essay on banking services

Services in Banks: Strategies and Plans Essay

Introduction, literature review, body of the paper: services in banks, bank strategies used to attract and satisfy clients’ needs, new plans for the future.

Services play an extremely essential role in political, economic and social aspects. It is not possible to imagine people’s life without personal, government, business, financial and other services. On a state economics level, service sector is one of the most reliable parts of country GDP. Mutually beneficial service practice strengthens not only interpersonal, but international relationships, as well. Every day, customers want to satisfy their needs from a service provider.

Naturally, the role of bank services in the context of state economics and business can not be underestimated. Bank operations influence macro-economic indices and welfare of society. Worldly recognized first-rate banks of the world, located in Switzerland, the UK, the USA, Japan, France, etc. attract their clients with many-years experience, good reputation, reliability and safety of bank services and operation. Such banks use effective strategies to achieve the customer satisfaction. The aim of the present essay is to reveal the multifaceted nature of bank services through understanding bank strategies and examining the experience of specific banks.

The role of services in people’s life is great. All services are performed for a customer, called to provide his life with comfort, satisfying his needs. Services support and facilitate customer personal life. The essence of a service is to help and do work for someone. Mutually beneficial service providing has become the basis for business, trade, interpersonal and international relationships. There are many people employed in services. According to some researchers, in 2005, there were about 80 % of people in the USA involved in the service sector. The indices of another countries are also notably high: the UK – 77%, Canada – 76%, Germany – 68, 5%, etc. (Fitzsimmons, & Fitzsimmons, 2008). As one may see, services are appreciated and demanded by people.

In the history of human civilization, economic evolution has proved favourable environment created by services. A service offers commodity, and performs delivery function (on customer demand). It has an intangible nature, and customized attribute. Any service should be directed to benefits of both a client (buyer) and a provider (seller). Information technology and innovations are the main sources of service sector growth (Fitzsimmons, & Fitzsimmons, 2008).

Banking and bank services have been in the scope of interest of many researchers. For example, Mullineux and Murinde (2003) dedicated their book to the problem of international banking. Mishra (2010) examined a bank in the context of microeconomics and macroeconomics, and the essence of the financial system, where a bank plays an exceptionally essential role.

Analyzing the works of these and other relevant researchers, one may see that a bank is a complex and unique financial institution that performs numerous functions, and provides a wide range of services to its clients. Being a financial intermediary, a bank can be central (issues governmental money and regulates the money supply), commercial (accepts deposits and channels them into landing activities with the help of capital markets), and savings one (receives customer savings accounts, and pays interest to depositors). In addition, most of people have become clients of retail bank, as it provides its services to general public. A modern bank has so many functions that it is difficult to enumerate them all. In general, a bank “accepts deposits from the public, makes fund available to those who need them, and helps in remittance of money from one place to another” (Mishra, 2010, p. 181.). In other words, a bank deals with money and credit in a different way. This is the main essence of commercial banking.

Bank strategies were in the scope of the researchers, as well. For example, Botten and McManus (1999) described the British Internet-oriented strategy that gave bank clients to make financial operations in a cyberspace. Bank card system gave rise to application of other strategies.

Smart bank card applications technology contributes to electronic financial solutions. The network of Automated Teller Machines (ATM) allowed banks to dispense its services to customers through a Personal Identification number (PIN) and a magnetic card. ATM gave customers an opportunity to be engaged in “receiving and dispensing cash, funds transfer between accounts, balance enquiries, etc.” (Wonglimpiyarat, 2005, p. 6). At the same time, Visa, MasterCard and bank’s ATM networks serve to promote its brand, and spread its services among the world population.

Future of the bank services attracted researchers’ attention. In the 90s, it was evident, that globalization, commercialization and Internet expansion reflected on bank performance. Blery and Michalakapoulos (2006) believe that customer-oriented strategies will be applied in the future. Banks will tend to make services more effective, accessible, time-saving, quality and satisfying. New innovative technologies and additional Internet opportunities will contribute to this process.

Numerous functions of a bank predetermined the presence of range of services to its consumers. According to Mishra, it is possible to differentiate the following principal services. First, it accepts deposits: many people prefer saving their money in banks. This function helps people to earn interests and avoid theft. The presence of different types of accounts allow banks to attract clients’ savings: fixed (money is deposited for a fixed period of time; the rate of interest is high), current (serves businessmen and traders to make payments every day, making them pay incidental charges for a service), saving (encourages and mobilizes small savings with a low rate of interest; the number and amount of withdrawals is limited), recurring (encourages regular savings with interest of maturity of depositions; a rate of interest is relatively high), home safe (promotes saving habits under a special scheme), etc. deposit accounts (Mishra, 2010).

Second, a client may take advantage of loans, becoming debtor of a lending bank. However, loans are granted by a bank, depending on the creditworthiness of the borrowers (depends on clients yearly income). Among various types of loans, there are the following ones: money at call (a short period loan, provided for banks and other financial institutions), cash credit (given to a borrower against his current assets, and allows to withdraw money from time to time), overdraft (a borrower is allowed to withdraw more money than his deposits), discounting of bills of exchange (a popular and self-liquidating loan that gives an opportunity to pay the bill with the help of bank commission), and term loans (medium- and long-term loan that allow the amount to be either paid or credited to the borrower’s account; it must be repaid) (Mishra, 2010).

Credit creation is the following bank service: “a bank has the ability to create credit many times more than its deposits, and this ability to multiple credit creation depends on its cash-reserve ratio” (Mishra, 2010, p. 183). Credit creation is favoured by many people, because it allows to obtain good or service before payment. Promoting cheque system is the other bank service that became popular in the age of business transactions: “through a cheque, the depositor directs the banker to make payment to the payee” (Mishra, 2010, p. 183).

Also, a bank provides a customer with the following agency services: remittance of funds, payment and collection of credit instruments (bills of exchange, cheques, etc.), execution of standing orders (for example, a bank may pay rent on behalf of its clients), sale and purchasing of securities (bonds, stocks, shares, etc.), collection of dividends on shares, income tax consultancy, acting as executor and trustee (preserves its customers’ wills after their death), acting as a correspondent and representative (a bank may get traveller’s tickets, passports, and receive letters on clients’ behalf).

Besides, a bank provides its customers with general utility services: locker facility (valuables and important documents are kept for safe custody in a bank), traveller’s cheques (a customer may travell without the fear of loss and theft of money), letter of credit (used in foreign trade to certify customer’s creditworthiness), collection of statistics (a bank keep important information about country money, industry, commerce, trade, banking; publishes bulletins and journals with research articles), underwriting securities, gift cheques (of various denominations), acting as referee (for seeking information about its customers’ business reputation, financial position, and respectability), and foreign exchange business (by discounting foreign bills of exchange, a bank finances foreign trade) (Mishra, 2010).Nevertheless, people’s daily life suggest the idea that payment services are the most demanded services of a bank that meet customer needs every day.

One of the world financially strength banks in the world that satisfy its clients with practically all possible services, accessible for both general and elite public, is National Bank of Abu Dhabi (NBAD), founded in 1968 (Oxford Business Group, 2007). It has served as a central bank that actively participates in formation of the currency abroad. In 2005, its net profit equaled “$702, 42 m, return on quality of 43, 9% and total assets of $22, 76 bn” (Oxford Business Group, 2007, p. 97). Nationals who live outside the UAE have certain preferences in bank services. In general, the bank offers quick, reliable and secure services, giving an opportunity to take advantage from personal, corporate, and free Internet banking. Provision with personal bar-code, bank archive data, credit cards, currency exchange, time deposits, account opening, online trading are only one of possible services, available there (National Bank of Abu Dhabi, 2011). The researchers believe that

“NBAD is the chief provider of corporate services to business, the government, key public sector institutions, and major corporate groups. Corporate services include cash flow management, foreign exchange, and capital market products and assess management” (Oxford Business Group, 2007, p. 97).

Providing the mentioned services, NBAD keeps up the evolving international market, as well, because the considerable number of its clients is foreigners. This bank is able to meet the needs of growing market owing to its successful and effective development strategies. Also, NBAD has developed the advantageous system of international partnership. For example, Italia and Japan take part in corporate cross-border transactions. The bank has 23 overseas units and banking divisions located in Paris, Cairo, Oman, etc. that constituted the branch network that allow to provide with bank services customers from different corners of the world (Oxford Business Group, 2007).

In general, banking is an important service industry for all countries. In a bank, all customer-provider relationships and interactions are concentrated around services. For this reason, services are the most essential integrative elements of banking. Bank services are appreciated by general public, because they help people to achieve what they want: to buy a good or service, to transact money, to get borrower’s credit, etc. Providing a client with a service, a bank is interested in success, as well: a service produces benefit for a bank (difference between amount of deposits and credit percentage) and additional money supply that plays important role for state economy. When a client comes to a bank to get a certain service (for example, he wants to be accommodated with a loan), it should meet consumer expectations.

According to some researchers, it is reliability, responsiveness, assurance, empathy and tangibles (Fitzsimmons, & Fitzsimmons, 2008). Hence, a bank should have credibility; bear responsibility for services provided. Besides, a client should be assured that a bank is able to provide the needed service on favourable terms. A provider should understand the reason of the demanded service, and demonstrate empathy to the client (in case of a loan, it can be family’s financial necessity owing to back pay, unexpected constrained loss of money, a desire to buy a house or a car). Loan is tangible if a consumer get desirable amount of money before he can repay the debt.

There are many bank strategies called to attract new customers and satisfy their needs. One of them was applied in 1996 by the royal Bank of Scotland. It became the first bank in the UK that offered its clients bank services on the Internet. Since that time, direct banking by PC became possible. It was estimated that about 60 % of the UK population used to pay their bills and check the accounts using a home computer (Botten & McManus, 1999, p. 205). The Internet-oriented strategies of the UK banks allowed internet users to print statement, pill bills, transfer account data into home-banking software package, and take advantage from on-line services and PC banking services (including mobile commerce) (Botten & McManus, 1999).

