Coursework in banking and finance: most challenging issues to research


Paul Calderon

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Today’s banking and finance sector is facing greater challenges than in the past. As technology transitions the world into the era of the Internet of Things, there is an urgent need for the sector to conform to global standards.

The customer is looking for instant service, there are new regulations now and then and cybersecurity threat is real more than ever. A student who wants to research the banking and finance sector to write their coursework must look into these challenges and their solutions to effectively choose a good topic.

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Dealing with ever-changing regulations

Regulations per se are not the problem in the banking sector because every other sector runs under certain set rules and guidelines. Regulations help ensure there is order in the sector because any unregulated sector tends to favor itself in terms of profits and burden the customers they serve in terms of charges.

That said, regulations become a challenge in the banking and financial sector when the sector has to deal with internal regulations in terms of national-level regulations and external regulations in terms of global-level regulations.

For example, a student may apply for international research scholarships and luckily succeeded. If the student wants to research three different countries, they will have to first understand the regulations and procedures in each nation. In other words, they will be dealing with three different administrations.

The banking sector is no longer limited to one country in terms of operations but it can operate internationally. A student investigating this challenge can look at issues like dealing with the local law, international law, issues of taxes, transacting with different currencies, controlled loan interests, ledger charges, and so on.

Fulfilling the current and future customer expectations

People’s working styles are changing fast and today, it’s not a must for an individual to migrate to another country for work purposes because they can work remotely and earn their income. There are international business transactions taking place daily and customers no longer want to walk physically into a bank to complete a transaction.

The bank is transitioning from an analog error and moving into a digital error but most customers feel this transition is taking too long. Currently, the younger generation customers are already looking into the future and they expect their bankers to be at the same level. The remote worker wants their earning to reach their bank instantly, while a blue color business person wants to make payments using their mobile phone.

Student research for a coursework

In terms of customer expectations, a student can investigate the past banking experiences, the current and future expectations. They can look at cashless transactions, mobile banking, e-wallets, crypto trading and converting it to official currency, and so on.

A student who wants to write a thesis about the financial and banking sector may take an analytical approach and analyze the challenges prominent in the sector in terms of their origins, current situation, and the future.

The student may choose to use independent investigations to conduct research for their financial papers or get coursework help online if they are looking for the best professionally done academic paper. The site’s vast experience in any academic work has made them the first choice by many students.

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Unprecedented competition

The banking and financial sector is facing two different main types of competition. Looking back to the end of the 20th century, there were much fewer banks compared to today. The onset of the 21st century opened new doors for younger banks to prosper and fast-growing technology was important in this growth.

The newer banks were embraced more by clients because they brought fresh ideas into the banking and financial sector. Most of them do not charge deposit and ledge fees and in some nations, international banks were adversely affected and some almost went under.

The other level of competition is from mobile and online payment systems. The telecommunication companies today offer mobile banking services and many customers use their phone numbers as their banks in terms of sending money, making payments, receiving money, and so on. Some mobile phone companies allow daily transactions of up to $3,000.

On the other hand, most e-wallets have no limit to the value of daily transactions and a customer can instantly receive money from any country globally. A student investigating this challenge can study the effects of mobile money on the banking sector, e-wallets, interbank competitions, especially between the ‘traditional banks’ and the newer banks.

The challenge of keeping up with technology and cybersecurity

Between the years 2010 and 2020, technology growth happened fast and affected every business sector globally. Traditionally, customers were used to credit cards and bank transfers but today, modes of payment have exceedingly increased.

There are today payment apps, mobile wallets, mobile banking, UPI, USSD, prepaid cards, and so on. In a bid to keep up with the competition, the banking and financial sector finds itself in the middle of a greater challenge of running and managing all these modes of payments.

Keeping all these systems secure is a challenge and cybersecurity becomes an issue. Many customers have lost their money to cybercrime and they blame their bankers while the banks also suffer huge losses due to cybercrime. The banks are sometimes torn between mitigating cybercrime and remaining in business.

A student can investigate the effect of too many payment modes on profitability in the banking sector, increased operational costs, securing the modes of payments, and financial reporting.

Conclusion

Global technology has opened numerous business opportunities and the greatest beneficiary is the banking and financial sector. However, every opportunity comes with challenges and this sector is also the most affected too. Bankers and financiers have had to deal with increased cases of cybercrime, unprecedented competition, and high customer expectations. New banking and data sharing regulations are constantly changing and all these challenges are important to a student researching for their coursework.


Paul Calderon works for a writing agency as a senior writer and editor and his expertise is in writing fiction, informational handbooks and technical guides. He’s equally good in academic writing and works as a freelancer helping students do their essay and research paper writing. His free time is for swimming, cycling and watching action flicks.


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