DESCRIPTION
Banking refers to that process in which a bank which is a commercial or government institution offers financial services that include lending money, collection of deposits, issue of currencies and debit cards and transaction processing.
The majority of banks works as profit-seeking enterprises, however, a few government banks work as non-profit organizations. Central banks function as government agencies and they regulate the interest rates and circulation of money in the economy.
The Activities Of Banks Can Usually Be Categorized Into The Following Types
- Receiving deposits from the customers and issue of current or checking accounts and savings accounts to businesses and individuals
- Providing financial consulting services to individuals and businesses
- Providing loans to businesses and individuals
- Encashment of checks
- Facilitation of monetary transactions, for example, cashiers checks and wire transfers
- Issue of ATM cards, credit cards, and debit cards
- Offering safe deposit vaults for keeping valuables
- Encashment and distribution of bankrolls
- Retirement & pension planning
Employability
Investment Banker :
Investment bankers are financial professionals that assist various organizations, like governments and corporations, with the raising of funds by issuing stocks and bonds. Employment for investment bankers can be found with brokerage firms, investment banks and other financial services companies.
Loan Officer :
Loan officers are employed in the banking industry and are responsible for screening and approving applications to borrow funds for mortgages, car notes and other loans. Jobs for loan officers can be found at banks and certain financial services firms.
Financial Consultant
A financial consultant, or financial advisor, is knowledgeable about a range of financial services, such as asset management and retirement planning. Most financial consultants often specialize in specific areas of financial services.
Financial analysts work for businesses to help them or their clients make investment decisions.
Personal financial advisors use their knowledge of investments, tax laws and insurance to recommend financial options that help individuals meet their short- and long-term goals.
Collectors keep track of accounts that are overdue and attempt to collect payment on them, making computer literacy and good communications skills a must in this job.
Bank tellers cash checks, accept deposits and loan payments and process withdrawals. In some cases, they sell savings bonds and travellers’ checks, accept bill payments and process paperwork.
Treasurers direct an organization’s financial goals, objectives, and budgets. Budget analysts provide analysis and assistance to help companies develop their annual budgets, decide how to allocate current resources and estimate future financial requirements. They oversee the investment of funds and executing capital-raising strategies.