Bank card innovations of the 1970s gave rise to new competitive strategies in the UK and USA banking sectors. However, the bank card on-line system was quickly extended across the world, because it made bank services (especially, payment ones) accessible and efficient; it notably contributed to electronic commerce that allow to make electronic transactions on the Internet, and buy a product. As one can see on the figure 1 (see appendices), on-line shopping has notable advantages (for example, timesaving capability), in comparison with traditional shopping, that meet modern consumer needs. However, there are some disadvantages, as well (for example, it requires delivery fee) (Fitzsimmons, & Fitzsimmons, 2008).

Nowadays, credit plastic cards, issued by banks, are used every day: they allow to purchase goods and services on credit. Besides, electronic cash currency system proved to be extremely convenient (Wonglimpiyarat, 2005). Credit card and electronic service strategies facilitate the social life: owing to these strategies, people easily make certain banking operations, get cash money from a card, and buy certain goods and services through mobile e-commerce.

Globalization, decreasing customer loyalty, economic volatility, resource outsourcing and other factors made banks to elaborate survival strategies for financial services. The essence of these strategies lies in the following processes: workforce performance improvement, cost reduction, revenue enhancement, return increase, cost-effective activities, integration of up-to-date technologies, etc.

Capitalization of banks plays an extremely important role in bank strategies. Retail banking strategies that practiced in Europe were adopted on the CEE ground. As the internet decreased the customers’ loyalty, banks needed special customer-oriented strategies called to increase bank clients’ loyalty. The loyalty programs that provided special benefits to customers were introduced. Traditionally, cooperative banks possessed “a strong loyalty tool, membership of the bank”.(Groeneveld & Wagemakers, 2004, p. 6).

Besides, Customer Relationship Membership (CRM) systems provide banks with good knowledge of their clients that allow banks to meet their needs. For this reason, many banks used to chose a niche-strategy, and focus on a specific customer need (real estate segment, for example). Retail banking is an extremely competitive industry, for this reason, CRM have certain priorities. Figure 2 (see appendices) shows that three top priorities are customer loyalty, profit growth and client satisfaction (PricewaterhouseCoopers, 2003).

Retail networks are used to sell all kinds of possible products: multidistribution provides with alternative options. For example, multi-channeling strategy, described as “selling products and servicing of clients with different channels, such as branches, ATMs, telephone and internet”, attracts clients with free choice, diversity of channels for different clients, and cost savings. (Groeneveld & Wagemakers, 2004, p. 7). The European largest internet bank, Rabobank, is a virtual distribution channel that offers transaction services on internet-mode technology that allows all users of mobile phones to make bank transaction operations.

Some banks offer other essential strategies that improve customer experience, leverage up-sell and cross-sell opportunities, and promote customer satisfaction. Some of retail bank strategies sound in the following manner: “facilitate integrated and consistent interactions across all channels”, “offer an inviting “Customer Front Door”, “integrate self-service with agent assistance”, etc. (Genesys, 2008, p. 3). On the whole, the strategies mentioned in this part of the essay, are beneficial for both banks and customers; moreover, all of them are called to attract and satisfy customer’s needs in a different way.

CRM systems have proved its effectiveness in aggressive bank competition, and will be used in the future. The strategic importance of CRM is obvious: it helps banks “to build long-lasting relationships with their customers and increase their profits through the right management system and the application of customer-focused strategies” (Blery & Michalakapoulos, 2006, p. 116). The Greek bank and other banks that use CRM system will be able to focus on most profitable customers with the help of efficient segmentation that corresponds to clients’ individual behaviour.

The commercial approach based not only the product but a client, as well, will help to satisfy and retain bank customers. Obviously, more banks will implement voice and phone banking services (loans, stock exchange transactions, etc.) and customer segmentation system (that responds to clients’ needs, interests, habits, etc.), and more clients will take advantage from synchronized networks, offered by banks (branch ATM, Interactive Voice Response, telephone center) (Blery & Michalakapoulos, 2006).

Even modern successful banks are concerned with plans for the future that will bring them more customers, more innovations, and better profit. The research of Oxford business group showed that development strategy of NBAD for the future is directed to expansion and positive innovative changes: installation of new ATM, opening of new branches, provision with first mobile phone banking service in the Middle East and North Africa region (Oxford Business Group, 2007).

Revolutionizing e-commerce is one of the reasons why banking system should be improved and transformed. Internet banking of the future will “reduce transaction costs, enhance customer service, increase the customer base and improve cross-selling opportunities” (Nath et al., 2001, p. 21). The phenomenon of Internet banking can not be underestimated, as it is future of modern society: the number of Internet and PC users grows every day. Online loans, brokerage services, bill payment will be popular clients’ banking activities in cheap cyberspace of electronic banks. Additional and expanded online bank services will be available to clients in private and business life. In addition, “banks are adding real-time loan applications, the ability to make Individual Retirement Account investments, and the opportunity to trade stocks through their web sites” (Nath et al., 2001, p. 26). Thus, the concept of “one-stop shopping” will be wide spread in the future.

Taking into consideration all the information mentioned above, one can make the following conclusion. Bank services serve for the benefit of people, engaged in financial relationship, commerce, business, and other activities. Owing to a great variety of bank services, a customer may deposit, save, transact, exchange, loan money, get a credit card, purchase goods and service via Internet, etc. There are many effective, development and competitive bank strategies used to attract and satisfy clients: customer-oriented strategies, electronic service strategies (Internet-oriented, e-commerce), retail banking strategies (multi-channeling), etc. However, successful future for banks consists in improved, expanded and quality e-banking services that serve for the customer’s benefit in the commerce, business and private life, customer segmentation, increasing and improving clients’ opportunities.

Blery, E., & Michalakapoulos, M. (2006). Customer relationship management: a case study of a Greek bank. Journal of Financial Services Marketing, 11 (2), (pp. 116-124). Web.

Botten, N., & McManus, C. (1999). Competitive Strategies for Service Organizations. Basingstoke, UK: Purdue University Press.

Fitzsimmons, F., & Fitzsimmons, M. (2008). Service Management: Operations, Strategy, and Information Technology (6 th ed.). New York, NY: McGraw-Hill.

Genesys. (2008). Industry strategy guide: customer service strategies for the retail banking industry. Web.

Groeneveld, J., & Wagemakers, J. (2004). Retail bank strategies in Europe. Economic Research Department. Web.

Lele, U. (2000). The World Bank Forest Strategy: Sticking the Right Balance. Washington, DC: World Bank Publications.

Mishra, S. (2010). Engineering Economics and Costing. Philadelphia, PA: PHI Learning.

Mullineux, A., & Murinde, V. (2003). Handbook of International Banking. Cheltenham, UK: Edward Elgar Publishing.

Nath, R., Schrick, P., & Parzinger, M. (2001). Bankers’ perspective on Internet banking . E-Service Journal, 1 (1), (pp. 21-36). Web.

National Bank of Abu Dhabi. Official Website. Web.

Oxford Business Group. (2007). The Report: Abu Dhabi 2007. Dubai, UAE: Oxford Business Group.

PricewaterhouseCoopers. (2003). Tackling the key issues in banking and capital markets. Web.

Wonglimpiyarat, J. (2005). Strategies of Competition in the Bank Card Business: Innovation Management in a Complex Economic Environment. Brighton, BN: Sussex Academic Press.

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• Essay On Bank

Essay on Bank

500+ words essay on bank.

Banks are an integral part of the modern economy. They play a major role in the economic growth and development of a country. The idea of banking evolved with the idea of money. In India, public sector banks (PSBs) have been working to provide banking services in urban and rural areas since 1970. These public sector banks account for nearly 70% of banking activity in India. With the help of this essay on banks, students will get to know the functions performed by banks and their importance for individuals and the country. To help students in improving their essay-writing skills, we have also compiled a list of CBSE Essays on different topics. By practising these essays, they can boost their writing skills and also score good marks on the English exam.

Meaning of Bank

Banks are mainly linked to depositing and lending money. In Indian society, moneylenders used to give money to people in ancient times. They charged a high rate of interest to people as there were no banks or banking systems available at that time. But, with the change in time, the banking system was introduced in India. Now, we have public sector banks and private banks.

A bank is a financial institution that deals with deposits, withdrawals and other related banking services. Bank receives money from those who want to save in the form of deposits, and it lends money to those who need it. A bank is a financial institution that works as an intermediary to accept deposits and channels those deposits into various lending activities. It does so through loans or capital markets. A bank establishes the connection between the customers who have capital surpluses and those with capital deficits. In India, all banks operate under the guidelines of the Reserve Bank of India, which is known as the banker’s bank.

Functions of Bank

Banking is the lifeline of the modern economy. It has played a very important role in the economic development of all the nations of the world. We can not think of modern commerce without banking. Banking is a business which seeks profits like any other business. The banking business mainly constitutes borrowing and lending as their basic functions. Now, banks are providing many other services to people, such as net banking, online shopping, mobile banking, granting loans and advances, short-term credit, pension payments, acting as a dealer in foreign currency etc. A common person can safely deposit their money in the banks.

How Important are Banks for Development?

Banks are the most important financial pillars. They play a vital role in the economic development of a country. The financing requirements of industries, trades, agriculture and other business are met with the help of banks. Therefore, if the banking system of a country becomes strong, then the development of the country will also be at a faster rate. In today’s economy, banks are not only dealing with money, but they are also contributing to the development of the nation. They play a crucial role in the disbursement of credit and the mobilisation of deposits to various sectors of the economy. Banks also represent the economic health of the country. The strength of a nation’s economy depends on the strength of the financial system, which depends on the banking system.

In India, banks play a crucial role in the social and economic growth of the country after independence. The banking sector in India accounts for more than half the assets of the financial sector. The Indian banks have shown much growth after the implementation of financial sector reforms.

Banks are the backbone of any country’s economy. They are responsible for running the economy and controlling the price of the markets. They perform various important functions. However, there are default NPAs, cases of corruption and security threat-related issues, but these can be resolved by implementing strict laws and rules by the government.

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Essay on Banking Sector

Students are often asked to write an essay on Banking Sector in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Banking Sector

What is the banking sector.

The banking sector is a part of our economy that provides financial services. It includes banks, credit unions, and other institutions. These places help us save money, get loans, and make payments. They play a big role in our daily lives and the economy.

Types of Banks

There are different types of banks. Commercial banks help businesses and individuals. Investment banks help companies raise money. Central banks control a country’s money supply. Each type of bank has a unique role and helps in different ways.

