Banking Industry Sees Rapid Evolution, 11-20-2006
The banking industry continues to globalize and evolve rapidly. On a worldwide basis, giant national and global bank holding companies continue to grow, both through acquisitions and through the opening of new facilities and business units. New business opportunities are opening up globally for major banks, especially in booming markets such as China and India. Cross-border investments in banks are growing. The credit card industry is evolving as well. In short, the banking industry is changing at such a prodigious rate that it is difficult to keep up. Fortunately, there is Plunkett's Banking, Mortgages & Credit Industry Almanac 2007, which details the most important of these changes. Some of the most interesting examples include:
- Smart Phones May Replace Smart Cards.
In Japan and elsewhere, personal payment systems are programmed into cell phones instead of credit cards. The payment chip embedded in an Internet-enabled, smart cell phone has vast advantages over the smart card. Users are able to check the chip's monetary balance on the cell phone's screen and then use phone-based online banking to transfer money from a checking or savings account to the chip.
- China's Banking Market Looms Large.
Virtually every major bank holding company wants a piece of the action in China's banking sector, where a booming industrial base, rising consumer incomes and a rapidly growing base of middle class and affluent households mean lots of new business.
- National and International Bank Chains Expand.
Mega-mergers have built giant bank holding companies into operators of nationwide bank chains. In the same way that giant retail chains have gained marketing clout, buying power and operating efficiencies by building nationwide chains of stores, banks are seeking competitive and operating advantages by merging into immense banking systems spanning numerous states.
- Banks Vie for Previously Underserved Markets and Focus on Hispanics.
In the U.S., the Hispanic population is rapidly expanding and growing in household wealth and buying power. Between 2004 and 2010, Hispanics are expected to increase their share of the U.S. population from 13.3% to 15.5%, while at the same time increasing their spending power from $700 billion to $1 trillion yearly.
To find out more about these exciting trends and more, check out Plunkett's Banking, Mortgages & Credit Industry Almanac 2007, just released, or go to www.plunkettresearch.com and sign up for a subscription to Plunkett's completely up-to-date online database!
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