Category Archives: Banking

Banking

The Privileges of Premium Banking

Premium banking or private banking goes beyond personally handling a traditional bank account. It is a holistic financial management solution offered by banks and includes banking, investment and other financial services for customers. Individual attention to customers is provided through personal banking managers who help plan their financial investments.

Most major banks provide dedicated areas for premium banking clients, which offer priority access to customers, even when it comes to telephone or online touch points. Premium banking customers also get priority service & preferential pricing on offerings like credit card applications, loans and more.

The world of premium banking customers

In broad terms, premium banking customers are generally high net worth entrepreneurs, businessmen, corporate professionals and other individuals or family run businesses. A dedicated manager creates customised financial plans depending on the customer’s risk profile and profit expectations with a range of solutions like capital protection, income products, growth funds and alternative investments.

A smart way to plan your investments

The advantages of premium banking are varied and many. Premium banking aids the customer reap the multiple benefits in helping them make financial decisions regarding their investments. Some of the benefits include:

Personal relationship manager
Dedicated premium banking desks
Dedicated teller counter to facilitate faster transactions
Preferential rates on banking services like remittances, cheque books, statements, etc.
Doorstep banking service
Invitations to exclusive lifestyle events

Premium banking in the UAE

Since premium banking caters to high net worth customers, banks look for minimum net investment in the bank, either in an account or in investments in the bank.

For example, in the UAE, a customer may need to have AED 50,000 or more in the bank’s account or financial investments or a combination of both, in order to qualify for premium banking.

In the UAE, reputed banks like RAKBANK offer different types of premium banking accounts, depending on the customer’s net worth. So before you choose the premium banking service you wish to use, it is recommended that you check the benefits and advantages of each, depending on your financial needs.

Abdul Shahid is an independent writer who likes sharing his views on the financial/Banking sector in the UAE. His area of expertise is banks in UAE, insurance, premium banking, travel insurance, banking accounts, credit cards, saving accounts, debit cards, loans, investments, mobile banking UAE and a lot more.

Banking

Understanding Private Banking

Providing wealth management and private banking solutions to high profile clients has, now-a-days, become one of the most coveted businesses of banks. Private banking involves focusing upon the client’s portfolio including assets like traditional equity and bond investments, real estate holdings etc. All these assets are managed by personal financial advisors.

The advisors possess a wide knowledge base of finance and relevant financial matters and aid their clients in issues like tax, financial planning, retirement etc by providing helpful and precious advice. But as far as the high net worth clients are concerned, they need something more than just the conventional solutions and this is possible through private banking solutions only.

What is Private Banking?

Private banking can be defined as a set of customized services tailored for private high net worth customers. These services reflect a higher quality in comparison of services offered to other customers. Private banking services are often extended to customers who have got liquid assets of more than $ 250,000 but typically US$ 5,000,000 or more.

There is a logical and convincing reason behind why these services are provided to high net worth individuals. For these high net worth clients more tailored and bespoke solutions are created to provide better options, flexibility and this in turn, permits the banker to tailor make certain financial solutions which involve a far more diverse universe over which clients can make money from. Clearly as private banking high net worth clients have higher sums to invest a higher level of service is offered to them.

Role of Financial Consultants

Financial consultants like Richard Cayne Meyer International are experts on identifying private banking solutions and their expertise can be seen as they make direct comparisons on private banking solutions offered by some of the major global players.

These experts consult on highly personalized private banking solutions and their established, reputed and worldwide network helps their clients gain access to such a diverse range of information.

The high profile clients can also get the assistance through personalized services in which a financial manager/expert is personally assigned to take care of the management of client’s portfolio.

Conventional Banks & Private Banking

A vast array of products is offered by the banks to its customers so that their financial requirements can be met up easily and satisfactorily. Such products may include the ability for the investor to create his/her own portfolio of investments but wants a professional to manage / administer it. Stockbroking, loan, Mutual fund, hedge fund access services and structured product sercives are but a few of the services one can expect to be able to receive.

