The financial services industry is subject to constant change, as economic factors and evolving legislation intensify competition and limit profitability. In order to restore stability and achieve sustainable growth, IT leaders can leverage new technology and capitalize on developments in security and product innovation to improve the customer experience and grow market share.

A hub of commercial activities and basis of every business, financial services and consulting industry requires high intellect and is growing faster than ever before. With the boom in economy and industrial development, funds are rapidly changing hands, finding their ways through different banking and finance institutions for various reasons.

The Financial Modernization Act has helped in creating a more open banking environment, and resulted in the rapid consolidation of the financial services industry. This act has effectively eliminated the major obstructions to strengthening and allowed financial services companies involved in different business sectors including commercial banks, investment banks and insurance companies to merge and enter into other segments. As a result, large companies that offer a variety of financial services have become more common. The financial services industry has extraordinary e-commerce potential and already captures a significant portion of its market through the Internet.