Answer to Question #238956 in Management for suvi

Question

As a Business Management 512 student, advise the Senior Management of Standard Bank on the future challenges for the bank.(25)

Answer 1

Increased Competition

FinTechs are a major threat since they frequently target the most lucrative parts of the financial services industry.

Observance of the law

Regulatory compliance has become one of the most significant banking sector problems as a result of the huge increase in regulatory expenses compared to revenues and credit losses during the 2008 financial crisis.

Banking Regulations and Laws

In order to stay current on regulatory changes and deploy the controls necessary to meet those requirements, banks have spent more money and risk (without a corresponding rise in risk reduction) to stay current on regulatory changes and implement the controls required to meet those requirements.