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Forces of Financial Services Sector Competitiveness - Coursework Example

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The paper "Forces of Financial Services Sector Competitiveness" presents a critique of the ways in which customers’ attitudes towards and expectations of the financial services sector have changed in recent years, and the ways in which organisations within the sector have responded…
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Forces of Financial Services Sector Competitiveness
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Download file to see previous pages It also highlights some of the ways in which organisations within the sector have recognised these changes and the manner in which they have responded in terms of products and services, and the ways in which these are delivered in order to achieve customer satisfaction and maintain their competitive position. 
With increased competition, the financial sector has grown tremendously with costs for services going down thereby becoming affordable to many investors and customers. Financial services are also widespread as financial institutions establish in new regions to escape competitions. This has enabled a greater access for the services to many people. Moreover, borrowers have been presented with a variety of financial institutions to access the funds from, which has helped to eliminate over-dependence on single institutions and hence improved access to funds. Customers are the most significant component of the financial sector. Boot (2000) observes that financial firms have an obligation of maintaining customer satisfaction if their objectives are to be met. Increased competition has compelled them to ensure that they employ techniques that help them to retain customers.
The increase in financial institutions has generated freedom among the consumers to shift from one institution to the other where their needs are satisfied. In essence, the cost of acquiring customers is usually high and therefore there is a need to develop strong strategies that enhance customer satisfaction. This has made financial institutions to ensure that they are aware of the operating environment so as to develop the strategies that match the prevailing circumstances. In recent years, globalization has increased competition in the financial sector since firms are able to expand their services to foreign markets where they find new opportunities. Moreover, consumers are getting significant information concerning financial services, which has been enhanced by the developments in communication technology. ...Download file to see next pagesRead More
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