The financial crisis had a devastating effect on the financial sector and, in turn, the global economy. After the dust settled, it became clear that many firms had failed to invest enough resources to formulate effective early warning systems, which are critical in detecting the initial signs of credit deterioration and default. Although capital markets are returning to conditions suggesting that the crisis is finally subsiding, the best institutions should remain cautious. All banks should continue to strengthen these early warning indicators, which necessitates proactive and dynamic systems and metrics that are regularly updated.

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Prior to the credit crisis, banks were more focused on front office architecture and to an extent neglected other functions. However, firms are now more attentive and realise the importance of more cohesive enterprise architecture. Banks are also increasingly looking to expand their business into emerging economies such as Russia, though this is wrought with many challenges.

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Emerging markets can be defined as a nation's economy that is progressing toward becoming advanced, as shown by some liquidity in local debt and equity markets and the existence of some form of market exchange and regulatory body.

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