Banking Services

Banks offer many services. They keep our money safe in savings and checking accounts. They give loans for homes, cars, or businesses. They also provide credit cards, which let us borrow money to buy things and pay it back later.

Importance of the Banking Sector

The banking sector is very important. It helps us save and invest money. It makes it easy for us to buy things and pay bills. It also helps businesses grow by giving them loans. Without banks, managing money would be much harder.

Challenges in the Banking Sector

The banking sector faces challenges too. They must protect our money and personal information from theft. They also need to follow rules set by the government. These challenges make it important for banks to be careful and responsible.

250 Words Essay on Banking Sector

The banking sector is an important part of our society. It includes banks, which are places where people can keep their money safe. Banks also give loans to people and businesses, so they can buy things like houses or start new companies. This helps our economy grow.

There are different types of banks. Some are big and have branches all over the country, like State Bank of India. Others are small and only have a few branches, like local co-operative banks. There are also foreign banks, which come from other countries but have branches in our country.

Services Offered by Banks

Banks offer many services. They let us save our money in savings accounts. They also let us borrow money through loans. Banks even help us send money to other people through services like online banking and money transfers. These services make our lives easier and help us manage our money better.

Role of Banks in Economy

Banks play a big role in our economy. They help businesses grow by giving them loans. They also keep our money safe and help us save for the future. Without banks, it would be hard for our economy to grow and for people to manage their money.

In conclusion, the banking sector is a key part of our society and economy. It provides important services like savings accounts and loans, and helps businesses grow. It makes our lives easier and our economy stronger.

500 Words Essay on Banking Sector

The banking sector is a part of the financial system that provides different types of services. It includes banks and other financial institutions. These services can be things like saving money, giving loans to people or businesses, and offering investment options.

There are different types of banks that provide different kinds of services.

1. Commercial Banks: These are the most common type of banks that we see around us. They provide services like accepting deposits, giving loans, and basic investment products.

2. Investment Banks: These banks help businesses and governments to raise money by selling stocks and bonds. They also give advice about mergers and acquisitions.

3. Retail Banks: These banks deal directly with people rather than businesses. They offer services like savings and checking accounts, mortgages, personal loans, debit/credit cards, and certificates of deposit.

4. Central Banks: These are not like other banks. Every country has one central bank that manages the country’s money supply and keeps the economy stable.

Roles of the Banking Sector

The banking sector plays a very important role in the economy of a country. Let’s look at some of these roles.

Safekeeping of Money: Banks provide a safe place for people and businesses to keep their money. This money is also insured, so even if the bank goes out of business, people don’t lose their money.

Loans for Growth: Banks give loans to people and businesses. This money helps businesses to grow and create jobs. People use loans to buy homes, cars, or pay for education.

Managing the Economy: Banks, especially the central bank, help to manage the country’s economy. They control how much money is in the economy. Too much money can cause prices to go up very fast (inflation). Too little money can make the economy slow down.

Banking Sector and Technology

Technology is changing how banks work. Now, we can do most of our banking from a computer or a phone. This is called online banking or digital banking. We can check our account balance, transfer money, pay bills, and even apply for loans on the internet. This makes banking easier and faster. But it also needs good security to keep our money safe.

The banking sector is very important for our daily life and the economy. It helps us save money, gives loans for growth, and keeps the economy stable. With the help of technology, banking is becoming easier and faster. But we also need to remember about the safety of our money.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

• Essay on Barangay Problems And Solutions
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Essay on Bank – Meaning, Services, Types

Category: Essays and Paragraphs On October 23, 2018 By Aparna

What is Bank?

Almost all of us have been to the bank for some of the other reason. It is a financial organization, which is licensed by the government of a country to carry out money related transactions or deals with substitutes of money. These dealings are done by accepting demand as well as time-based deposits , investing in securities and making loans . Profit for a bank is earned by the difference in the rate of interest that it charges to and pays to its customers.

What are the different service types offered by the bank?

In simple words, banks deal with their customer’s money and valuables . They provide financial services that can help people to manage their lives in a better way. With increasing competition, banks are offering attractive and current services to their customers.

Knowing different types of the services provided by bank helps a lot so that you get the maximum benefit out of your financial institution. , It also helps in choosing the best bank for your needs.

Different types of services offered by banks:

1. Individual banking:

These services include those that are offered to individuals to manage their financial needs. It includes services such as:

• Savings accounts.
• Checking accounts.
• Personal and allied insurances.
• Credit and debit cards.
• Wealth management.

2. Business banking:

Most of the banks offer services for businesses as well as the personal needs of business owners. Different business banking services include:

• Business loans.
• Business credit and debit cards.
• Cash management services such as deposit, payroll services etc.
• Merchant services such as check collection, credit card processing, reporting and reconciliation.

3. Digital banking services:

This gives users to manage their finances online using a computer, smartphone or tablet. This is becoming more and more popular amongst banks. Digital naming services offered by banks include:

• Tablet, online and mobile banking.
• Text alerts.
• Mobile check deposit.
• Online bill payments.
• eStatements.

This is a common banking service, which is available to businesses as well as individuals. Loans are offered for offices, homes, vehicles, business start-ups and various other reasons. They come in all sizes and shapes. Some common types of bank loans offered include:

• Personal loans.
• Home loans.
• Home equity loans.
• Home equity lines of credit.

Different types of banks:

Commercial banks : These accept money as deposits from its customers and gives loans as well as advances to other customers by giving interest. They lend money for a small span of time and mainly provides working capital for businesses. They accept deposits such as savings, fixed, seasonal, current, and recurring, etc. they give loans such as overdrafts, loans, cash credits and discounting bills.

Co-operative banks : They provide short, medium and long-term credit for agricultural purposes. They also provide loans for small-scale businesses and artisans at a cheaper rate of interest. They are mainly found in rural areas and in some urban areas too.

Central bank : Every country has a central bank, which is a non-profit organization. It is involved in regulating the credit and monetary system of the country. It acts as a supervisor, controller, and regulator of commercial bank’s activities as well as of other financial institutions present in the country.

Another type of banks also exists such as:

• Industrial banks
• Agricultural banks
• Savings Bank
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Free Essay About Banks And Banking Services For Individual And Corporate Clientele

Type of paper: Essay

Topic: Banking , Business , Money , Bank , Services papers , Banks , Operations , Finance

Words: 1400

Published: 05/29/2023

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Introduction

Bank typology has grown more complex as more formerly niche banking services gain greater customer bases, encouraging different banks to shift focus from the traditional retail banking format to a more complex and specialized arrays of banking services. Moreover, large banks, particularly multinational companies, maintain their retail operations while serving non-retail accounts, such as businesses, investors, and purely online customers (Pritchard, 2016). Further, certain organizations offer banking-like services to its members, such as credit unions and savings and loans associations (S&Ls). Thus, to manage this typological complexity, this explorative paper covers only primary forms described in its most typical characteristics, excluding essentially membership-based organizations, such as the credit unions and the S&Ls.

Banks and Banking

Retail banks: As earlier indicated, retail banks perhaps are historically the oldest bank type apart from central banks. They focus in individual customers, or consumers, offering them non-group demand accounts, such as personal savings and checking accounts and certificates of deposits (Pritchard, 2016). Today, however, some retail banks are allowed to establish money market accounts (e.g. invested in government and commercial papers) for their customers. Commercial banks: The priority market of commercial banks are business customers, offering organizations corporate savings and checking accounts (Pritchard, 2016). However, it is a rare commercial bank today that does not offer personal banking services to individuals. Moreover, these banks also offer additional value-added services, e.g. lines of credit (to help businesses manage their cash flow), letters of credit (to help businesses to close international transactions) (Pritchard, 2016), and other creative agreements that can serve their mutual business interests of generating revenues at the lowest cost possible. Investment banks: Investment banking is essentially a business banking service; although, large individual investors can also avail these services. The primary investment banking services focus on helping corporations transact with financial markets (Pritchard, 2016). Central banks: Central banking is as early as retail banking, or even earlier in certain countries. Central banks manage the national monetary system, essentially managing economic activity and overseeing banks (Pritchard, 2016). The U.S. Federal Reserve Bank is a complex form of a central bank due to the federalist American government structure. Online banks: The pure form of online banks operate entirely online and in the absence of any physical location where OTC transactions with a bank teller can take place. They offer competitive rates on savings accounts and, at times, free checking accounts (Pritchard, 2016). Large banks offer “online banking” services as an attached service to physical accounts.

Traditional Banking Services

Deposit operations: These banking operations involve carefully documented cash transactions from consumers, including cash deposition in demand deposit accounts. In effect, deposit operations essentially involve personal (i.e. individual) transactions in savings accounts, checking accounts, retirement accounts, money market accounts, certificates of deposits (e.g. time deposits), as well as allied deposit services (e.g. safe deposit box rental) (Pritchard, 2016). Credit operations: These banking operations involve facilities that provide customers with something of value (i.e. a ‘credit’), under contractual agreement, for repayment at some future date with interest. This credit can be in different forms, namely: car loans, mortgages, lines of credit, signature loans, overdraft loans, and all other forms of monetary credit. They require an insurance through pledged assets, often either on a short, medium, or long term. In the current banking technology, credit transactions can be conducted remotely (VTB, 2017). Payment operations: Banks with mainly payment operations are called ‘payment banks’, which essentially offer payment services (in addition to receiving deposits) (Saha, 2014). In larger banks, these services include retail payments, remittance services, and bills payments. Cash operations: These banking operations constitute an important banking function. These are essentially settlement operations, which are comprised of many cash management processes, such as opening and maintaining currency denominated accounts for local and international transactions; conducting cashless transactions in various currencies; providing cash management consulting assistance; cash (or non-cash) transaction documentation processing; making payments in behalf of clients; and related settlement processes (IS Bank, 2017). In the advent of online technology, these operations expanded the teller services into automated teller machines (ATM), a cash dispensing machine called in other countries as Cash Point (Great Britain), Ban Comet (Europe and Russia), and Any Time Money (India) (Hooda, 2016). Additional operations: Operations with metals are historically a central banking investment operation, such as leasing gold and silver (Seagreaves, 2017). However, full service banks, such as the OTP Bank, are licensed to offer bank metal (e.g. gold) operations, such as transacting for clients cash or non-cash bank metals sales and purchases (OTP Bank, 2017).