Private banking solutions provide a blend of financial products to their clients and these financial products are especially customized as per the requirement of such wealthy and eminent clients. According to Richard Cayne Meyer Asset Management Ltd, these financial products may include investment portfolio management over different currencies and various types of investment products.

For more resources regarding Richard Cayne or even about Richard Cayne Meyer International and especially about Richard Cayne Meyer Asset Management Ltd please review these pages.

Banking

Career in Banking Sector for Fresher

 

Banks not only offer jobs for experienced employees but also for freshers. These freshers are the students who have completed their studies and wish to pursue career in banking sector and since they do not have any work experience, the hiring process includes a written exam, group discussion and personal interview.
 
When it comes to fresher there are so many options and so many jobs which banks provide and almost every year banks look forward for graduates / management students with little experience. This is because they have just completed their academics and are completely ready to mix in the office environment. Also the spirits are high and the devotion is very true. Therefore banks would love to work with such kind of students who wants to associate themselves with banks. 
 
As a matter of fact there are so many colleges where banks come to hire the students soon after they complete their graduation. Therefore it acts as an added advantage for the students as they do not have to search for jobs. These kinds of degrees hold so much importance that now students have understood their weightage and are doing their level best to work with best of the banks. Not only private banks but public sector banks also are a part of the whole hiring system. That is why these days there are fewer complaints from the customers’ side. This is because quality staff is hired and no one wants to lose their customers.
 
Freshers can be posted in any department as they are not specialized in any stream. They can be trained well and then may be Marketing or Finance whichever is suitable for them they can be absorbed in that department. Trainees love to deal with customers as they are young and they always look for attention from their seniors. That is why if proper training is provided they can prove excel in their work and help in the growth of an organization.
 
There are discussions regarding the salaries and stipends which are offered to these trainees like low pay scale but that is true in various industries hiring inexperienced staff but with time and experience they do get a decent salary. That is a universal and an accepted fact. If there is correct potential and the spirit to go ahead and create a name in the world of numbers then sky is the only limit. Just make one thing sure in mind that you want to work with the best bank in the world.

Nitin G writes on behalf of various career portals and websites in India. He writes on different topics like bank job openings, eligibility for bank exams, jobs for freshers and improving work concentration.

Banking

How do I get Banking Job

With bank jobs noted to be the most desired type of employment being applied for by graduating candidates today it has become vital that candidates prepare properly to pass bank exams. IBPS is also being noted to get more competitive forcing the examination council to make the bank exams harder. This is not good news for the candidates aspiring to join bank jobs in the future but it is vital that they prepare in a planned manner to be able to be selected for the examinations.

To get bank jobs one must being preparing well in advance and the preparation should begin a soon as one has cleared their graduation. It is also vital that the candidate be genuinely interested in joining the bank jobs since this would greatly reduce the pressure on their mind. Many candidates are being noted to attend and practice for the bank exams just because the promise secure and attractive futures or due to peer pressure. This should never be the case according to IBPS and other education councilors since this place unwanted intentions on the candidates. It also increases the chances of failing the bank exams and not getting bank jobs.

Time plays a vital role towards the IBPS bank exams since candidates must be able to dedicate several 1-3 hours daily for several month or up to a year before they learn the techniques of answering the questions asked in bank exams. Failure to dedicate the required time will cut your chances of passing the examination by 50%. There is no point of rushing in to the examination since candidates are provided a good 10 years to prepare for bank exams, studying for a full year is therefore no waste of time and will greatly increase your chances of getting bank jobs.

Bank exams study materials and resources should also be searched for and used to help improve the chances of passing bank exams and getting bank jobs. Today many books are available in book stores but even more bank exam practice papers could be downloaded from the internet. It is vital the candidate be able to accumulate a large collection of IBPS practice papers and use them to prepare for the bank exams. Make sure to numbers them and use them in number sequence, once all are complete you could begin from the bottom once again and work your way through them again. Using online councilors is another major factor one needs to consider so it is vital you consider contacting one as they provide genuine advice.

