Scotland has much to offer in this regard because several major companies in this sector have based their businesses there. This naturally provides many more opportunities to break into financial services and get that first important foot on the ladder.

To begin with, you should delve into the financial sector in Scotland as a whole and explore the various different services and options that are on offer. For example you might be interested in getting involved with the pensions industry. Alternatively life insurance and other similar products may attract your attention more. Consider all the options and remember that there are different job positions available in every sector.

Looking at existing job openings in Scotland will give you an idea of what qualifications you will need in order to apply for them successfully as well. If you are switching careers you may need to re-train or go back to school to acquire the necessary qualifications. Some roles may require a degree of some kind, whereas others will require more basic qualifications.

Exploring the job market in the financial sector like this is an excellent way to break in. If there is a particular company you would like to join, be sure to do some background research on it as well. Showing knowledge such as this in an interview can make all the difference.

If you are already performing a job role within the industry you may find it easier to move around and change jobs. This is because you will already have gained some experience which you can add to your CV. Make sure you update your CV regularly to reflect any new experience you have gained.

It is important to consider your current location too. If you do not currently live in Scotland and you want to apply for a job there, you need to be able to demonstrate you are willing to relocate if you are accepted for a position. Researching this aspect of any potential change in your career circumstances will also help you to prepare for the next step in your career.

There is no doubt that anyone wishing to work in this industry has plenty of opportunities to do just that in Scotland. From entry level positions to more senior roles, careers in insurance and pensions are plentiful and promising. If you feel you have lots to offer and you enjoy the challenges of working in a thriving industry that is always looking to the future, you may have found your ideal job position.

Earlier decades of exceptional growth and capitalism at its best have now caused the market to adapt to tighter credit, growing government intervention, slowing pace of globalization, and no economic growth. With increasing regulations in the United States and decreasing availability of credit, the industry faces a significant risk of stunted growth. The global recession is also affecting the financial sector because of capital markets and decreased aggregate demand, according to Max von Bismarck, Director and Head of Investor Industries.

This article will provide leaders, employees and investors in the financial service industry with five unique and timely trends to keep in the forefront of their growth strategies for the next five years. These five key trends will shape the post financial crisis in a holistic and systematic manner.

FIVE KEY TRENDS

GLOBAL BANKING. According to the World Bank, although many banks such as American Express, Citibank and JPMorgan Chase conduct business in multiple countries, they are relatively regional in the United States. In order to grow, the financial industry will have to infiltrate emerging markets. For companies that have a more aggressive growth strategy, the spread to emerging markets such as Africa and Asia presents unparalleled opportunities for profit and increased market share.

IT PLATFORM SHARING. Network World confirms that financial service firms’ business strategies must be altered for the new dynamics and intricacies of today’s market. Immediate access to information and integration along product lines and geography are a must for future success. With the need to supply information to a global market, firms must decrease cost. One cost effective initiative is the use of platform sharing; like cell phone companies that collaborate with local companies in order to decrease cost and increase access, financial firms can do the same.

E-BANKING. A special report from The Economist sees that with 3.5 billion people with cell phones and an expected 10-20% year over year growth, personal and business banking transactions are conducted through cell phones more and more. Thus, E-banking capability is quickly becoming an increasing requirement in order to compete in the marketplace. E-banking capabilities provide companies with essential flexibility and differentiation in the market through Internet-based service applications.

MOBILE MONEY. The increase of mobile phone usage in emerging markets makes mobile money a safe, low cost initiative for the financial sector. It is an easier way to transfer money to family and friends, money is sent, and payments and withdrawals can be made without ever going to a physical bank or payment center. M-Pesa, an early developer of mobile money, concluded that mobile money “has enormous social and economic benefits.”

SELF-SERVICE. Self-service and the customer should be a primary focus for firms in this new financial service world, according to IBM. AppViewXS is a self-service portal firms can purchase, so customers can check the status of their account and gain instant access to available services. Customer questions and concerns are addressed more quickly, states an IBM representative. This technology automates many processes; the result is that staff workload is reduced while representatives operate faster and more efficiently.

Financial service firms need to have sustainable, steady expansion in the emerging markets in order to grow in the future. Deloitte and Touche Research reports that financial service firms have not positioned themselves to capitalize on more geographically dispersed opportunities. More than 93 percent of the executives interviewed for this report acknowledged that their firms “are not operating in a globally integrated fashion.”