Non-traditional Banking Services

Guarantee and collateral services: A bank guarantee service essentially offers creditors an assurance, in behalf of bank clients, the payment of credit owed by the bank clients in case the bank clients fail to fulfill their contractual obligations with the creditors (ICICI Bank, 2017). Once the creditors sent the claim, the bank fulfill the payment owed in behalf of the client. This service often cover various currencies as specified in the guarantee contract with the clients. These guarantees can be in different forms, such as performance guarantee, bid bond guarantee, financial guarantee, advance payment guarantee, foreign bank guarantee, deferred payment guarantee, and other specially designed guarantee arrangements (ICICI Bank, 2017). While bank guarantee is undertaken based on the client’s personal guarantee, collateral services require that the client attach a physical guarantee (‘collateral’), which creditors can forfeit in case the clients fail to fulfill their contractual obligations with the creditor. Trust operations: These banking operations consist of several different services, which include trust assets administration, business escrow services, custody services, and similar asset administration services (First Republic, 2017). Banks conduct trust asset administration based on the clients’ (grantors’) instructions. Businesses can also leave certain financial assets with the bank in escrow at a specific interest rate or share of investment income to gain revenues from managed investments. Meanwhile, custody services are essentially fund management services. Accounting support: Banks can also provide efficient accounting support to personal or business customers (e.g. payroll support). These services include bookkeeping and financial statements (e.g. income statements, balance sheets, and cash flow statements) generation (First Rand Bank, 2017). Traditionally, these services were performed manually by bank personnel. Today, accounting software are capable of handling the task with minimal staff intervention.

Digital and electronic technology has brought banking services in its most efficient stage historically, leaving bank staff focusing their time in handling irreplaceable human functions, such as teller services and consultations. Consequently, students in accounting are imperatively challenged to be updated in their knowledge of developments in banking services to better understand the complexity of the banking system today and to better understand their roles as accounting professionals in the banking industry.

First Rand Bank. (2017). Instant accounting. FNB.com. Retrieved from: https://www.fnb.co.za/commercial-banking/transact/instant-accounting/instant-accounting.html. <January 23, 2017>. First Republic. (2017). Trust services. First Republic.com. Retrieved from: https://www.firstrepublic.com/private-wealth-management/trust-services <January 23, 2017>. Hooda, K. (2016, April). ATM security. International Journal of Scientific and Research Publications, 6(4), 159-166. ICICI Bank. (2017). Bank guarantee. ICICI Bank.com. Retrieved from: https://www.icicibank.com/business-banking/tradeservice/bank-guarantee.page <January 23, 2017>. IS Bank. (2017). Cash operations. IS Bank.com.ru. Retrieved from: http://www.business-standard.com/article/finance/payment-banks-cannot-launch-other-financial-operations-114061600907_1.html. <January 23, 2017>. OTP Bank. (2017, January 23). Operations with bank metals. OTP Bank.com.ua. Retrieved from: https://en.otpbank.com.ua/privateclients/bank-metals/. Pritchard, J. (2016, August 10). Types of banks. The Balance.com. Retrieved from: https://www.thebalance.com/types-of-banks-315214. Saha, M. (2014, June 17). Payment banks cannot launch other financial operations. Business Standard.com. Retrieved from: http://www.business-standard.com/article/finance/payment-banks-cannot-launch-other-financial-operations-114061600907_1.html. Seagreaves, J.D. (2017, January 23). Central banks lease gold and silver; Distorting markets and balance sheets. Silver Monthly.com. Retrieved from: http://www.silvermonthly.com/central-banks-lease-gold-silver-distorting-markets-balance-sheets/. VTB. (2017). Credit operations through remote banking systems. Vtb.com. Retrieved from: http://www.vtb.com/business/lending/sdbo/. <January 23, 2017>.

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What Is Online Banking?

How online banking works.

• Online Banks

Pros and Cons of Online Banking

What do you need for online banking, how can you safely use online banking, the bottom line.

• Personal Finance

What Is Online Banking? Definition and How It Works

Investopedia / Daniel Fishel

Online banking allows you to conduct financial transactions through the Internet. Online banking offers customers almost every service traditionally available through a local branch including deposits, transfers, and online bill payments.

Virtually every banking institution has some form of online banking you can access through a computer or app. Online banking is also known as internet banking or web banking.

Key Takeaways

• Online banking allows you to conduct financial transactions through a computer or smart phone using the internet.
• With online banking, you don’t need to visit a branch to complete many transactions.
• To take advantage of online banking, you’ll need an electronic device, an internet connection, and perhaps your debit card or account numbers.

Online banking is a popular way of doing business with a bank. With online banking, you aren't required to visit a bank branch to complete most of your basic banking transactions. You can do all of this at your own convenience, wherever you want—at home, at work, or on the go. Online banking can be done using a browser or app. Mobile banking is online banking that is done on a phone or tablet.

Here are some of common ways you can use online banking.

Bank anytime

With online banking, you don’t need to visit a physical bank branch but you can do it wherever you want—at home, work, or on the go. In addition, you can typically do online banking 24/7. However, customer support might not be available at all hours.

Access accounts with browsers and apps

You can do online banking through a financial institution’s web portal using a web browser (such as Chrome or Safari) through a mobile app. This allows you to access services from many locations.

Deposit Checks

You can usually deposit a check through a mobile app using a process known as remote deposit capture . Enter the check amount, then use the app to take a photo of the front and back of the check to complete the deposit.

Manage Finances

Many banks and credit unions offer tools to help you review and balance your budget built into apps or the website. You may also be able to track spending trends, or track savings toward a goal. 

Perform Other Financial Services

Online banking transactions vary from one financial institution to another. Most banks generally provide essential services such as electronic transfers and bill payments. Some banks even let you set up new checking or CD accounts or apply for credit cards through web portals. Other online functions include ordering checks, stopping payments on checks, or reporting a change of address.

Online banking may provide fewer services than traditional banking does. For instance, you can’t exchange foreign currency.

You may be unable to complete a credit application online, such as a mortgage application. Instead, some banking business must be carried out at a bank or credit union branch.

Online Banks 

Online banks operate exclusively online, meaning they don’t operate branches where you can conduct business in person. The best online banks offer low-cost or free banking, plus above-average interest rates on savings accounts , certificates of deposit (CDs) , and money market accounts .

These banks handle customer service by phone, email, or online chat rather than in person. Prominent online banks in the U.S. include Ally Bank , Discover Bank , and Synchrony Bank .

Online-only banks might not provide direct automatic teller machine (ATM) access but usually enable customers to use ATMs at other banks and retail stores. They might even reimburse some or all of the ATM fees other financial institutions charge. The savings gained by not maintaining physical branches typically allows online banks to deliver significant savings on banking fees.

While you can deposit or take out a certain amount of cash at an ATM or store, most online banks impose a dollar limit.

As of October 2023, just 6% of U.S. adults with bank accounts reported their primary bank was an online bank.

Fast and efficient

Easy to monitor accounts

Customer service challenges

Tech and connectivity required

Hacking risk

Pros explained: 

• Convenience : Basic banking transactions can be done at any time of day or night, seven days a week. If your bank offers a payment network such as Zelle , you can use your online bank account to send money to a person or business. You can also open and close various accounts online, such as checking and savings accounts.
• Fast and efficient : Funds can be transferred between accounts almost instantly, especially if the two accounts are held at the same institution. Plus, mobile check deposits can be made in just a few minutes.
• Ease of monitoring accounts : You can closely monitor your accounts to spot suspicious activity. Around-the-clock access to banking information provides early fraud detection, serving as a guardrail against financial losses.

Cons of Online Banking 

• Customer service challenges : Sometimes, you might need to visit a branch to handle certain transactions, such as buying a cashier’s check. In other cases, you might not even have access to a branch. Furthermore, you may prefer depositing checks, withdrawing money or discussing your financial needs face-to-face.
• Tech and connectivity required : Some customers may need to be more comfortable with the tech-heavy aspects of online banking. For example, they may need help with some online tasks, such as setting up automatic payments . In addition, online banking depends on a reliable internet connection. Connectivity issues make it difficult to process transactions when you want to.
• Hacking risk : Although security continually improves, online accounts remain vulnerable. Customers should use their wireless plans rather than public WiFi networks when logging into an online bank account. This can help prevent unauthorized account access.

To take advantage of online banking you’ll need an internet connection and an electronic device like a computer or mobile phone. After setting up your account, you’ll keep handy a debit or other bank card, and access to your account numbers.

Setting up your online banking account can also be reasonably straightforward. But you’ll need a few things to set up an online checking account or savings account, just like a brick-and-mortar bank account. The bank will spell out exactly what you need on its website, but it typically requires: 

• Your name, date of birth, address, and other information
• Social Security number
• Government-issued ID with a photo, such as a driver’s license or passport
• A way to fund your account

To shield your money and your personal information from cyber crooks, you should take these safety precautions:

• Set a strong, unique password, and change it regularly. The federal Cybersecurity & Infrastructure Security Agency recommends a password with at least 16 characters. The password should contain a random string of uppercase letters, lowercase letters, numbers, and symbols.
• Rely on a password manager to help discreetly set and remember passwords.
• Enable two-factor authentication or multi-factor authentication if it’s available. This involves using at least two forms of identification, such as a password and a fingerprint, to access an online account.
• Never provide your online banking details to other people.
• Avoid online banking when using public WiFi, such as at a coffee shop or restaurant.
• Check your accounts regularly for suspicious activity and report suspected fraud immediately.

Can You Use Online Banking to Pay Bills?

You can use online banking to pay bills by logging into your online banking account to arrange bill payments electronically or by check. Online bill pay is a simple way to take care of your bills and help ensure you're always on time with payment by setting up automatic payments. It works especially well for bills with regular, set amounts, such as a mortgage payment, insurance premium, or car payment. 

What Is the Best Online Bank?

The best online bank for you will depend on your banking service needs and priorities. Investopedia's choice for best online bank overall is Ally bank. Our top choice for savings is Synchrony Bank and our top choice for checking is Discover.

