Answer to Question #231630 in Management for Cody

Question

 As a Business Management 512 student, advise the Senior Management of Standard Bank on the 

future challenges for the bank

Answer 1

 future challenges for the Standard Bank

Elevated Competition 

FinTech's pose a serious threat because they often target some of the most profitable areas of financial services

Adherence to the law 

As a result of the enormous increase in regulatory costs relative to earnings and credit losses during the 2008 financial crisis, regulatory compliance has become one of the most critical banking industry concerns. 

Banking Laws and Regulations 

Faced with severe implications for non-compliance, banks have expended greater cost and risk (without a proportionate increase in risk reduction) in order to stay current on regulatory changes and deploy the controls required to meet those requirements.

Adjusting to New Business Models 

Compliance management costs are just one of many banking industry concerns prompting financial organizations to adjust their business practices

.