A classic definition of bank says that this is a financial institution, which accepts deposits from individuals and firms, and use this money to offer loans directly or through capital markets.
Banks nowadays offers the wide range of banking products and services, much bigger variety than banks a hundred years ago. The information technology improvements allow banks to offer, e.g. internet banking or mobile payment solutions, for individual customers and companies.
We can divide the main activities of banks into offering products and services in retail banking and commercial (business) banking.
Banks that specialize in retail banking, welcome individuals with a variety of banking products. This include opening and service of current and savings accounts, which seems a basic banking products. Current accounts usually offer chequebook or/and debit card, as an integral part of this service.
We could mention other popular retail banking products, like issuance of credit cards. You can find one credit card in my wallet, issued by my local bank. Clients are also interested in personal loans, car loans, mortgage, time deposits, international funds transfer and some other retail banking products.
On the other side, we could find specialized banking products that are offered to businesses. Of course, the basic product is current account, often accompanied with open line of credit called revolving credit. Other services could include business loan, project finance, cash management services or risk management (often used in foreign exchange transactions).
We could also find the term: corporate banking. It seems these services are aimed to big companies and could include: corporate finance, property finance, international trade support (transactional banking), payment solutions, capital increase, business banking online, and all others customised solutions for businesses.
Big global banks are very often in the news. However, we think that regional and local banks are also important parts of the local communities. Some small banks has even built its reputation on strong connections with local communities, thus maintaining a huge market share in the local personal and small business banking. Local banks usually makes donations to the charitable funds and help fund local events that are important for local communities.
The majority of banks successfully launch online and/or mobile banking services. Modern banking is changing and face global online competition. Banks should try to stay as a customer-oriented financial institution, as customers expectations are growing, and customer should always be at the center.
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Banks should set their core values (like commitment, value creation and expertise) serve as a compass in their efforts to become customers' most trusted financial partner – both ethically and professionally.
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