Online banking is a fast, inexpensive, and convenient way to handle many of your everyday financial needs. You can probably access online banking if you already do business with a bank or credit union. All you need to do is sign up for online banking services. And while you can use online banking features from a traditional bank, picking an online-only bank for your banking needs might boost the interest you earn on savings and help reduce fees.

Consumer Financial Protection Bureau. " Online and Mobile Banking Tips for Beginners. "

Civic Science. " Online-Only Banks Are Gaining Ground With Gen Z ."

Cybersecurity & Infrastructure Security Agency. " Use Strong Passwords ."

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194 Banking Essay Topics

🏆 best essay topics on banking, ✍️ banking essay topics for college, 👍 good banking research topics & essay examples, 🌶️ hot banking ideas to write about, 🎓 most interesting banking research titles, 💡 simple banking essay ideas, ❓ banking essay questions.

• Information Systems Evolution in the Banking Industry
• Bank Street Curriculum: Implementation and Assessment
• Online Banking Fraud Risk Awareness
• The Impact of the Internet on Banking
• Risk Management Strategies of Bank of America
• Banking and Inventory Management
• Starling Bank’s Environment and Resource Analysis
• Banking Merger, Its Benefits and Consequences The paper seeks to discuss the effects of mergers in the banking industry on the public especially in the United Kingdom.
• DBS Bank’s Digital Transformation Strategy DBS is now one of the best banks to use in Asia. This study will analyze the strategies used and their effectiveness in digitizing the bank.
• Barclays Bank’s Strategic Analysis Barclays Bank is among the largest financial services. The paper analyzes the bank’s external business environment, financial position, and recommendations.
• Barclays Bank’s Decision-Making & Risk Management Barclays Bank has a clear and progressive vision of the decision-making process, with risk management being the most elaborate one.
• Sustainable Solutions for the Bank of America Tower The following paper analyzes the current constraints present on the bank based on the building usage, the existing construction, the site, and the location.
• TD Canada Trust Bank’s Performance Management The performance management system implemented in the TD Canada Trust Bank corresponds to the international financial sector management standards.
• The Toronto-Dominion Bank in the Industry The Toronto-Dominion Bank measures its effectiveness using a personnel engagement score, optional labor turnover, and industry comparison.
• Managing Employees Performance at HSBC Private Bank and Theoretical Analysis of Performance For a better understanding of Managing Employee Performance this paper would go for HSBC, the UK as a case study and then go for theoretical analysis.
• Transformational Leadership in Pakistan’s Banking Sector The report tries to explicate the degree of diffusion of transformational and transactional leadership across the banking sector in Pakistan.
• The Structure and Functions of the World Bank The paper highlights the structure and functions of the World Bank and the United Nations in the global arena. It centered on the reasons behind the formation.
• Barclays Bank’s Talent Management The Barclays Bank in Stanford has successfully organised its human resource management approach to internalise the aspects of employee equity.
• HSBC Bank’s Staffing Change: Communication Plan This work shows the communication plan for the change in staffing at HSBC Bank, identifies its key trends, assumptions, and risks, and gives a SWOTT analysis of the organization.
• Bank Management and Business Report Analysis This report is prepared in the interest of a bank that is planning to increase their sales performance, with the aim to provide an opinion on how sales should be improved.
• Chinese Bank’ Human Resources Management The paper analyses HRM through an examination of new approaches, recruitment and selection, monitoring and rewarding at the Industrial and Commercial Bank of China.
• HSBC Bank and Barclays Bank: Comparison and Risk Exposures This paper focuses on the evaluation of the financial performance of HSBC bank and Barclays bank since the start of the global financial crisis.
• The Goals of a Banking Institution The management should ensure that effective structures are in place to align the firm’s resource so that the aims and objectives are met.
• Corporate Governance in the Banking Industry Work utilizes the stakeholder theories and the stewardship presumption to shows how corporate governance contributes to higher standards of accountability in the banking industry.
• Punjab National Bank Housing Finance Company: Case Analysis Punjab Nation Bank Housing Finance Limited has experienced stagnant growth since its incorporation with other partners in 1988.
• Bank of Credit and Commerce International Case When the branch offices of the Bank of Credit and Commerce International (BCCI) in seven countries were raided in early July 1991, one of the major bank scams involving billions of dollars was brought to light.
• Mountain Bank’s Business Strategy Organizational profits rely on a good business strategic plan. For the case of Mountain Bank, the profits have been declining as a result of the poor business strategic plan.
• Benefits and the Challenges of Financial Restructuring for Bank Muscat – Oman Bank Muscat is a fiscal services company in Oman that offers retail banking, corporate banking, treasury, investment banking, asset management, and private banking.
• Problems With Improve Bank Services Some of the problems that banks are likely to encounter while attempting to deliver solid customer service include privacy laws, fair lending policies, and debt securities.
• Standard Chartered Bank Managing Human Resources This report is a case study on Standard Chartered, and the strength-based approach in the bank has been discussed with its benefits and also disadvantages.
• The Bain & Co. and the Old Family Bank Analysis This paper aims at a holistic and comprehensive analysis of Bain & Co. and the Old Family Bank from the point of view of internal and external aspects.
• The Impact of the COVID-19 Pandemic on the Standard Chartered Bank This paper will explore the impact that the COVID-19 pandemic had on the Standard Chartered bank, the development of technology, and its influence on human resource management.
• Mergers and Acquisitions in the Banking Sector This paper discusses mergers in the banking sector, reasons for a wave of mergers between banks, and difficulties that acquiring banks may face in the future.
• Information Technology and Banking Sector IT has influenced two dissimilar areas in banking, including communication and connectivity, together with business progression reengineering.
• Island Banking Services: Cybersecurity Strategy and Implementation Plan This paper aims to describe the cybersecurity strategy and its implementation plan for Island Banking Services that is a firm that works in Financial Transactions Processing.
• Finance: The Currency School-Banking School Debate The period of the 1840s in the history of the economic thought is characterized by a significant controversy observed between the Currency School and Banking School.
• International Monetary Fund, World Bank, and World Trade Organization This paper studies three international financial organizations: the International Monetary Fund, the World Bank, and the World Trade Organization.
• The Bank Robbery Crime Investigation The primary objective of securing the crime scene is to preserve all the evidence that can help trace and identify the bank robbery suspect.
• JPMorgan Chase Bank and Big Data The purpose of this paper is to analyze big data as technology concerning JPMorgan Chase and consider how it can be used shortly by this company.
• The Effectiveness of the World Bank The World Bank has been ineffective in its roles because of the poor review of projects, weak implementation of organizational policies, and failure to alleviate extreme poverty.
• Macroeconomic Theory: Barclays Bank in the UK For purposes of this study, we will analyze how the national economy can affect the performance of Barclays Bank, a major Public Limited Company.
• Co-operative Banking Group’s Enterprise Software The report illustrates how implementation of ERP system in Co-operative banking group will help in improving the firm’s accounting, inventory as well as logistics practices.
• World Bank’s Contribution to Sustainable Development Goals The essay examines the role of the World Bank in bolstering the Sustainable Development Goals measures to combat poverty and promote development.
• Investment Opportunity Analysis: British Banking Sector The Big Four British banks dominate the UK banking industry for a number of reasons, including their longevity, aggressive marketing, and service variety.
• Bank of Credit and Commerce International’s Criminal Activity This case provides adequate information on how BCCI bank was involved in a global financial crime of laundering billions of dollars globally.
• HSBC Bank Balance Sheet Analysis Financial accounts have different users; each user has specific needs they require from the accounts. Financial account users can be defined into two main segments.
• Attempted Bank Robbery Criminal Justice Case The suggested case describing the plan to commit a crime of bank robbery is characterized by several elements that are commonly identified in crime attempts.
• Analyzing Bank Performance: Risk Propositions This report points out some of the challenging circumstances that the banks and financial institutions may find themselves in if the crisis goes out of hand.
• Banking, Its Ancient and Modern History The history of banking dates back to Ancient Greece and the Roman Empire. The first prototypes were created by merchants around 2000 BC in Assyria and Sumeria.
• International Logistics, Business, and Banking Conservative decisions are quite typical in the realm of financial operations for numerous reasons, the high possibility of a failure as a result of the lack of proper testing.
• Time Management for Students in Bahrain’s Banking This research is aimed to study the opinions and attitudes towards time management among the students at Bahrain University and the country’s financial sector.
• Analysis of Abu Dhabi Commercial Bank Abu Dhabi Commercial Bank is a full-service commercial bank that provides a broad range of products and services, for instance, retail banking, management of wealth and others.
• Lloyd’s Tsb Bank Is Under Fire for Money Laundering Offense This research article discusses the role of the bank, either knowingly or unknowingly, in laundering the money obtained by cheating.
• Waiting Lines Situation at Banking Organizations Hiring more personnel could be a solution to address the challenge of long queues at many facilities.
• The Lehman Brothers Bank Collapse The main purpose of this study is to examine the financial crisis of 2008-2010 on public discourse with regard to the collapse of Lehman Brothers.
• National Australia Bank Analysis The national Australia bank has many programs which help it to adhere to the ethical regulations which govern all businesses in Australia.
• Mobile Banking Development and Analysis Project This research will be discussing the application of a mobile banking application, its effects, and its benefits to the consumers.
• Electronic Banking Services in a Qatar Bank The present research is based on the context of e-banking services in Qatar, a small country with abundant natural assets. Banks in Qatar have not been able to get the majority of customers.
• Customer Analysis via Entropy and Information Gain in Banking The introduction of big data analytics in the financial sector has provided bankers with countless opportunities to improve the quality of their services.
• The Basel III Agreement in Banking The paper discusses Basel III. It is a global regulatory agreement that mandates banks to maintain particular leverage ratios and reserve capital levels.
• Developing the Islamic Banking Cluster in the UAE The report’s mission is to develop the Islamic banking cluster in the UAE in order to be number one in Islamic Banking.
• Corporate Social Responsibility in Bangladesh’s Banking Sector CSR practices by banks in Bangladesh not only enhance their accountability but also boost their success and influence the socially responsible behaviors of other firms.
• COVID-19 Effects for Truist Bank With the spread of COVID-19, causing many Americans to lose jobs and see financial hardships, Truist would need to focus on how they can help their customers in their times of need.
• St. George Bank: Human Resources and Entrepreneurship St. George Bank should also come up with new methods to access their customers and also new channels on which the customers can get their services.
• Bank Reconciliation: Theft and Control Deficiencies Internal control is a vital process because it gives reasonable assurance about the activities of a company and compliance with laws and regulations.
• National Australia Bank: Corporate Social Responsibility This paper explores corporate social responsibility through an analysis of a company selected from the database of the world’s most ethical companies.
• Barclays Bank’s Innovative Managerial Practices One of the most vivid examples of Barclays’s encouragement of entrepreneurship processes is the LifeSkills program.
• United States Banking Merger Relevance In the banking sector, mergers and takeovers have become very common. In this paper, the researcher will look at the relevance of banking mergers in the modern market.
• Evolution of Modern Banking: Middle Ages to Present The history of banking began around 2000 BCE in Assyria, Sumeria, and India when wealthy families kept gold and silver coins in their homes.
• Analysis of Islamic Banking and Finance The purpose of this article is to consider the features of Islamic banking, as well as the principles on which the relationship between the bank and customers is built.
• Doha Bank Qatar’s Strategic Thinking and Leadership Doha Bank Qatar involves its departments together with external agencies and customer firms to incorporate innovation and focus on change to achieve success in its operations.
• Credit Quality in Banking Lending and Investment This paper analyses the credit quality problems of banking institutions’ lending and investment decisions over the last 30 years.
• Barclays Bank’s Decision-Making and Leadership Barclays Bank Board comes up with the vision for the bank. It could be the expansion plans into the Middle East or the African continent.
• Bank of Japan’s Unconventional Monetary Policy In Japan, the supply of money is mainly controlled by the Bank of Japan with the help of monetary policy that is focused on inflation and interest rates.
• The National Australia Bank’ Corporate Governance The purpose of this paper is to develop a critical analysis of NAB’s corporate governance in terms of the protocols and practices.
• The Central Bank Currency in the Monetary System The article examines the central bank currency in the monetary system. The people’s need to have control over money is the reason for the need for the central bank currency.
• Key Learnings for Banking Sector During COVID-19 The changing nature of the modern business environment requires considering organizational development (OD) practices.
• Information Gain in the Banking Sphere Information gain can be determined as a methodology that can be practically applied to the digitalization of payments in the banking sphere.
• CNP Bank Card: Case Analysis This paper focuses on the CNP bank card case, which aims to create a method for forecasting credit-card defaults and identifying potential client bases for various credit instruments.
• Information Gain and Entropy Methods in Banking The paper reviews the methods of information gain and entropy used by banking companies and critically analyzes some alternatives that are possible to use.
• Moroccan Central Bank’s Ethics and Systems The banking sector in the last two years has been impacted greatly by the COVID-19 pandemic. The situation led to the emergence of various innovations.
• A Bank, a Grocery Store, and a Restaurant: The Cultural Features This paper analyzes the available cultural features of a bank, a grocery store, and a restaurant to determine the distinctive features of these public places.
• America’s Banking Industry: Past, Present, and Future Banks are critical to the economic stability of a country. Banks are the primary option for borrowing, saving, and investing for millions of Americans in the United States.
• People Analytics of the Qatar National Bank One of the biggest challenges in conducting people analytics research for the Qatar National Bank is working with unstructured data.
• The National Banking Crisis Analysis The recent crisis at a national bank has attracted nationwide coverage due to its massive effect on the economy.
• Qatar National Bank’s General Information Bank groups that have already developed the most efficient business models and managed to expand their operations globally are in a comfortable position.
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These essay examples and topics on Banking were carefully selected by the StudyCorgi editorial team. They meet our highest standards in terms of grammar, punctuation, style, and fact accuracy. Please ensure you properly reference the materials if you’re using them to write your assignment.

