The financial sector in Britain is vital for the functioning of the private sector, and like every other part of the economy, it has had to modernise in order to keep afloat. From satisfying new regulations to adapting to the new internet-focused business environment, financial institutions and their associated organisations – such as business schools – are staying ahead of the curve.
When it comes to bank regulation, nothing is optional. Financial institutions don’t have any choice in this regard: it’s compulsory to alter practices on the basis of regulatory changes, and banks have had to toe the line on everything from conduct standards to regulatory product intervention powers. However, banks are also going a bit further: mortgage lending regularly slows down these days, for example, suggesting that banks have realised that there’s no place for overambitious lending in the post-crash world.
The role of the web
However, perhaps the most important change that has hit the financial industry in the last few years is the rise of the internet. The internet has truly revolutionised the ways that bankers and others in the financial industry operate: for a start, it has meant that banks have to work harder to get custom thanks to the rise in comparison websites such as MoneySuperMarket bringing together everything from the best mortgage deals to top car loans.
It has also placed an obligation on banks and other institutions to be more convenient. Ease and simplicity is the name of the game on the internet, and it’s no wonder that many banks have invested heavily in online banking systems and mobile banking apps designed to allow customers to bank on the go. In the future, it’s likely that banks will need to start putting even more resources into fighting cybercrime. With phishing and ransomware methods getting more and more sophisticated and security scandals such as the 2016 Tesco Bank hack giving some financial institutions something of a bad name, the downsides of the web are as likely to change finance as much as the upsides are.
As a result of all these changes, it has become essential for those who provide financial education to shift with the times. Schools offering finance, management, economics and business courses are now all more likely to include modules such as digital customer acquisition, suggesting that the changing financial sector environment is being increasingly recognised.
Schools such as the London School of Business and Finance (LSBF) are taking particular strides to keep up with the shift to online. The LSBF is an international institution designed to provide high-quality teaching in innovative offline and online environments, and students are able to learn over the internet as well as in the London, Manchester or international campuses (see reviews LSBF).
The financial sector in Britain and around the world is shifting at a rapid pace, and there are plenty of reasons why this has happened. With the educational institutions that prepare people to work in this industry working hard to update their offer, it’s clear that the next generation of financial sector workers will be able to keep up with the pace of change.