Customer Service in Banks

Simply, the banks perform financial intermediation with the deposits of the customers/ business and then lending out that money to earn profits. The banking system concern, it plays a vital role in any country economy by encouraging investment activities as well as money savings. Moreover, online baking, providing debit and credit cards, ATM facilities, providing safe custody of valuable items and lockers are some of the facilities provided by banks to make their relationship with the customers more effective and efficient.

consumers with the ability to cash checks, receive bills in denominations of their choice as well

Banks are able to prevent kiting from occurring by placing a hold on checks over a certain dollar amount. This will ensure the funds are legit and valid. Banks are also able to watch for multiple check deposits and checks written with the same dollar amount. In addition, banks can require a bank officer’s approval on any drawings against uncollected funds, overdrafts, or wire transfers, they also should perform daily reporting of all drafts against uncollected funds. Kiting can be detoured, however banks must ensure they have the proper internal controls in place to ensure they do not fall victim to kiting.

The Automated Teller Machine (ATM) is one type of innovation that can mechanically accept deposits, issue withdrawals, transfer funds between accounts, collect bills, and make small loans. This study aims at investigating the satisfaction levels of HSBC ATM cardholders (both staff and nonstaff) with respect to various aspects (promptness of card delivery, the performance of HSBC ATM, the service quality of ATM personnel etc.) of using HSBC ATM and their opinions on various other related issues (such as positive and inconvenient features of HSBC ATM, recommendation to improve the service quality etc.).

Customers’ demand banks to tailor their products and services to meet their needs and to support them in managing their finances in the future including those facing financial difficulty, small business and individuals planning for retirement. Customers demand for an uncomplicated, safe, secure, reliable and convenient banking experience. They ask for ‘round the clock’ access to a service assistant, for making any enquiry. The Banking on Australia program is responding to the changing needs of customers, providing them with easy access to all of ANZ’s expertise and insights and giving customers a faster and simpler way to bank with us, when and where it suits them (ANZ, 2016).

Your hard work, dedication, and patience are appreciated on behalf of the IT Department. The current software is experiencing glitches which are disrupting the banking system. These glitches include consolidating/merge prompt screen, distorted icons, and misinterpreted reconciliation. This problem has caused you to improperly perform your duty. We understand that you have been dealing with unnecessary situations due to the system. After doing a background check on the new system, we uncovered faulty information about it. The company who designed this software failed to set up an automatic repair and recover function whenever the system receives a crash report. Instead of responding to the report, the computer would

In an effort to keep our customers informed, we would like to update you on the Payments Systems Reform process being implemented by the Bank of Jamaica (BOJ). e BOJ implemented a Real Time Gross Settlement (RTGS) system in February 2009. e RTGS is an on-line funds transfer system where the transfer of money is effected from one bank to another in “real time”. e BOJ has indicated that effective March 31, 2011, financial transactions with a large value (i.e. $5,000,000 and above) are to be cleared via the RTGS system instead of the “regular clearing” system (Automated Clearing House/ACH), where all cheques are now cleared. Consequently, the BOJ will impose a penalty of $5,000 on any

Somalia is a war-torn nation in East Africa that has been systematically affected by political, economic, and social issues for decades. These issues have profoundly impacted the way that the nation functions as a whole. One of the most significant economic issues that plagues Somalia today is its lack of an effective central bank, and the general scarcity of banks throughout the country. The Central Bank of Somalia does exist, but it is essentially inoperative, as it has no substantial authority and has not officially printed a single bank note since the 1990s1. Currently, the Central Bank of Somalia does not dictate monetary policy whatsoever, and only conducts surveys as it attempts to reconstruct itself 2. Because of this, counterfeit currency makes up a sizable proportion of the money in circulation, and most Somalis rely on remittances transferred from family members abroad to survive. In fact, it is estimated that around 45% of Somalia’s economy is made up of these remittances that come from places like Kenya, Ethiopia, and the United States, where large populations of Somali refugees and immigrants currently live3.

In order to ensure that banknotes in circulation are in good condition, the centres distribute new banknotes to local commercial banks, dispose unfit banknotes, verify and manage the redemption of damaged or counterfeit banknotes

Banks are the most significant players in the Indian financial market. They are the biggest purveyors of credit, and they also attract most of the savings from the population. Dominated by public sector, the banking industry has so far acted as an efficient partner in the growth and the development of the country. Driven by the socialist ideologies and the welfare state concept, public sector banks have long been the supporters of agriculture and other priority sectors. They act as crucial channels of the government in its efforts to ensure equitable economic development.

To meet the cash needs arising from people's lives and economic activity, the Bank supplies cash -- Bank of Japan notes and coins -- through financial institutions that hold current accounts at the Bank. Once a large-scale disaster occurs, withdrawals of cash by depositors tend to increase because of the need to have cash on hand to pay for daily expenses and heightened anxiety about the future. To prepare for such withdrawals, financial institutions obtain larger amounts of cash than usual from the Bank's Head Office in Tokyo and branches across the country to secure an ample supply of cash on hand. (Bank of Japan, 2011)

The demand deposits have no legal restriction on drawing of the deposited amount and the cash is readily available on demand without any conditions.

So as to assess the service quality performance, the five dimensions of service quality model were used. From the five dimensions of service quality model, the banks were found to be top-quality in providing appealing service environment. The banks are good in tangibility, reliability, assurance, and empathy dimensions. The mean score value for responsiveness is last compared with other dimensions indicating lesser performance of these banks in this dimensions of service quality. This is the part where banks need to work with the aim of improving customer perception of service quality. Bank employee those who specially have contact with customer need to be continuously trained with proper skill of providing caring and prompt service.

Financial transactions have come a long way since the ancient times; people do not carry sacks of barley or slabs of salt as a currency for transactions. The Sumerians introduced one of the first coins, long before people began to store their wealth in gold, silver and other metal ingots. At the same time, many underdeveloped societies stored their wealth in livestock, weapons, and metal armlets. With the introduction of paper money, moving currency became an easier task provided the authority that issues the paper currency trustworthy. In the 21 century, we have moved fast into plastic money, digital money and even Bitcon, which might destroy the entire notion of central banks in the future.

Under the cheque truncation, the clearing of cheques are focused around the image and Magnetic Ink Character Recognition (MICR) Code line information of the cheque and not the physical cheque. In place of the physical cheque, the image and information of the cheque, such as the MICR fields, date of presentation, presenting bank, etc., would be transmitted electronically all through the clearing process. Therefore, the need to move the physical cheque from the collecting bank to the clearing house and the paying bank will not be important. This would effectively successfully diminish the time needed for clearing of cheques. (Bank Negara, 2014)