Technology In Banking

When a person had been wounded by words, there were many ways they would react to it. For Gloria, she had invested in skimpy, tight outfits then flirted with almost every man in Smithville. She was young and inexperienced back then. Now that she was mature, her reputation was in shambles. She was labeled as a tramp, which made her insecure of herself.

Based on segments, customer centric offerings are to be offered. Each customer has their own liking and disliking as well as proper planning. The right time to offer also plays an important role. This will avoid unnecessary mailers/calls to be made. Customers normally tend to ignore mass mailers and emails which are sent on regular intervals as they feel that they are junk mail. It is also important to determine the best channel of communication the customer is most likely to respond to. Valuable resources and time is saved and also frees marketing resources to concentrate on other customer and plan for newer programs. Overall, we can work with our customers on helping us improve our customer service and provide the quality service that the customers deserve. It is in this endeavor to have a sustaining model to keep the customer engaged throughout their relationship with the bank for growth and profits in the long run.

However, in line of Global consumer & small business banking especially payment service the entrepreneur or new company could compete in this segments e.g. internet bill payment. Additionally, the trend of other company offers other financial services like insurance company starts offering mortgage and loan services, etc. Importantly, most of these financial and payment services is good source of fee-based revenue.

They have been able to generate different sources of revenues through commercial banking, credit card and retail financial services, which separates them from competing with some investment banking companies. The accounts, products and features the company offers sometimes have fees which it is willing to waive. Since the company wants the “share of wallet” of high balanced customers, it will take such actions. This action of course has the potential to deepen relationships. In the article by author Charles Keenen he states, “According to Bancography, a consulting firm in Birmingham, Ala., a customer who has just one product with a bank will stick with that bank for about 18 months, but add even one product - a savings account, perhaps - and the average jumps to four years. Customers with three products will stay with the bank for about 6.8 years.”

Commercial banking primarily targets companies and institutions with annual revenues of $25 million to $2.5 billion. Commercial banking offers financial products and solutions including lending and leasing, trade financing, deposits and treasury management, foreign exchange and interest rate risk management and corporate finance.

Until 1991, the banking in India was largely staid, straight laced and traditional. The bankers were prudent and cautious as they seldom took risks and were concerned with the normal banking activities of accepting deposits and lending against them. Labeled as "Agents of Social Change", their outlook was rigidly controlled by the policies of the Government, which were centered more on poverty alleviation and the upliftment of the downtrodden. The 1969 and 1980 's nationalization of banks, bringing private banks under the state control, had the objective of realizing this government dream. Even as late as 1991-92, the profitability was a forbidden word in banking business. The banks were established to fulfill social objectives and their performance was rated from their 'task fulfillment ' initiatives rather than from their commercial successes. Lending to the priority sectors, opening of rural branches, achievements in the implementation of Government sponsored schemes and adherence to the policies and programmes of the Government were the parameters considered for evaluating the performance of a bank. No one gave a thought to the actual state of affairs in many banks, which was dismal with huge unrealizable debts, many unviable branches, lethargic staff and very ineffective customer service (Singh, 2007).

Service in this fragment ought to be separated as there are loads of other comparable services offered by different banks; in any case, the service of Barclays regularly stands distinctively to the requirements of the client. In addition, advancing the services will be exceptionally troublesome so the bank ought to utilise different method for advancement such as TV; daily papers, radios, and so forth as they will cover huge are in less time (Huang & Sarigöllü, 2012). Besides, at the second section costs of the product can be kept high as they are targeting the general population with high income. Moreover, this sort of corner section direct selling would be fitting as the business sector is little and not

A bank is an institution that facilitates financial transactions between the parties. Amongst its standard operations are accepting deposits from the customers, lending money as loan (cite). The major source of income for banks is interest income which is earned on loans given to the customers, business firms and corporations. This very nature of it makes banking institutions so crucial for economic development of any country. Strong banking operations and fundamentals paves the way for higher customer and investor confidence in the company.

Capital gathering which in turn is essential to economic growth and development the stages of accumulation are savings and investment among them saving is most crucial because it is basic constraint for investment and development so capital accumulation and economic growth is affected by the rate of savings in the economy mobilization of savings becomes all the more important in the economy when economic growth is set with in frame work of targets with maximum reliance on internal resources. In a study conducted by national institute of bank management (NIBM) it was observed that the savings and that about 75 per cent of the gross domestic savings (GDS) cane from the house hold sector and approximately 45 percent of the household sector savings were kept in the form of bank deposits. The banking sector has played an increasingly imperative role in the financial intermediation process by mobilizing savings in the form of deposits. Deposits are the main source of funds for banks the bank of the total liabilities of a banking company include deposits. Hence banks serve financial needs of various sections of societies, the larger volume of funds can attract, the better the position they are in to lend funds. Scheduled Commercial Banks are those banks which were included in the second schedule or 2E of RBI ACT, 1934.

The Banking sector in India has always been one of the most preferred avenues of employment. In the current decade, this has emerged as a resurgent sector in the Indian economy. As per the McKinsey report ‘India Banking 2010’, the banking sector index has grown at a compounded annual rate of over 51 per cent since the year 2001, as compared to a 27 per cent growth in the market index during the same period. It is

The stability of the Financial System largely depends on the strength and resilience of the Banking System. Indian Banks which suffered from negative capital adequacy, negative earnings and high NPAs in the Seventies and eighties are now on a robust footing thanks to the reforms brought about by the Narasimham Committee I and II and on account of the strong resolve of the Govt. and the Reserve Bank of India. It is a matter of pride that the Indian Banks have now become fully Basel II Compliant, and that they

As the economy grows and becomes more sophisticated, the banking sector has to develop parallely in a manner that it supports and stimulates such growth. With increasing global integration, the Indian banking system and financial system has as a whole had to be strengthened so as to be able to compete. India has had around two decade of financial sector reforms during which there has been substantial transformation and liberalization of the whole financial system.. Until the beginning of the 1990s, the state of the financial sector in India could be described as a

Moreover. Trowbridge’s (n.d.) article discusses the end of branch banking as we know it with the spread of mobile banking. As more people bank online and via smartphone, banks are evaluating the future of the old-fashioned branch. Trowbridge article states that "The number of transactions in branches is plummeting," says Brett King, author of "Bank 3.0" and "Branch Today, Gone Tomorrow." Customers don 't visit branches as often, "because people do so much more of their day-to-day banking without them." The following are excerpts from her article:

Electronic banking is an automatic delivery of the new and old banking system of products and services to the customers.They give the service by the electronic and interactive communication channels. Financial institution customers, individuals or businesses are included by the E-Banking system which allows the system to access the account and also transact the business to obtain information about financial products through a network which is public or private by including the internet.[1].

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and