The same report states that financial firms need to invest away from veteran or mature markets and toward emerging markets because “by 2025, veteran markets will be rivaled by other markets with faster growing economies and increasingly sophisticated financial product appetites.” USA based firms can look toward Japanese and African markets for expansion opportunities. Kennedy Consulting analysts believe that the market will rebound from the global financial crisis in 2011, but there will not be any return to the robust levels prior to 2007 until much later in the decade; hopefully, the five key trends in this report will help the leaders, employees and investors in the financial service industry to look toward a robust sound future.

In addition to growth strategies, in the 2002 Journal of Business and Industrial Marketing, Henson and Wilson discuss the extreme changes that have occurred in the financial service industry and how many firms are trying to develop and execute successful strategies based on innovative technology and customers. Aside from the regular ups and downs of the financial world, technology and innovation will always prevail as the win-win for the financial service industry. Because online banking has become the norm for most customers, technology will be very important in these firms’ strategies.

With the customer at the center of most trends in financial service firms, creating new values for their current and potential clients beyond current expectations will be a top priority. The need for convenience mixed with technology makes mobile money a great initiative in the emerging as well as the developed markets. Many firms have speed pay, the ability to pay without swiping the card, as part of their credit card services. An embedded chip in the credit card enables payments to be made by putting the card close to the payment processor. Mobile money will be an expansion of payment and money transfers without the need for a card, the need to go to a physical bank, or to use Internet banking. Payments, transfers, deposits and withdrawals can be made with a cell phone.

The World Bank concurs that innovative technology and an increase in e-business strategies will lead to much lower costs and greater competition in financial services. Internet and related technologies, the World Bank affirms, are more than just new delivery channels; they are an inexpensive, different, and very effective way to provide the same services. Since financial service firms must grow organically, build customer loyalty, and accommodate the customers’ expanding needs for services and convenience, partnerships with new technology businesses will allow them to lower their expenses and be competitive.

BY

Dr.V.V.S.K.PRASAD.,M.Com.,M.B.A.,Ph.D.,

Professor and Head

E-Mail: vskprasad.vempati@gmail.com

ABSTRACT

Reforms of the financial sector constitutes the most important component of India’s programme towards economic liberalization.  The recent economic liberalization measures have opened the door to foreign competitors to enter into our domestic market. Deregulation in the form of elimination of exchange controls and interest rate ceilings have made the market more competitive.  Innovation has become a must for survival.

Many  of the providers and users of capital have changed their roles all over the world.  Financial intermediaries have come out of their traditional approach and they are ready to assume more credit risks.  As a consequence, many innovations have taken place in the global financial sector which have its own impact on the domestic sector also. The emergences of various financial institutions and regulatory bodies have transformed the financial services sector from being a conservative industry to a very dynamic one. In this process this sector is facing a number of challenges.

In this changed context, the financial services industry  in India has to play a very positive and dynamic role in the years to come by offering many innovative products to suit the varied requirements of the millions of prospective investors spread throughout the country.

Overview

Reforms of the financial sedctor constitutes the most important component of India’s programme towards economic liberalization.  The recent economic liberalization measures have opened the door to foreign competitors to enter into our domestic market. Deregulation in the form of elimination of exchange controls and interest  rate ceilings have made the market more competitive.  Innovation has become a must for survival.

Many  of the providers and users of capital have changed their roles all over the world.  Financial intermediaries  have come out of their traditional approach and they are ready to assume more credit risks.  As a consequence, many innovations have taken place in the global financial sector. Which have its own impact  on the domestic sector also. The emergence of various financial institutions and regulatory  bodies have transformed  the financial services sector from being a conservative industry to a very dynamic one. In this process this sector is facing a number of challenges.

Growth in financial services (comprising banking, insurance, real estate and business services), after dipping to 5.6% in 2003-04 bounced back to 8.7% in 2004-05 and 10.9% in 2005-06. The momentum has been maintained with a growth of 11.1% in 2006-07.

Impressive progress in information technology (IT) and IT-enabled services, both rail and road traffic, and fast addition to existing stock of telephone connections, particularly mobiles, played a key role in such growth.

      Because of Globalization, the financial services industry is in a period of transition. Market shifts, competition, and technological developments are ushering in unprecedented changes in the global financial services industry. Organizations in this highly competitive and increasingly regulated industry will especially need to focus on making themselves more:

Ø      Adept to face increasing transaction volumes, regulation and the integration of previously disparate global markets

Ø      Agile at identifying and managing risk

Ø      Operationally efficient

Ø      Customer – centric

Ø      Optimized in both business & technology

In this scenario, spearheading IT initiatives has become critically important.

