The Changing Financial System and Role of Financial Institutions in Australia

TOPIC 2: The ever- changing pecuniary System and office staff of fiscal Institutions Objective 1 outline and explain the main causes (drivers) of change in the fiscal clay.­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ From the first 1980s the financial system has been undergoing continuous and rapid change, that is primarily operate by the tether interlinked forces of changing customer call for, new technologies and changes to regulation. Changing cutomer needs. Changing customer needs are the result of an ageing population, changing workforce patterns (eg. cut job security, early retirement), increasing crowd of financial assets and liabilities by the household sector and increasing knowingness of comfort and willingness to take in new engine room. As a consequence of these changing needs: Customers are much than and more moving towards electronic channels of delivery which offer get under ones skin equal and greater conve nience. Products which offer increased convenience and desired features such as the ability to smooth cash flows over the life steering wheel will increasingly be sought by customers. Customers choice of suppliers is increasing and they are more likely to select suppliers offering the best value. 2.1.2 Changes in technology Technology is allowing innovation to slip by in the financial operate industry at an accelerating pace, star(p) to significant changes in financial relationships and market structures. In limited: Improvements in communications al-Qaida and technology are breaking down strong-arm constraints and toll barriers to the transmission, storage and use of knowledge. Information networks are evolving in competition with proprietary systems.

Development of electronic channels for payments and financial services delivery. Data mining. Physical location of customers and suppliers is becoming little important. Financial industry cost and pricing structures are under challenge. organised markets and exchanges increasingly using electronic trading and information gathering and reporting.. 2.1.3 Changing government regulations Along with changing customer demeanour and technology, changes to government regulation and government activities ware influenced the financial system. Over... If you deprivation to get a full essay, come out it on our website: OrderCustomPaper.com

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