Finance >> Banking

Banking


Banking is getting highly competitive industry with the growing demand and use of several financial products. A range of financial products and services are offered by the banks to suit various consumer preferences. Today, almost every individual has credit cards, investments, insurance and loans. Banks are the major funding systems that play a vital role in the streaming of money into the nationís economy for its smooth functioning and market stability.

The implementation of new technology in the Banking sector has transformed the way people considered the banks to be. That is, earlier it was considered as a financial firm which provides loans and other benefits only to the private companies or firms. Today, the scenario has changed and almost every individual has a bank account. Apart from offering several financial products, banks are providing the useful online services such as account viewing, bill paying, quick transactions and lot more.

Nowadays, majority of the banks are profit making or private enterprises. Basically, the banks are divided into profit making and non profit organizations. Profit making banks are managed by the private enterprises and the non profit ones are owned by the government. Both have their own pros and cons. However, depending on the products and services provided by the banks, they can be broadly categorized into four types which include retail banking, business Banking, private banking and investment banking.

In retail banking, the focus is on the individual consumers and small businesses and here, all the dealings are direct. Commercial banks and smaller community banks are the major players providing a wide range of personal banking services such as savings account, credit or debit cards and other services. Business banking is service provider geared basically towards mid and large business entities and other major financial institutions. In private banking, the banks provide the Financial Products and banking services primarily to the wealthier individuals and families. And, Investment banking includes the services such as issuing new securities, facilitating mergers, selling or buying issued securities and so on.

In the past two decades, the sophisticated and advanced technology has made Online Banking far more safe and secure. It has entailed people to enjoy the transaction benefits in faster and easier way, comparatively. Now, banks are considered to be the major providers of financial products and other services such as loans, accounts, drafts, credit cards, investment plans, and online account updates. Some of the leading banks in UK are Bank of America, Bank of England, Bank of Ireland, Bank of Scotland, Natwest Bank, Cooperative Bank, and Barclays Bank. As the Banking industry has become immensely competitive, it is your right to get the best services and profitable financial products. Here, in the coming sections, you can get to know in detail about the financial health of the top-notch banks and choose the best ones to save your quality time and money.