me (2) - FINANCIAL SERVICES/BANKING SECTOR This is one of...

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FINANCIAL SERVICES/BANKING SECTOR This is one of the major economic sectors in the country that provide financial services that include depositing and withdrawal, saving, loans and financial advices among others. Long term challenges that faces financial services sector that arises from poor planning Theft This is where fraudsters steal money from the banks and from individual customer’s accounts. This forces the banks to compensate to the affected customer who poses a risk to the survival and profitability of the bank. Majority of the theft cases results from poor planning by the banks where they end up developing weak and poor soft wares to secure the customers’ accounts from hackers. Mismanagement Mismanagement at the various levels of management i.e. strategic and functional levels of management results from poor planning and has caused many banks to collapse. This includes the financial mismanagement by financial managers by overstating the costs of activities to be carried out. This result in more expenses and expenditure as compared to revenue and this has result to collapse of some banks. Continuous technology changes Many banks have faced the challenge of being unable to cope with current new technological advancement which results from poor planning and thorough environmental scanning. Banks that have poor planning fail to study the trends of technology and adapt to the changes.
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