATM/Bank Kiosks.
- Acting as Financial Advisors and providing key aids to a hassle-free business, financial transactions, secure and safety account locking features viz enhancing the accounts that cannot be hacked easily etc.
However, the query arises in a broader way is that Is all that bright in the Banking Sector Globally?? The answer is a definitive “No”. Reason behind the same are as provided: –
- Global meltdown (Recession),
- Tanking of share markets worldwide due to economic slowdown,
- Illegal hoarding of currencies, huge debts, loan recovery pending cases from defaulters in form of business tycoons, Entities, etc have destabilized banking growth globally.
- Rising cases of Pandemics, increase in commodity prices, Crude oil shot up have pegged world economy on the back foot to face a huge debt laden crisis, ultimately leading to insolvency and closure of leading banks across the globe.
- Data Security Breach-Hackers worldwide, Card Cloners have resulted in a global data security breach thereby hoodwinking and damaging reputation of lead Banks or Banking sector.
ROAD TO RECOVERY
There are other set of Banking related issues also that’s getting resurfaced with advent of new tech era. Hence whilst the current banking turmoil has led to a hard patch for the recovery, the good news is that the global meltdown/economic slowdown etc have started to stabilize thus making huge inroads in global developing markets like India, UAE South Africa etc to lead from front thereby acting as “Global Emerging Financial Powerhouse”.
The Banking laws and reforms have also been now subjected to a more strict and tough amendments so as to curb the ongoing financial crisis. Thus, providing financial aid in form of Loans, Insurance, Equities, Debentures as well other such Finance tools have been subjected to stricter reforms thus curbing down defaulters and illegal financial hoarders.
Hope that the Banking sector recovers from the jolting times and that there is rather a smooth transitioning to Global economic forum.