This essay topic collection was updated on January 5, 2024 .

Essay on Banking

Banking is a very powerful instrument of social change. Banks are playing a crucial role in bridging the gap between the rich and the poor. In fact, banking is the backbone of the modern economy. It is difficult to visualize how trade, commerce or business can be conducted without an efficient banking system.

Banking had been in existence even in earliest times, though in other forms. In India, as in other countries, there were money-lenders who charged very heavy rates of interest. The money lenders did not have the welfare of the people at heart.

They only wanted to fill their own pockets and never missed an opportunity to exploit the poor and the needy. There was nobody to check these malpractices. People condemned the money lenders, but they could not do much. They felt helpless once they were caught in the vicious net of the money-lender.

The modern banking system has no scope for this kind of exploitation Before nationalisation, banks were catering to the needs of only a small section of people belonging to the upper strata of society. In rural areas, the needy until quite recently had no choice but to go to the money lender and take loans on his terms. So the benefits of modern banking did not reach the poor.

With a view to bringing commercial banks into the mainstream of economic development with definite social obligations and objectives, the Government acquired the control and ownership of 14 major banks in the country in July 1969.

Six more banks were nationalised in April 1980 Some of the objectives of the public sector banks were: (a) to mobilise savings of people to the largest possible extent and utilise these for productive purposes, (b) legitimate credit needs of the private sector, (c) to acutely foster opportunities for helping neglected and backward areas of the country, (d) curb, use of bank credit for speculative and unproductive purposes.

The philosophy behind nationalisation of banks was that they should function as an instrument for promoting economic and social development in more purposive manner. As against 8262 branches at the end of June 1969, the number of branches at the end of 1992 was more than 60,000.

The thrust of expansion policy has improved the availability of banking facilities in rural areas. They have started extending loans at concessional rates of interest to small farmers, entrepreneurs, artisans, labourers and members of ST and SC. Lead Bank scheme was also introduced in 1969.

Unfortunately, the expectations of the policy makers and the people have not been fulfilled. Since the nationalisation of banks, there has been a slow deterioration in their services.

The banking staff has become ineffi cient, callous and indifferent to the public. Political interference has also adversely affected the working of the banks. Writing off of the loans for political gain, has put the banking services off the rails.

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Essay on Internet Banking

In this essay we will discuss about Internet Banking. After reading this essay you will learn about: 1. Meaning of Internet Banking 2. Objectives and Drivers of Internet Banking 3. Trends in India 4. Facilities Available 5. Emerging Challenges 6. Main Concerns 7. Strategies to be Adopted by Indian Banks.

• Essay on the Strategies to be Adopted by Indian Banks for Introducing Internet Banking 

Essay # 1. Meaning of Internet Banking :

With the growth of internet and wireless communication technologies, telecommunications etc. in recent years, the structure and nature of banking and financial services have gone for a sea change. Internet banking or e-banking is the latest in this series of technological wonders in the recent past which involves use of internet for delivery of banking products and services.

Even the Morgan Stanley Dean Witter Internet Research emphasised that web is more important for retail financial services than that for many other industries. Internet banking or e-banking is changing the banking and its structure and is having major effects on banking relationships.

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Banking activity is now no longer confined to the branches where a customer has to approach the branch in person, for withdrawing cash or deposit a cheque or request for a statement of Accounts.

In accessing a true internet banking, any inquiry or transaction is processed online without any reference to the branch (anywhere banking) at any time. Thus providing Internet banking is gradually becoming a “need to have” than a “nice to have” service.

The net banking is, therefore, more of a norm rather than an exception in many developed countries because it is the cheapest way of providing banking services. Under this system, online banking is possible where every bank customer is provided with a personal identification number (PIN) for making online transactions with the bank through internet connections.

Internet banking or e-banking falls into four main categories, from Level 1—minimum functionality sites that offer only access to deposit account data—to level 4 sites highly sophisticated offering, enabling integrated sales of additional products and access to other financial services—such as investment and insurance.

In other works, a successful internet banking solution offers:

1. Exceptional rates on savings, CDs and IRAs.

2. Checking Account with no monthly fee, free bill payment and rebates on ATM surcharges.

3. Credit card facilities with low rates.

4. Easy online applications for all accounts including personal loans and mortgages.

5. 24-hour account access.

6. Quality customary service with personal attention.

Essay # 2. Objectives and Drivers of Internet Banking :

The internet has developed level playing field and thereby afforded open access to customers in the global market-place. Internet banking is a cost-effective delivery channel for the modernized financial institutions.

In this system, consumers are embracing many benefits of e-banking. To have access to one’s accounts at any time and from any location through world wide web (www) is a convenient practice, which was unknown a short time ago.

Thus, a bank’s internet presence transforms from ‘brochure/ware’ status to ‘internet banking’ status once the bank goes through a technology integration effort so as to enable its customer to access information about his or her specific account details.

Following are the six primary objectives or drivers of internet banking:

1. To improve customer access.

2. To facilitate the offering of more services.

3. To increase customer loyalty.

4. To attract large number of customers.

5. To provide cost-effective services offered by competitors.

6. To reduce customer attrition.

Keeping objectives in mind, the internet banking facilities has been progressing at a rapid pace throughout the world.

Essay # 3. Trends of Internet Banking in India :

In India, initially a beginning was made in internet banking only in some big cities which was just in rudimentary stage. After getting initial success, the internet banking facility is gradually being expanded in all cities and towns to make the system popular.

The banking industry in India is also facing unprecedented competition from non-traditional banking institutions which are now a day’s offering banking and financial services over the Internet. The deregulation of the banking industry along with emergence of new technologies are enabling the new competitors in the banking sector to enter the financial services market quite efficiently and quickly.

Core or Anywhere Banking:

In order to support internet banking facilities another new concept of banking i.e., core or anywhere banking is introduced. Initially introduced by the foreign banks, the same concept in new increasingly adopted by public sector banks and also the private sector banks.

Under this concept of banking, bank customers who have an account with any select branch can easily operate his account from different designated branches on the bank spread throughout the country.

Under this system, a customer can avail cash withdrawal, cash deposit, transfer of funds, inter-city and intra-city transactions, collection of draft and cheques etc. facilities from any of such designated branches conveniently irrespective of its locations.

Core banking concept has improved the standard of the banking services with the help of modern technology. In present times, most of the public sector banks have already adopted this concept and started extending these facilities to its customers gradually by including more and more of its important branches under this category.

Progress of Internet Banking:

In India, internet banking is gradually being developed throughout the country.

