In today’s world the banks are responsible not only for it’s customer’s but also for there liabilities. And to be responsible for the later they need to be strong enough not only for their financial models , projects , data, but also their relationships with the customers.
Now we need to focus on a very important sort of a narrative which is really not taken seriously for like 2 to 3 decades and that is ” In the corporate world it’s the emotional quotient which actually is of more concern than the intelligent quotient. ” If banks are only trying to limit themselves to paper works , signatory process and not caring about their customer’s priorities , banks some how tend to lose their customer’s faith which leads to the withdrawal of there customer’s from their banks, which is in any other way very horrifying. If things still continue to be so, I’m afraid that situations might get hostile , because for any bank their customer’s are like their stakeholders and as we know no company can really afford to lose their stakeholders because again these are the only people on which there entire business is built upon. So, we really need to think upon such notions and immediately act on it so as to help bank customers not only on the financial basis but also beyond that.
By creating such a healthy environment we can make people confident and also give them a sense of reliability that in any situation regardless of being good or bad banks are with them and going to help them to a extent where it’s possible. This entire outlook without being provincial will allow the banks to grow more and more customer’s for them and start getting into a competitive world.
COMPETITION IN THE BANKING SECTOR : OPPORTUNITIES AND CHALLENGES.
Competition in general is very specific and defines itself as ” the fight for limited resources” but when it comes to the financial insight it is defined as ” the life force of a modern economy” which also very rightly conjoint’s with the above general definition . Competition in finance replaces dated and inefficient methods while preserving valuable traditions ; it rewards the the innovative and energetic and punishes the merely connected , it destroy’s the stability of the status quo while giving hope to the young and the outsiders. True competition eliminates the need for planners , for as gravity guides water through the shortest path , competition naturally guides the economy to the most productive route.
Healthy competition is not just the best way to grow but also the best way to include all citizens , what better way to get needed services to a poor housewife than to encourage providers to compete for her money? What better way to uplift a member of a backward community than for a private employers to compete to hire her for a good job? This brings us to the end of this comprehensive study on making the banking system more competitive and reliable.
chandel's finance blog 