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As the economic crisis continues to unfold, the financial service industry faces serious challenges. The crisis is rooted in continuous imbalances, including long periods of low interest rates, rapidly rising asset prices, and massive credit and savings imbalances. The 2007 and 2008 Reports from the World Economic Forum predicted these changes as continuous risk to the market. Earlier decades of exceptional growth and capitalism at its best have now caused the market to adapt to tighter credit, growing government intervention, slowing pace of globalization, and no economic growth. With increasing regulations in the United States and decreasing availability of credit, the industry faces a significant risk of stunted growth. The global recession is also affecting the financial sector because of capital markets and decreased aggregate demand, according to Max von Bismarck, Director and Head of Investor Industries. This article will provide leaders, employees and investors in the financial service industry with five unique and timely trends to keep in the forefront of their growth strategies for the next five years. These five key trends will shape the post financial crisis in a holistic and systematic manner. FIVE KEY TRENDS GLOBAL BANKING. According to the World Bank, although many banks such as American Express, Citibank and JPMorgan Chase conduct business in multiple countries, they are relatively regional in the United States. In order to grow, the financial industry will have to infiltrate emerging markets. For companies that have a more aggressive growth strategy, the spread to emerging markets such as Africa and Asia presents unparalleled opportunities for profit and increased market share. IT PLATFORM SHARING. Network World confirms that financial service firms' business strategies must be altered for the new dynamics and intricacies of today's market. Immediate access to information and integration along product lines and geography are a must for future success. With the need to supply information to a global market, firms must decrease cost. One cost effective initiative is the use of platform sharing; like cell phone companies that collaborate with local companies in order to decrease cost and increase access, financial firms can do the same.
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