About a year ago we saw the first signs of a transformation in the financial world and in the last months the credit crisis has transformed the financial world at an explosive pace.The change that is occurring is much broader in scope than originally expected. Banks that were considered to be too big to fail or fall are either failing or being taken over by financial institutions that are more financially sound, resulting in a huge paradigm shift in how banks are regarded by the public and other banks. Since banking largely revolves around trust and the ability to service customers, losing a customer and determining the impact of it, should be part of the ongoing risk management of the organization, as well as monitoring the riskiness of existing and new products and the customers using/buying these products. But there are more changes and challenges in the banking world that are threatening banking, as we have known it.
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