 

Get tips for IBPS, tips for bank jobs and download syllabus for bank exams at jagranjosh.com

Banking

The banking status in India

The global picture of Indian banking system is very lucrative.  India is the second most populated country in the world and because of the immense growth potential it has shown it has become the apple of the eye for the world now. Ever since the Narshima Committee introduced 1991 reforms of liberalization, globalization and privatization the world economies started getting attracted toward it as the economy had a market which showed immense possibilities.  It seems like with the robust increase in the Indian urban market they are now on the edge of saturation, so corporate have started exploiting the potential of rural markets as the country’s more than 60% population resides in Village.

On the domestic turf let us give a close view to the picture. The Indian Banking system is one which faces maximum number of consumer complaints. A survey conducted in Delhi highlighted the level of customer agitation from the banking services. The State Bank of India had received maximum complaint followed by ICICI bank & HDFC bank. While the later two being private the former holds the position of being the oldest and has 51% Government stake in it and is largest public sector bank in India. The total numbers of complaints received in the year were 10508 out of which 4500 cases were registered against these banks.

Public sector bank had 41% of consumer complaint against them while 36 per cent of the complaints were against private sector lenders and by foreign banks accounted to 15 per cent. The maximum complaints were received from Delhi region (including Noida and Ghaziabad) followed by Haryana.

The reports were revealed by banking ombudsman (disputes resolution machinery appointed by the RBI).  The 40% complaints could only be resolved by the scheme as many were not under the preview of the scheme.

The RBI has been taking several measures to check the service of banks. In 1995 it set up a body called as Banking Ombudsman to make available an economical and quick consumer forum for redressing complaints involving to insufficiency in customer service delivered by banks. Although the complaints received this year were slightly less than what it had received in the previous year but it is still a high volume an alarming/ this is because the services had not reach to rural sector were people are less educated and may not even be aware of the process of filing the complaints.

Credit rating agency Standard & Poor’s stated that even though the inflationary pressure in high and the banking sector is facing tremendous competition the growth of the sector will be gradually increasing to 20% for the next financial year. In addition it said that the agency said that India’s banking sector had battered the worldwide recession on the back of a dynamic economy, a steady retail deposit support and a practical regulatory setting. With such a high prospects there is an immediate need to increase the efficiency of banks and take effective actions to curb such deficiencies.

I am writing on consumer rights and other relevant topics related to consumer welfare. I am handling a consumer forum to get resolved consumer complaints.

Banking

Recruitment in the Banking Sector

As well all know, our lives have become dependent on banks to manage our monetary security. Banks not only secure our money but also provide us with loans to fulfill our dreams like building a home, or education loan for our child etc. There are also various insurance policies that secure the future of our loved ones. Due to modern technology, bank services have become computerized. ATMs have been a blessing for the people as it allows quick access to cash. Due to the growing importance of banks, the banking sector has faced immense growth and is one of the leading career options in not only India but the entire world. A bank job means a secure future and a healthy income. Today, there is a bank branch in every corner. However, this has also lead to a great need for efficient bank personnel in the various branches. These personnel are recruited by conducting bank exams. Bank exam question papers are very challenging, and ensure entry of the best candidates.
Banking sector is growing at a fast pace. What earlier was a body to keep money safe, today, dominates our lives. Rich or poor, male or female, adult or old, everybody is connected to the bank. They show their trust in the bank they are connected to and for this reason, it is very essential to choose the right candidates for the banks. These candidates should not only have textual knowledge but should also have a high general awareness level and good communication skills. They should be aware of the banking rules and regulations and be loyal individuals. These qualities are tested in the bank exams and interviews. The selection rate adopted by banks is very low and the recruitment procedure is very tough. The Bank exam question papers cover a large portion of general knowledge questions, to test the awareness level of the candidate.  Once, the exam is cleared, the interview session is equally challenging. Highly trained professionals are the evaluators in this round, and question the candidate on current affairs, their personal skills and interests, test their logical skills etc.
There is a new strategy introduced in the recruitment process. IBPS, one of the largest recruiters of the banking sector has introduced the CWE in 2011. This exam is conducted to appoint individuals for clerical posts and post of Bank PO. This will be a common exam which will recruit candidates for 19 public sector banks.

