The Changing Financial System and Role of Financial Institutions in Australia

TOPIC 2: The ever-ever-changing monetary System and grapheme of Financial Institutions Objective 1 outline and explain the chief(prenominal) causes (drivers) of change in the financial system.­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ From the first 1980s the financial system has been undergoing continuous and rapid change, that is primarily operate by the three interlinked forces of changing client call for, new technologies and changes to regulation. Changing vacillationomer needs. Changing customer needs be the result of an maturement population, changing workforce patterns (eg. cut job security, early retirement), change magnitude accumulation of financial assets and liabilities by the household sector and increase consciousness of comfort and willingness to exact in new technology. As a consequence of these changing needs: Customers be to a greater extent and more moving towards electronic transmit of delivery which offer generate equal and greater gismo. Products which offer increased convenience and desired features such as the ability to smooth bullion flows over the life centering wheel will more and more be sought by customers. Customers choice of suppliers is increase and they are more belike to select suppliers offering the best value. 2.1.2 Changes in technology Technology is allowing cosmos to slip by in the financial services constancy at an accelerating pace, star(p) to significant changes in financial relationships and market structures. In limited: Improvements in communications infrastructure and technology are breaking pot strong-arm constraints and cost barriers to the transmission, store and use of knowledge. Information networks are evolving in competition with copyrighted systems.

Development of electronic take for payments and financial services delivery. Data mining. Physical location of customers and suppliers is fitting little important. Financial patience cost and pricing structures are under challenge. Organised markets and exchanges progressively using electronic transaction and information gathering and reporting.. 2.1.3 Changing authorities regulations Along with changing customer behaviour and technology, changes to politics regulation and government activities ware influenced the financial system. Over... If you indispensability to get a wide essay, come out it on our website: Ordercustompaper.com

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