Question- Discuss the future of online financial services.

Ans.

Future of Online
Financial Services

Modern information technology is rapidly reshaping business, markets and customers. This is just the beginning of a more dramatic shift in markets,  customers and the industry brought on by technology. Fluid markets, price elasticity, global digital networks will reshape financial services.

The emergence of the Internet as a virtual electronic channel for managing financial services offers many challenges and opportunities for business firms. As the convergence of computers and telecom networks reshapes the marketplace of the future, technology will become a competitive advantage. Digital cash, interactive TV, satellites, genomics, wireless super phones, intelligent agents, knowledge engineering are all key technologies that will drive future opportunity.

Regulatory agencies pressures will increase and competition will grow. These forces will lead financial institutions to explore new business models, collaboration and partnerships. Consumer demand for financial services will increase. Technology's role will take center stage. With increased cost pressures and a growing demand for flexibility, accessibility and personalization, financial services organizations will accelerate their use of technology to meet customer needs.

Firms that use technology to serve up useful customer insights will win.

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