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Banks that once relied heavily on brick-and-mortar operations are now collaborating with tech giants like Apple to launch credit products. Following the 2008 financial crisis, regulations have intensified , pushing banks to allocate more resources to ensure compliance. The Costs: Where Banks Spend Operating a bank is no small feat.
During the 2008 global financial crisis , many sectors, from real estate to banking, experienced significant challenges. For instance, after the aforementioned 2008 crisis, the financial sector faced increased regulations via mechanisms like the Dodd-Frank Act.
Case in point: JP Morgan Chase utilized an OD strategy to manage the tumultuous transition during the 2008 financial crisis, demonstrating the potential of OD in the face of adversity. Change Management The financial sector is subject to constant change due to evolving regulations, market dynamics, and technological advancements.
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