Thus, banking sector is a highly coveted career choice, but only a few dedicated individuals are recruited for the post of their choice. Candidates appear in strength of thousands, for the exam, and only a few are selected. However, those who are selected have secured their career for a lifetime.
 

If you want to be in the list of bank recruitment then download bank exam question papers and get download list of Ibps recruitment at jagranjosh.com

Banking

Online Banking Moves Forward

Almost everyone these days uses online banking. Checking balances, paying bills, and making transfers can all be done from anywhere that has internet access. As smartphones have become increasingly more common, the opportunities for even greater integration of banking services have also expanded.

Mobile banking, or mBanking, is the use of smartphone applications, also called apps, to facilitate banking and credit transactions. People don’t like having to go to a bank branch, so these apps were instantly popular. The capabilities of smartphones, including GPS integration, image and audio capture, as well as internet access, means that the types and extent of services offered will continue to grow.

Some retailers have introduced apps that enable customers to pay for their purchases by simply waving their phones at the store’s register. The money is deducted from a prepaid virtual debit card. Third-party applications are currently being field tested that will allow more customers to pay this way at more stores, essentially replacing credit cards and cash. It is likely that more than one provider will move into the arena, each offering competitive services and features to attract consumers.

Banks are getting into the action directly, working to make all their services available to people on the go. They know that in order to keep customers and attract new ones, they need to offer what consumers want, and keeping up with the capabilities of new technology is a big part of that. At least one bank already allows users to deposit checks by sending an image via a phone application, or app. Others offer the ability to pay anyone directly by bumping together two phones which have the application opened.

Security is, of course, a big concern, one that is taken very seriously by application developers.

Precautions are taken to protect your sensitive data and that of anyone to whom you send money, just as with traditional online banking, including options such as randomized one-time-use passwords.

One feature unique to security on a smartphone is that when the phone is turned off, so is the application, meaning that there’s no way a hacker can access any information. In fact, phone technology may permit true digital signatures to be created, an advance which has never successfully been implemented for computers.

The future of online banking is as close as your mobile phone. Its functionality offers exciting new possibilities that are already being pursued. Soon you may not need to carry a wallet at all.

 

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Banking

Exponential Growth in banking sector

With the emergence of Banking as one of the most rewarding career opportunity, enormous openings had been seen in this sector. This has attracted many of candidates to appear for bank jobs at diverse positions. A number of jobs are offered to the youth as well as the experienced persons interested in pursuing their career in Banking. The sector indeed has generated both direct and indirect employment. The rise in bank jobs is the outcome of a number of factors like the entrance of private sector banks which has pressurized the market to be competitive. In order to be ahead the banks are forced to retain their highly skilled employees. The employees are ultimately benefitted.
These private sector banks have also created numerous bank jobs for the technocrats by bringing in the usage of IT i.e. information technology in almost all operations. This has brought a U-turn in the banking sector as well bank jobs.  There has been an expansion of business from branch operations to dealing with mutual funds, insurance, loans etc. Thus, the need arises for the specialists in areas like project analysis, credit appraisal skills, foreign exchange etc. so that utmost quality services can be offered by the experts in their respective area. Aspiring student can appear in entrance exams conducted by different banks such as Punjab national bank, UTI bank, State Bank of India and the banks like ICICI, Axis, and HDFC.  Both private and public sector banks conduct their exams annually for clerical and officer posts. The students both of matriculation and college level can apply for the exams as the paper consists of questions based on logical reasoning and simple mathematics.

An individual needs to possess hold over communication, knowledge of computers, interpersonal skills and ability to deal with customers. Students from any region are eligible for the exams.
With the widening of the sector, the need for the human resource is also widened leading to more bank jobs. So the students having an inclination towards a secure and prosperous job should look out for the bank jobs so as to have a better life. The future prospect for the jobs is also looking superior. The bank jobs have also assisted the employees to progress through various areas and grow in all directions. In fact, the bank jobs are becoming the hot favorite of the time due to fantastic development opportunities provided by them. The factors like job security and stability are the major ones drawing masses of people to opt for the bank jobs.

