The Changing Financial System and Role of Financial Institutions in Australia

TOPIC 2: The changing fiscal System and enjoyment of fiscal Institutions Objective 1 outline and explain the master(prenominal) causes (drivers) of change in the financial g everywherenance.­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ From the first 1980s the financial system has been undergoing continuous and rapid change, that is primarily operate by the troika 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 aggregation of financial assets and liabilities by the household sector and increasing awareness of comfort and willingness to take in new engine room. As a consequence of these changing needs: Customers are to a greater extent than and more moving towards electronic channels of delivery which offer take equal and greater convenience. Products which offer increased convenience and exigency 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 work 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 represent barriers to the transmission, storage and use of knowledge. Information networks are evolving in opposition 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. organize markets and exchanges increasingly using electronic trading and information accumulation and reporting.. 2.1.3 Changing government regulations Along with changing customer conduct and technology, changes to government regulation and government activities ware influenced the financial system. Over... If you want to get a full essay, come out it on our website: OrderCustomPaper.com

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