Meaning of Banking Services

Meaning:

The word “Bank” is derived from an Italian word “Banco” which means bench for keeping, lending and exchange of money or coins.

A bank is generally understood as an institution which provides fundamental banking services such as accepting deposits and providing loans.

The banking industry is facing a rapidly changing market, new technologies, economic uncertainties, strong competition and more demanding customers and the changing climate which lead to set of challenges which was never seen before. The banking is a customer oriented service industry. The customers may be an individual, organization or firms. Organization needs finance to run the business. Many of the organizations made their transactions through banks. They issue and receive cheques, and they use modern techniques such as NEFT,RTGS, and IMPS to transfer money. At the advent of information technology and communication system it offers variety of services like e-banking, mobile banking, ATM, internet banking, electronic fund transfers etc. to its customers and these services are made available at their door steps.