As per the recent study it is observed that:

(a) A number of banks have already adopted internet banking and are offering varied kind of services through it,

(b) These internet sites generally offer only most of the basic services. Only 50 per cent are known as ‘entry level’ sites offering little more than company information’s and basic marketing materials and 10 per cent are offering ‘advanced transactions’ such as online funds transfer, transactions and cash management services etc.; and

(c) Most of the foreign and private banks in India are much advanced in terms of the number of sites and their level of development in terms of rendering advanced technology linked services to its customers. Recently, an authority of ICICI Bank observed, “Our Internet banking base has been growing at an exponential pace over the last few years. Currently around 78 per cent of the bank’s customer base is registered for Internet banking.”

Security Precautions :

In order to make their bank account safe, one should follow certain security precautions. Customer should never share personal information like PIN number, passwords etc. with anyone, including employees of the bank. It is important that documents that contain confidential information are safeguarded. PIN or password should be changed immediately and memorized before destroying the mailers.

Customers are also advised not to provide sensitive account-related information over unsecured e-mails or over the phone. He must take simple precautions like changing the ATM, PIN and online login and transaction passwords on a regular basis. It is also important to ensure that the logged in session is properly signed out.

Essay # 4. Facilities Available Under Internet Banking in India:

Following facilities are made available for customers under internet banking in India:

(i) Bill Payment Service:

Bill payment service is a utility service of internet banking. Accordingly, each bank has tie-ups with various utility companies, service providers, insurance companies across the country. Such tie-ups can facilitate online payment of bills of electricity, telephone, mobile phone, credit card, insurance premium bills etc.

In order to make online payment of bills, a simple one-time registration for each bills has to be made and a standing instruction has to be made to make online payment of recurring bills automatically. Most interestingly, the bank usually does not charge customers for such online bill payment.

(ii) Fund Transfer:

Internet banking has made provision for transfer of any amount of fund from one account to another of the same or any other bank. Accordingly, customers can send money anywhere in India. Once a customer logs in his account, he needs to mention the payee’s account number, his bank and the branch. The transfer will take place in a day or so, whereas in a traditional method it takes about three to four working days. ICICI Bank recently reported that its online bill payment and fund transfer facility have been most popular online services.

(iii) Credit Card Customers:

Internet banking provides the facility of credit card to its customers. With internet banking, customers can not only pay their credit card bills online but also gets a loan on their cards. Not just this, they can also apply for an additional card, request a credit line increase and in case the card is lost, one can report lost card online.

(iv) Railway Pass and Online Booking:

Through Internet banking facility to issue Railway pass is also available. Indian Railways has tied up with ICICI bank for this purpose and one can now make railway pass for local trains online. The pass can be delivered to the customer at his doorstep. Initially, the facility was limited to Mumbai, Thane, Nashik, Surat and Pune. The bank would just charge Rs 10 + 12.24 per cent of service tax. Moreover, online booking of e-tickets of Railways, Airlines etc. can also be made with some arrangement with banks through Internet banking.

(v) Investing through Internet Banking:

Through Internet banking, opening a fixed deposit account has become easier. A customer can now open an FD account online through funds transfer. Online banking can also be a great friend for lazy investors. Moreover, investors with interlinked de-mat account and bank account can easily trade in the stock market and the amount will be automatically debited from their respective bank accounts and the shares will be credited in their de-mat account.

Besides, some banks provide its customers the facility to purchase mutual funds directly from the online banking system. Nowadays, most leading banks offer both online banking and de-mat account facilities. However, if a customer is having his de-mat account with independent share brokers, then he needs to sign a special form, which will link his two accounts.

(vi) Recharging Prepaid Phone:

Through Internet banking, recharging of prepaid phone has also become possible. It is no longer needed to rush to the vendor to recharge prepaid phones as and when talk time runs out. Here the customer just tops-up his prepaid mobile cards by logging in to Internet banking. By just selecting operator’s name, entering mobile number and the amount of recharge, the prepared phone of the customer is again back in action within few minutes.

(vii) Shopping at Fingertips:

Internet banking provides facility of shopping at fingertips. Leading banks have tied-up with various shopping websites. With a range of all kind of products. One can shop online and the payment is also made conveniently through his account. One can also buy railway and air tickets through Internet banking.

Essay # 5. Emerging Challenges of Internet Banking in India :

In India, a large sophisticated and highly competitive Internet Banking Market is gradually being developed with market pressure and is subjected to the following emerging challenges:

1. Demand side pressure due to increasing access to low cost electronic services.

2. Emergence of open standards for banking functionally.

3. Growing customer awareness and need for transparency.

4. Global players in the fray.

5. Close integration of bank services with web based E-commerce or even disintermediation of service through direct electronic payments (E-cash).

6. More convenient international transactions due to the fact that the Internet along the general deregulation trends, eliminate geographic boundaries.

7. Move from one stop shopping to ‘Banking Portfolio’, i.e., unbundled product purchases.

The Internet and its underlying technologies have been changing and transforming not just banking but all aspects of finance and commerce. It usually represents much more than a new distribution opportunity. Internet banking will also enable nimble players to leverage their traditional brick and mortar presence for improving customer satisfaction and gain share.  

Essay # 6. Main Concerns in Internet Banking :

Internet banking in India has its areas of concern. In the mean time, a number of cases related to fraud and cheating of banks and customers by unscrupulous persons have already been lodged in India with this type of banking facilities. Irrespective of that attempts have been made by the RBI and the banking authorities for promoting safety and soundness of online and e-banking facilities in the country by issuing necessary guidelines.

In a recent survey conducted by the Online Banking Association, member institutions rated security as the most important issue of online banking. Thus there is a dual requirement to protect customers privacy and product against fraud.

Banking Securely:

Online Banking provides an overview of Internet Commerce and how one company can handle secure banking practices for its financial institution clients and their customers. Moreover, some basic information on the transmission of confidential data is presented in Security and Encryption on the web. In this respect, PC Magazine Online also offers a primer as to how encryption works.

Besides, a multi-layered security architecture comprising firewalls, filtering routers, encryption and digital certification ensures that customers account information is protected fully from un-authorised access in the following manner:

(i) Firewalls and filtering routers ensure that only the legitimate Internet users are usually allowed to access the system.

(ii) Encryption techniques used by the bank (including the sophisticated public key encryption) would ensure that privacy of data flowing between the browser and the Infinity system is protected.

(iii) Digital certification procedures provide the assurance that the data a customer receive is from the infinity system.

Essay # 7. Strategies to be Adopted by Indian Banks for Introducing Internet Banking :

In present times, Internet banking has no alternatives. Indian banking is gradually getting more and more access of Internet banking. Thus, Internet banking would drive us into an age of creative destruction due to non-physical exchange; complete transparency is also giving rise to perfectly electronic market place and customer supremacy.

At this moment, the question may be asked “what the Indian Banks should do under the present circumstances?” Whatever is the strategy chosen and options adopted, certain key parameters would largely determine the success of banks on web.

In order to attain long term success, in respect of Internet banking, a bank may follow:

(i) Adopting a webs mindset.

(ii) Catching on the first mover’s advantage.

(iii) Recognising the core competencies.

(iv) Enabling handling multiplicity with simplicity.

(v) Initiating senior management to transform the organisation from inward to outward looking.

(vi) Aligning roles and value propositions with customers segments.

(vii) Redesigning optimal channel port-folio.

(viii) Acquiring new capabilities through strategic alliances.

However, the above mentioned steps can be implemented by following four steps mentioned below:

(i) In the first phase, the customer be familiarized to new environment by demo version of software on banks, website. This will enable users to give suggestions for improvements, which can be incorporated in its later versions wherever possible.

(ii) The second phase provides various services such as account information and balances, statement of account, transaction tracking, mail box, check book issue, stop payment, financial and customized information.

(iii) The third phase may include additional multi-utility services like fund transfers, DD issue, standing instructions, opening fixed deposits and intimation of loss of ATM cards.

(iv) The final phase should include advanced corporate banking services like third party payments, utility bill payments, establishment of L/Cs, Cash Management Services etc. Enhanced plan for the customers in future may include requests for demand drafts and pay orders and many more to bring in the ultimate in banking convenience.

Thus by following the above mentioned strategies, it will help banks to translate their traditional business model into a Internet banking one, falling into the following three main categories:

(i) One-stop shop.

(ii) Virtual one stop shop.

(iii) Best of Breed Supplier.

Thus by following the above steps, the Indian bankers can pave the way for the successful introduction and popularizing the new concept of Internet banking on a large scale.

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• Top 12 Functions of the Central Bank | Banking
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Essay on Bank in English for Children and Students

Table of Contents

Banks are financial institutions that deal in monetary transactions. Banks form an integral part of any society. There are numerous banks located in different parts of our country. While earlier there were limited number of banks with a few branches in big cities and towns in India, a number of new banks have opened in the last few decades with branches in every nook and corner of the country. Banks provide a lot of services based on the customer’s requirements. They provide locker facilities, safe deposits, ATM Services, Fixed Deposits, money transfer, loan for business and houses and several other monetary services to their customers.

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Long and Short Essay on Bank in English

Here are essay on Bank in English of varied lengths to help you with the topic whenever you required.

After going through these Bank essay, your knowledge about banks, their functioning and their usefulness will enhance and you will emerge as a knowledgeable person.

These essays will prove useful in your school or college assignments, especially for students of commerce or banking.

You can select any bank essay of your choice given below:

Bank Essay 1 (200 words)

The banking system that involves accepting deposits and lending money initiated centuries back in various parts of the world. The system improvised over the time and the banks these days offer various other facilities in addition to the basic depositing and lending of money.

People are encouraged to keep their money in the banks because it is a safe and secure way to store the money. The money stored in the bank in the form of fixed deposits and recurring deposits also fetches a good amount of interest. In addition to money, one can also keep jewellery and important papers in the bank lockers.

Providing loans, which is another primary function of the banks, is also beneficial for individuals and businesses in many ways. Salaried people can build their assets such as property, car, etc easily with the help of loans from the bank. Businessmen can expand their businesses with this facility. A number of other services are also provided to the businessmen to ease their financial transactions and aid in the growth of their business.

