Major Challenges in the Banking Industry
Every industry needs to evolve with time to keep up with the changing trends and business landscape. Challenges in the Banking industry is no exception. With time, bankers are encountering more risks and regulations, in light of growing concerns about third party relationships, workforce management and many other issues. Keeping in view all the concerns, banks and financial institutions are focusing more towards better strategies and modern technologies to deal with multiple challenges. Let’s have a look at the major challenges that the banking industry is facing and what should be the focus to overcome those challenges. Customer Centric Approach Since the 2008 financial crisis, several banks have changed their strategies regarding customer and market but their decisions still revolve around the regulatory requirements. Unlike other industries, not many banks have considered the costumer centric approach and have put enough efforts in understanding customers and mar...