Major spending initiative priorities tend to focus on automation to reduce costs and lessen risk, along with using BPO to gain efficiency and allow internal IT organizations to focus on strategic initiatives. Delivery of these capabilities at a high efficiency level but at low costs is one of the major success factors for any financial services business.

OBJECTIVE:

The objective of the present paper is to  examine the status of Financial Services Industry in India and to study the challenges before this industry due to globalization

          To enhance their competitive advantage in this changed environment, financial services institutions are increasingly harnessing new technologies to provide superior customer offerings and streamline internal processes. Today’s dynamic marketplace demands that financial services providers emphasize on technologically advanced, feature-rich solutions, that can operate in real-time and with the highest degree of precision and reliability.

Information technology is increasingly being considered as critical to the strategic direction and the day-to-day operation of financial services firms.

Growth in financial services is being bolstered by the opportunities of demography, emerging markets and ever more innovative products and services. Yet, organisations also face the challenges of mounting competition, more complex regulation and ever more exacting customer expectations. Effective growth strategies are therefore likely to cut across all operating processes and functional boundaries. Key priorities include ensuring that the business model takes full account of customers’ needs, tax, financial and regulatory considerations and the organisation’s capacity to change the way it does business. In turn, the objectives and criteria for success need to be clearly measured.

                    A survey of more than 250 financial services executives carried out by PricewaterhouseCoopers in 2006, found that respondents believe that existing customers will be their main source of organic growth. Creating operations that can retain and deliver profits from customers through their lifetime will demand a significant investment in data gathering and relationship management and may therefore require a shift in the prevailing cost-income model. This includes a re-think of training, reward and performance management strategies including a move from volume-based incentives to rewards geared to client satisfaction and the profitability of the customer over the lifetime of the relationship. Success will also require timely and insightful metrics on customers’ evolving attitudes and preferences.

The  Financial Services & banking industry is changing at a fast pace. These changes are throwing up fresh challenges like managing complex technological divergence in a converging market. Banks strive to constantly offer more to the existing customer base. To achieve this, they emphasize on more targeted technology investments and high-quality service. To remain competitive, financial institutions will have to renew their commitment to investing in new technology strategically — to reduce costs, improve efficiencies, and boost revenue-generating initiatives.

Taking full note of these challenges, OFS puts together its banking practice to help financial institutions improve enterprise performance, comply with regulatory mandates, boost operational efficiency, and better serve their customers through OFS’ spectrum of solutions and services derived from proven track record of domain expertise.

The Challenges

Among the key IT challenges facing the Financial Services industry today is:

Preserving investments in old systems while leveraging new technologies to drive down transactions costs, expand and improve customer service

Integrating enterprise wide disparate systems to gain operational efficiencies

Substantially reducing time for deployment of new systems

Reducing IT costs and obtaining better ROIs for new investments in the long-term

                Only a carefully thought out long-term IT strategy backed by execution, implementation and support capability can meet these challenges successfully.

Today’s financial services firms face mounting pressures on all fronts:

Credit markets are creating industry turmoil

Tightening credit guidelines that threaten revenue streams

Growing reporting and risk management obligations like Sarbanes-Oxley, Know Your Customer and Basel II

The difficulties of sustaining growth in overly-saturated markets

Innovative products that address the needs of a diverse client base such as retirees and young emerging and ethnic segments

Growing concerns over customer data security and identity management

Increasing competition not just from traditional competitors, but from other organizations that expand their service offerings

The complexities that arise from mergers and acquisitions and from expanding into the global marketplace

          Whether we are trying to maintain competitive advantage, looking for ways to position our self better for mergers or acquisitions or expanding into the global marketplace, the challenges are as complex as they are varied. And while we deal with these fundamental concerns, we are met with increasing demands from investors, regulators and customers.

The Answers

How do we succeed in this environment? The first step is to ensure that we have the infrastructure and solutions to support our business strategy. With the right systems in place, our organization can more rapidly comply with regulations, operational risk and security issues. We can also open up new product offerings, reduce customer turnover and minimize fixed costs and maximize productivity. In addition, the companies can leverage outsourcing opportunities to reduce overhead, while still enjoying the scalability they need to support future growth or new initiatives.

The process of globalization has paved the way for the entry of innovative and sophisticated financial products into our country.  Since the Government is very keen in removing all obstacles that stand in the way of inflow of foreign capital, the potentiabilities for the introduction of innovative international financial products in India are very great.   Moreover, India is likely to enter the full convertibility era soon.  Hence, there is every possibility of introduction of more and more  innovative and sophisticated financial services in our country.

