What current trend in your field is impacting the global community? What is an example from your own background or experie...
What current trend in your field is impacting the global community
What current trend in your field is impacting the global community
What current trend in your field is impacting the global community
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What current trend in your field is impacting the global community


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What current trend in your field is impacting the global community

  1. 1. What current trend in your field is impacting the global community? What is an example from your own background or experience which illustrates the impact you have identified? Is this trend evidence of a shrinking or expanding global community? Explain your answer. To conclude your posting, share a picture or description of your working environment in order to help your classmates understand your unique perspective<br />Brief introduction of my field: <br />We are in software development (IT) for retail banking/lending industry. I have been associated with this industry for last 15 years and seen landslide change in this field last few years (and ongoing….). This is because of both - push and pulls effect to the market/society trends.<br />I would like to cover the current trend and impacts of the global community in IT and retails banking.<br />Start with Retail Banking<br />The requirement of loans/credit is going high every day and bank’s/financial institutions require robust platform to support the decision system. With the increase in complexity in the customer requirements these decision support system had to be flexible and dynamic.<br />Current Trend:<br />The major wave we are seeing in the retail banking or lending industry is to make the available platform and decision support systems with lower cost of ownership. <br />Financial institutions witness cut-throat competition in getting every new customer and retaining the existing customers. Though various measures are being taken in this regard such as better customer satisfaction and services but still the cost of operations are been questioned by managers and objective it to reduce the same. It also decreases the entry barrier for new entrants in the industry and gives them chance to offer their customers a better facility. <br />Lending industry enables people to meet their aspirations and enable them better ways of living. It goes to the extent of providing finance to the aspiring students to make their dreams come true, entrepreneurs to achieve their objectives, project financers to build up infrastructure for general public good.<br />So the decrease in the cost of operations help the industry to offer better interest rates, low operational charges to the customers and reach them at every nook and corner of the globe.<br />In turn it’s all about better quality of life for every individual.<br />Example: We are working with a rural bank in the region with around 36 branches and present in rural/sub-urban part of a developing country in the region. They recently launched students and teachers loan using our platform. One of the other major offering they have is loans for workers traveling abroad for work as they required initial travel fees, security deposit etc. They used to offer these loans from a central location in the national capital of the country as these were high risk portfolio and risk of default was high. But by implementing our system they have been able to offer these loans from their branches now so that the aspirants have not to wait for few weeks to wait for the loans files to be sent to capital and documents reviewed. Since these students and travelers many time are in rush and timing is very important for them.<br />Implementing a state of art system to support this was just a dream for this organization because of cost required to run the set-up. But we proposed SaaS model to them along with porting our software to open source stack so that the total cost of investments decrease. The porting of our software to open source stack was well supported by other technology partners. <br />Thus few innovative ideas, partners and desire to provide financial empowerment to people even in remotest places made this happen. <br />We are expanding:<br />For me it’s a scenario of expansion of the global community of “haves” and shrinking of “ not haves”. We can enable and embower every individual to chose his way of life and provide financial capabilities to achieve that. <br />“We can enable things” <br />Information technology<br />The most pervasive trend which is impacting the global community is the wave of globalization. The policies across the world have opened their economies domestically and internationally which has resulted in new era of globalization. Although globalization had been adopted long before however its potential impact can be strongly perceived in this current market setting. The main force behind this motive of globalization is taking advantage of new opportunities in foreign markets; corporations have built foreign factories, established production, and marketing arrangements with foreign partners.<br />From my background and experience in IT. I strongly believe that technology has been other principal driver of globalization. The Information technology has dramatically transformed the economic life and changed the business model of almost all businesses in last few years. The entire world has seen the changes due to globalization and involvement of IT as one of the prominent potential player of globalization. The IT has given all economic actors –consumers, businesses, and investors valuable new tools for identifying and pursuing the economic opportunities.<br />I believe this trend has tremendous impact towards expanding global community. There are resistances towards this trend at government level considering greater impact on their economy from external factors. The last year recession is the potent evidence in favor of this argument. The right policies could be framed to take the immense benefit underlying the globalization wave.<br />