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 The need for reform in banking system

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kally



Posts : 1
Join date : 2009-11-19

PostSubject: The need for reform in banking system   Thu Nov 19, 2009 1:42 pm

The United States has witnessed a phenomenal expansion in the geographical coverage and functional spread of the banking system since the 1960s. Despite the impressive resource mobilization and the extension of the credit reach, several distortions had, over the years, crept into the banking system. As a result, productivity and efficiency of the system had suffered, the portfolio quality had deteriorated and profitability declined.

Privatization, liberalization and globalization are important contemporary forces. Only those enterprises that can survive the highly competitive financial market will be able to stay afloat. Also those firms which work economically and efficiently, by providing consumer services using the latest technologies are able to attract more customers. To ensure cost effective customer services, more investment into better infrastructures is a must. Or else low wage nations will carry away a major portion of the existing work.

Now scores of Asian nations are members of the World Trade Organization (WTO). China and India have opened its doors for almost unrestricted entry of foreign goods and services. The consumer has more choices today than ever before. Thus only the fittest will survive.

When the government-owned financing institutions are not providing services that will ensure customer satisfaction, they are likely to be upstaged by the private players soon. Though the government owned banking institutions have a huge infrastructure under their control, they do not match the customers’ expectations in many instances. Here, the role of private players like rod aycox of LoanMax fame stands out from the rest.

In its report on the ‘Recent trends in the banking sector’ the lead bank has stated clearly that “Commercial banks need to be conscious of the fact that they are entering a challenging environment and will have to redefine their position within the financial industry. Newer approaches and methodologies will have to be implemented in order to successfully respond, to the new challenges, particularly, the growing demands from customers for high quality service.”
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