Online Banking has further enhanced the process of banking. Various banking services such as checking balance, transferring amount, applying for loan are now provided on the bank’s website. All the customers require doing is opting for internet banking service.

Bank Essay 2 (300 words)

Introduction

Banking system has been in place since centuries. The system has been prevalent in India as well as other parts of the world. Only the services provided and the functions carried out have enhanced over the time.

History of Banks

Banking service began back in the 14 th century in some parts of Renaissance Italy. It was initiated on the lines of the concept of lending and borrowing that took place among people since the ancient era. In the ancient times, the merchants gave grain loans to the traders and farmers. This was called the barter system. Over the time the system evolved to accepting deposits and lending money.

The Fuggers, the Medicis, the Berenbergs, the Rothschilds are among some of the banking dynasties that are known to play a central role in the history of banking. They dominated this sector for centuries. Modern banking services such as issuance of banknotes and reserve banking started in the 17 th century. Bank of England and The Royal Bank of Scotland are some of the oldest banks in the world.

History of Banks in India

In India, the banking system dates back to the Vedic civilization. Loans were given to the needy in that era too only the nitty-gritty’s involved in the same were different. Loans deeds in that period were known by the name rnalekhya or rnapatra.

Big businessmen and landlords gave money to the small traders and farmers on interest in the earlier times. This culture is still prevalent in some villages in the country. The lands or other valuable assets of those who were unable to pay the amount were confiscated just as the banks do these days.

The first bank established in India was the Bank of Hindustan. It was opened in the year 1770 in Calcutta. Bank of Bombay, Bank of Calcutta and Bank of Madras were set up later in the early 19 th century.

There are numerous types of banks in every country to cater to the needs of different customers. They provide various services and aid in the growth of the country’s economy.

Bank Essay 3 (400 words)

A bank is an institution that accepts money deposits from the public and provides funds on credit to individuals as well as firms. These are the primary functions of a bank but not the only functions. They provide various other services to its customers such as locker facility, transfer of funds, issuance of drafts and portfolio management to name a few.

Importance of Banks

Banks are important for the individuals as well as the development of the country’s economy. Here is why these institutions are of importance:

• Provides Safety and Security

Money kept at home is not safe. It is prone to burglary. When you keep your money in the bank, it is the bank’s responsibility to safeguard it. You do not have to worry about its security.

• Encourages Saving Habits

Banks offer various schemes from time to time to encourage saving habits in people. The money put in the bank is not only saved but also grows. You have the option of withdrawing it any time you want.

• Eases Trade and Commerce

Banks promote trade within the country by providing loans and advances to the traders. It also eases the process of trading between different countries. They provide easy money transaction options to smoothen the process. It is easy to send and receive funds from anywhere with the advancement in the banking system.

• Promotes Agricultural Sector

Agricultural sector is an important part of the economy. There are special banks that provide loans to the farmers at low interest to promote agricultural activities. Banks thus aid in promoting the agricultural sector.

• Aids in Development of Industries

Banks accept deposits from individuals and businesses and provide loads to the industries. They thus aid in the development of various industries in this way. The loan can be repaid in easy instalments.

• Provides Employment Opportunities

Banks provide loans for the growth and development of the agricultural and industrial sectors. As these sectors expand, a number of employment opportunities are created for the public.

Banks are an important part of any country. The modern banking services have helped in easing the process of trade, development of industries and other activities that help in the development of the country’s economy. Banks and other financial institutions that promote the growth of businesses and safeguard the money and other valuable assets of individuals are certainly play an integral role in the development of a country’s economy.

Bank Essay 4 (500 words)

Banks play an important role in maintaining financial stability in the country. They offer numerous services to help you manage your finances better. These institutions thus form a vital part of any society.

Functions of Banks

The functions of banks have broadly been classified into two categories. These are the primary functions and the secondary functions. Here is a look at these in detail:

Primary Functions

Primary functions are the main functions of the banks. These include accepting deposits and providing loans. Here is a brief look at these functions:

• Accepting Deposits

These deposits are basically of four different types:

Saving Deposits: These deposits encourage public to save money. The money can easily be withdrawn and deposited in the saving account without much restriction. The interest rate here is however quite low.

Current Deposits: This account is especially for the businessmen. These accounts offer facilities such as overdraft that are beneficial for the businesses. No interest is paid in this account.

Fixed Deposits: In a fixed deposit a considerable big amount is deposited in the account for a fixed period of time. The rate of interest is high in such deposits.

Recurring Deposits: A certain amount is deposited at regular intervals in such an account. The rate of interest is high. However, the amount cannot be withdrawn before a certain period.

• Providing Loans

Here are the types of loans and advances offered by the banks:

Loans: Loans are offered for both short term and long term period. The rate of interest charged on the same varies based on the type and duration of loan. It can be repaid in instalments.

Cash Credits: The customers have the facility to take cash credit up to a certain amount which is fixed in advanced. A separate cash credit account needs to be maintained for this.

Overdraft: This facility is for businessmen. It is thus provided to the current account holders. They do not require maintaining a separate account to avail this facility.

Secondary Functions

Secondary functions, also known as non-banking functions, are of two types. These are agency functions and general utility functions. Here is a brief look at both these types of functions:

• Agency Functions

The bank also acts as an agent for its customers. A number of agency functions are performed by this institution. These include collection of cheques, periodic payments, portfolio management, periodic collections and transfer of funds. Banks also act as executors, administrators, advisors and trustees for their customers. They help their customers deal with other institutions.

• General Utility Functions

Banks also perform general utility functions that include providing locker facility, underwriting of shares, dealing in foreign exchange, issuance of drafts and letter of credits, drafting project reports, undertaking social welfare programmes such as public welfare campaigns and adult literacy programmes.

Discounting of bill of exchange is another service provided under this.

While initially the functions of banks only included accepting deposits and providing loans; they have started providing various other services now. All these facilities are aimed at helping the customers with their finances.

Bank Essay 5 (600 words)

Banks are financial institutions that lend money and accept deposits from general public. Banks maintain the flow of money in the country and are important for its economic growth. There are different types of banks that offer different kinds of services to individuals as well as businesses.

Types of Banks

Here are the various types of banks and their functions:

• National Banks

Also known by the name, Central or Federal bank, these banks manage the financial system of the government. These non-profit making institutes serve as bankers to the other banks. There is one Central bank in every country. Some of the functions of National banks include supervising foreign exchange, controlling the country’s currency and issuance of paper currency. They do not deal with the general public.

• Retail Banks

These are the most common types of banks. These are mainly set up to focus on the requirements of the general public. They open your savings account, provide credit cards, give loans and provide locker facility among other services.

• Saving Banks

These are especially established to inculcate the habit of saving money among the people. The deposits from the customers are turned into securities and bonds in these banks. These were set up way back in the 18 th century in European countries. Besides, accepting deposits from individuals these banks offer various other services too.

• Commercial Banks

The main aim of these banks is to aid the business class. They provide loans to the businessmen and also provide other services that are useful for the business men. Some of these services include bill of exchange, overdraft and cheque collection.

• Investment Banks

These banks are also set up to aid the businesses. These banks help the businessmen establish a foothold in the financial markets. Investment banks facilitate those businessmen who require selling debt to the investors or want to go public with their business.

• Land Mortgage Banks

Also known as agricultural banks or Land Development banks, these are mainly set up to aid the agricultural sector by financing it. These banks also play an important part in land development. The reason why this special category of banks has come into being is that there is a lot of risk in financing the agricultural sector and the commercial banks that support other businesses are not ready to take such risk.

• Co-operative Banks

Co-operative banks provide loans to small-scale farmers, small-scale businesses and salaried people. They provide both commercial and retail services to people. These banks are registered under Co-operative Societies Act, 1912.

• Consumer Banks

These banks have exclusively been set up to provide loan for purchasing durable consumer goods such as car, washing machine, refrigerator, furniture, etc. These banks give their consumers the leverage to repay loans in easy instalments. These are mostly found in first world countries.

• Industrial Banks

Also known by the name Development Banks, these banks are established to aid the industrial sector. These banks accept cash by issuing shares and debentures. They provide long-term loan to the industries to help them expand and develop. Many such banks have been established in the country post independence.

• Exchange Banks

These banks are particularly engaged in financing foreign trade. Some of the main functions of these banks include discounting foreign bills, purchasing and selling silver and gold and providing assistance in carrying out export and import trade.

Banks are established to ease the financial issues of the general public as well as the country as a whole. Different types of banks serve different purposes and have been set up to cater to the needs of various classes.

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IRS Tax Tip 2024-46, May 7, 2024

Every taxpayer has fundamental rights when working with the IRS. Collectively their rights are known as the Taxpayer Bill of Rights . One of these is the right to challenge the IRS's position and be heard.

Here’s what this right means for taxpayers.

Taxpayers have the right to:

• Raise objections.
• Provide additional documentation in response to formal or proposed IRS actions.
• Expect the IRS to consider their timely objections.
• Have the IRS consider any supporting documentation promptly and fairly.
• Receive a response if the IRS does not agree with their position.

Here are some specific things this right provides taxpayers:

• Has 60 days to tell the IRS that they disagree.
• Should provide copies of any records that may help correct the error.
• May call the number listed on the letter or bill for assistance.
• Can expect the agency to make the necessary adjustment to their account and send a correction if the IRS upholds the taxpayer's position.
• The agency will issue a notice proposing a tax adjustment. This is a letter that comes in the mail.
• This notice provides the taxpayer with a right to challenge the proposed adjustment.
• The taxpayer makes this challenge by filing a petition in U.S. Tax Court. The taxpayer must generally file the petition within 90 days of the date of the notice, or 150 days if it is addressed outside the United States.
• Taxpayers can submit documentation and raise objections during an audit. If the IRS does not agree with the taxpayer's position, the agency issues a notice explaining why it is increasing the tax. Prior to paying the tax, the taxpayer has the right to petition the U.S. Tax Court and challenge the agency's decision.
• These actions include levying the taxpayer's bank account. Immediately after filing a notice of federal tax lien in the appropriate state filing location.
• If the taxpayer disagrees with the decision of the Appeals Office, they can petition the U.S. Tax Court.

More Information:

• Publication 556, Examination of Returns, Appeal Rights, and Claims for Refund

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