Realizing all these factors, the Government of India has initiated many steps to reform the financial services industry.

Ø      The Government has already switched over to free pricing of issues from pricing issues by the Controller of capital issues.

Ø      The interest rates have been deregulated

Ø      The private sector has been permitted to participate in banking and mutual funds and the public sector undertakings are being privatized.

Ø      The Finance Act, 1992 has brought into effect large scale amendments in the tax structure of long term capital gains.

Ø      The Finance Act, 1994 has given a further boost by lowering the lock – in period from 3 years to 1 year, in order to get the entitlement as a long – term capital asset.

Ø      The SEBI  has liberalized many stringent conditions so as to boost the Financial Services Industry.

In this changed context, the financial services industry  in India has to play a very positive and dynamic role in the years to come by offering many innovative products to suit the varied requirements of the millions of prospective investors spread throughout the country.

                                                            *****

 

Change is constant, and that is how this industry has turned out to be. Since modern day fashion is in a state of flux, one has to keep one’s finger on the pulse to catch up with the pace. Fashion industry comprises clients that include public as well as privately-held domestic manufacturing units, foreign apparel manufacturers, big house designers and the retailers. In fact, setting trends means inducing or luring the consumers to follow the latest in styles and trends. This process has led to a sea change in the popular concept leading the public to treat fashion clothing as a medium to express one’s attitudes and status. These fashion goods will get replaced in accordance with the changes in fashion and trends. In other words, these designer clothes are not treated as durable goods that need to thrown away only when they are unfit to be used. But, a bill is pending before the House which is seeking to extend copyright protection to the various designs in fashion. And, if copyright law is extended to fashion designs in clothing, the exclusive innovation culture in the fashion industry will come under the legal scanner.

The male and female models that throng the ramps, images of men and women found in magazine covers and pages of fashion weeklies and red carpets are some of the images that usually come up when someone mentions the term ‘fashion’. But, there are also people working behind the scenes in an effort to translate the ideas to create apparels that breathe life. Let it be in the creative, technical or business side of fashion industry, there are so many exciting career paths reserved for the ingenious and creative minds, in the world of fashion. Fashion industry is primarily concentrated in the cities of New York, London, Paris, and Italy. While the creative section offers career opportunities for people to work as illustrators, designers, costume designers and stylists, the business side of fashion opens up the future as fashion merchandisers, marketing personnel and trend analysts. And, coming up with new-fangled and exhilarating ways to design an item of clothing is the most challenging task faced by a fashion designer and the design team.

Fashion designers are the people who create the fashion apparels including, shoes and accessories flooding the market every year for use by the consumers. Fashion designers operating for apparel wholesalers and textile manufacturers create unique designs meant for satisfying the appetite of the fashion conscious masses. They create elegant, expensive and sometimes funny or silly clothes that are worn by models parading down runways at least twice a year. Designers create clothing and other fashion accessories for men, women and children, and some of the high-fashion designers choose to design clothes meant only for people belonging to the higher strata of the society and for celebrity clients. Still some others cater to the needs and demands of specialty dress stores and high-fashion department stores.

In the period prior to the establishment of maison couture (fashion house) in Paris, designs and creation were taken care of by anonymous seamstresses. The so-called latest and high fashion evolved from that worn at the royal courts of the country. In the early 20th century, almost all the high fashion goods originated from Paris, and to some extent from the fashion houses of London. During this period in time in the history of fashion, the line between haute couture and ready-to-wear stayed blurred. The tradition of designers sketching out the various designs instead of presenting the finished garments began to take root as a matter of economising on the material.

Designers wield the power to influence people’s choices, and they continue to use their power to influence the styles and fashions in designer clothing. The well known names create original garments along with those items that follow the established fashion trends. A majority of the fashion designers work for apparel manufacturers, and in the process create designs for men, women, and children. Leading designer brands such as Calvin Klein and Ralph Lauren are designed by a team of talented designers under the supervision of a designer director.

Western styles became popular and some of the designs were accepted all over the world. Also, some of the fashion designers from other continents had a profound impact on the fashion trends and standards. Designers that target the mass market generally adopt the popular trends set by the big names in fashion. In the recent period, many high-end designers have turned to big retailers to produce reasonably priced outfit in the hope to broaden the customer base and capture a big chunk of the market share.