Get More details about these topics by visiting bank jobs more over don’t miss to get the latest update knowledge about various bank recruitment you can also Check the Bank jobs in India Portal.

Banking

Online Banking and the Internet

For the most part, the internet has had a positive influence in our lives.  It has revolutionized the medical world, it has opened up a whole new world of education, brought together long lost friends and allowed us to view the world without ever leaving home.  However, one of the biggest improvements has come in the way the internet has made several daily tasks a lot simpler.

One of those tasks is going to the bank.  It used to be that we had to go down to the bank, fill out a deposit slip and stand in line.  Today, you can take a picture of your check and have it instantly deposited.  Paychecks and Social Security checks are available the day before pay day and debits are withdrawn in a moment’s notice.  Internet banking has made many lives easier.  This is especially true for those who live in rural regions and where getting to the bank may have used a lot of time and gas.  However, the internet banking revolution has had other positive effects as well.

Thanks to internet banking there is more competition now.  As a result, there are now banks which are internet only and that has led to them eliminating traditional costs that have been passed along to the customer in the past.  In addition, these internet only banks have been able to pass along savings in the form of higher interest rates.  As a result, competition has been on the increase even among regular brick and mortar banks. 

There has also been an even reduction of costs even further thanks to internet banking.  As more and more transactions have been handled without paper, there has not been a need for as many employees.  Banks have also been able to save money on paper itself.  As more people choose to get their statements online, more are opting from getting the traditional end of month statement.  This has made it possible to save on paper, ink and postage. 

Internet banking has also opened the door for twenty-four hour availability into your account.  It is nice not to have to wait for traditional business hours in order to get work done.  We now have the ability to transfer funds, check balances and pay bills no matter the time of the day or night. 

Customer service has also gotten a boost thanks to internet banking.  There are now numerous ways to contact the bank if you are in need over an account.  In addition, there are also FAQ pages which allow many customers to solve their own issues. 

Finally, the internet has increased the need of training for all bank employees.  This is because many customers will come into a bank with questions regarding their online banking issues and all employees must know how to help in order to keep the customer happy.  Of course, there will also be some employees who receive even more training so they can provide support when the questions can’t be answered by anyone else. 

Banking

Scope of banking in 2012

If we talk about banking sector and its scope in upcoming year 2012 – it seems to be great. Expert say that we have around 7 lakh job vacancy in year 2012.

Whether it is Private or Public Bank – Every bank require more and more number of employees, so their is huge scope of new comers as their is no full stop in banking sector, but one important thing i want to share with you all people is that bank exams are not easy now a days, we all know that every field have competition, so in this field also you need to face a huge number of competitors, but this is not a point to worry, because if you have right direction and dedication, you will clear it in 3-5 attempts. Some Students are facing problem in English Communication, so in this we can help you only by telling you what you should do and while doing it (with time) you have a good command over English. Its totally upto you that whether you want to take coaching form any institute or you want to clear exam on your own. If you want to go for coaching – i would like to suggest some point while finalizing your coaching: 

a) what are their back Record – how many students have clear bank exams while studying from their institute.
b) Check Faculty Qualification – This is must to check whether you are giving your career in right hands or not.
c) Ask them for Demo class- This is must to go for Demo class to check the way they teach  in a coaching centers and also the atmosphere of classes..
If You want to Select Second point i.e. Self Study – Some Tips About Self Study
a) Analysis the Level Of Competitors With Whom you are going to compete For Bank Jobs.

b) Select Right Study Material – you Must Choose right books and material – because they are your teacher.
c) Keep a Competitive Spirit live in you – because you have no one to compete.

I hope you will clear your bank exam and get your ban job as soon as possible.
 

Get More details about these topics by visiting bank jobs more over don’t miss to get the latest update knowledge about various upcoming bank exams you can also Check the Bank jobs in India Portal.