Technology In Banking

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

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

To maximize the amount of business from each customer, banks bundle banking products. If one holds more than one savings account and multiple loans, he often earns benefits of interest.

The change and advancement in technology are a significant factor in the banking business. Technology has led to tremendous improvements in this industry. Since the commencement of this millennium, people have shown great love for their mobile phones (Ozaki 1992). It necessitated the invention of mobile applications (APPs). From the introduction of the mobile banking, APP people rarely go to the banks. All their transactions get done simply by the stroke of a finger. Businesses face a challenge of adapting to changes in the technology sector. Mobile banking either through actual investing or any other means is on the rise.

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

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

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

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

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

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.

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

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

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

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

share. Banks have to deal with many customers and render various types of services to its customers and if the customers