BANKING AND FINANCIAL SERVICES

Banking and Financial services industry has grown by leaps and bounds and the diversification of activities has lead to exponential increase in the availability of job opportunities in the Financial Market related service industries. Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises. Banking services The primary operations of banks include:

Keeping money safe while also allowing withdrawals when needed Issuance of checkbooks so that bills can be paid and other kinds of payments can be delivered by post Provide personal loans, commercial loans, and mortgage loans (typically loans to purchase a home, property or business) Issuance of credit cards and processing of credit card transactions and billing Issuance of debit cards for use as a substitute for checks Allow financial transactions at branches or by using Automatic Teller Machines (ATMs) Provide wire transfers of funds and Electronic fund transfers between banks Facilitation of standing orders and direct debits, so payments for bills can be made automatically

Provide overdraft agreements for the temporary advancement of the Bank's own money to meet monthly spending commitments of a customer in their current account. Provide internet banking system to facilitate the customers to view and operate their respective accounts through internet. Provide Charge card advances of the Bank's own money for customers wishing to settle credit advances monthly. Provide a check guaranteed by the Bank itself and prepaid by the customer, such as a cashier's check or certified check. Notary service for financial and other documents

Other types of bank services

Private banking - Private banks provide banking services exclusively to high net worth individuals. Many financial services firms require a person or family to have a certain minimum net worth to qualify for private banking services.Private banks often provide more personal services, such as wealth management and tax planning, than normal retail banks. Capital market bank - bank that underwrite debt and equity, assist company deals (advisory services, underwriting and advisory fees), and restructure debt into structured finance products. Bank cards -include both credit cards and debit cards. Bank Of America is the largest issuer of bank cards. Credit card machine services and networks - Companies which provide credit card machine and payment networks call themselves "merchant card providers".

Financial banking is the science of managing money and other assets pertaining to a specific business. We all know that banks offer basic loans, deposits and financial advice, but they also facilitate transactions on sophisticated financial instruments such as private equity, bonds and mutual funds. Most top performing candidates typically view careers in Banking as the pinnacle of achievement, and

sectors such as treasury, equity trading, investment banking and private banking are viewed as the most lucrative jobs for new graduates.

In addition to traditional banks, other financial institutions such as credit unions, trust companies, mortgage loan companies, insurance companies, brokerage firms and asset management firms also offer a host of financial advice. Hence, when viewing the opportunities in the sector, one must also carefully consider these other specialized financial institutions. Financial services With recent growth rates among large countries second only to Chinas, India has experienced nothing short of an economic transformation since the liberalization process began in the early 1990s. In the last few years, with a soaring stock market, significant foreign portfolio inflows including the largest private equity inflows in Asia, and a rapidly developing derivatives market, the Indian financial system has been witnessing an exciting era of transformation. The banking sector has seen major changes with deregulation of interest rates and the emergence of strong domestic private players as well as foreign banks. With recent growth rates among large countries second only to Chinas, India has experienced nothing short of an economic transformation since the liberalization process began in the early 1990s. In the last few years, with a soaring stock market, significant foreign portfolio inflows including the largest private equity inflows in Asia, and a rapidly developing derivatives market, the Indian financial system has been witnessing an exciting era of transformation. The banking sector has seen major changes with deregulation of interest rates and the emergence of strong domestic private players as well as foreign banks.

Banking industry is going through a rapid transition phase all over the world. Small banks are facing a fierce competition from the big players. Virtual banks in Internet are challenging the traditional banking system and global boundaries are being smashed day-after-day that gives birth to a small global village. The scale of the global opportunities, the complexity of the competitive arena, and the relentless performance discipline imposed by the capital markets will force all the banks either to specialize and become world class in their chosen field, or exit. There will be no small banks in national or regional level as they would either be taken over by the multi-national banks or they would exit from the business, forced by the global competition. Banks will be the one-stop shop for all your personal finance needs. The banking and financial service sectors have relied heavily on microfilm technology to image business documents and checks. Today these organizations are seeking technological advancements to replace out of date and inefficient microfilm. Service contracts for microfilm are almost cost prohibitive today so alternative technology, such as document imaging, is in high demand. The worldwide web is the dominant means of information access and delivery. The internet is a dominant and viable means of business communication. Banking and financial service organizations are looking for ways to leverage the internet to accelerate their business processes. Banking and financial service is an extremely competitive business. In recent years there have been numerous acquisitions in an effort to eliminate competition and expand customer base. In this competitive industry the bank or financial service organization that is first in service will often get the business. For example, the bank that processes your loan application the fastest will likely be the bank that wins your business. Banks and financial service organizations are looking to apply technology to process documents faster, to improve internal operations, to improve customer service and to expand their competitive advantage. Many banks and financial service organizations have branch offices in major metropolitan areas such as Shanghai, Tokyo, New York and Los Angeles. The cost for office space in these areas is extremely expensive. These organizations are looking for ways to reduce physical storage costs by eliminating storing paperbased documents.

In a time when there is a worldwide economic slowdown, all organizations today are looking for ways to cut costs, to do more with less resources and in general to streamline their business operations

Performance The financial crisis of 2007-2008 was triggered by an insolvent United States banking system (catalysts of which were sub-prime lending, over leveraging and poor regulation) resulting in the collapse of large financial institutions, the bailout of banks by national governments and downturns in stock markets around the world. The destabilization of the banking sector in the U.S. had a domino effect on the global financial industry, with effects felt in Europe, the Middle East and the Asia Pacific. 24 months later, the global financial industry still hasnt regained its lost glory, and even countries with deep pockets such as the U.A.E. and Singapore have exhibited limited sectoral growth. The Indian financial industry underwent rapid transformation post liberalization in the early 90s, resulting in greater inflow of investments from FII's into the capital market.Though the Indian finance and banking industry did suffer significantly during the past 2 years, it was relatively sheltered from the triggers of the global melt-down, suffering instead due to monies from FIIs drying up, falling interest rates, rapidly rising inflation and poor investor confidence. The last decade has seen many positive developments in the Indian banking sector. The policy makers, which comprise the Reserve Bank of India (RBI), Ministry of Finance and related government and financial sector regulatory entities, have made several notable efforts toimprove regulation in the sector. The sector now compares favourably with banking sectors in theregion on metrics like growth, profitability andnon-performing assets (NPAs). A few banks have established an outstanding track record of innovation, growth and value creation. This is reflected in their market valuation. However,improved regulations,

innovation, growth and value creation in the sector remain limited to a small part of it. The cost of banking intermediation in India is higher and bank penetration is far lower than in other markets. Indias banking industry must strengthen itself significantly if it has to support the modern and vibrant economy which India aspires to be. With recent growth rates among large countries second only to Chinas, India has experienced nothing short of an economic transformation since the liberalization process began in the early 1990s. In the last few years, with a soaring stock market, significant foreign portfolio inflows including the largest private equity inflows in Asia, and a rapidly developing derivatives market, the Indian financial system has been witnessing anexciting era of transformation. The banking sector has seen major changes with deregulation of interest rates and the emergence of strong domestic private players as well as foreign banks.