I have a strong reason to believe that the 2008 meltdown had more impact than what is seen superficially:
You may have seen job crisis and wholesale attritions. You may have seen people becoming homeless and children dropping out from private schools. You may have seen people desperate to pick up any job that they get in spite of being overqualified. But what you missed seeing, at least the most of us is that people have now become extremely careful with their money.
You will now see people are so conscious of investing it anywhere for that matter that they think at least two times before they put it anywhere. Every dollar counts for them now and every dollar is worth the time that they spend deliberating if it is put in the right place and what kind of returns will they get on their investments.
Also, another fall out of the great depression of our century is that now FinTech has completely taken over our lives. Fintech is nothing but a combination of the words finance and technology. The way technology has massively revolutionized the financial markets is something that could never be fathomed a few years ago. Nevertheless, like all other fields technology has sabotaged a lot of financial activities that were always believed to be done best through the hard way.
Here are five ways that I read on this wonderful website https://bullmarketz.com/forex-trading-brokers/
Financial institutions like banks now have given the customers direct access to handling their own accounts through mobile applications. They can transfer or deposit money at their will now.
- Faster access; quicker proactivity:
Today, financial institutions understand the value of swift service. Faster access and clearing of customer’s doubts make sure that they stay loyal forever.
- Using social media handles:
This may sound innovative but the way the financial industry has integrated social media in advertising and connecting with their customers is a laudable feat.
- Reducing interest rates:
By introducing innovative financial tools like the SIP and the mutual funds, the financial sector has done very well for itself. The customers also benefit from the lowest rate of borrowing. So, it is a win-win situation.
With the influx of online shopping, financial institution especially the banks have a bigger role to play. One size does not fit every retailer now. The banks are continuously innovating themselves adding value to their businesses and helping customers on the same plane. Standing ovation!!