Impact Of Technology In Banking

In the world of banking and finance nothing stands still. The biggest change of all is in the, scope of the business of banking. Banking in its traditional from is concerned with the acceptance of deposits from the customers, the lending of surplus of deposited money to suitable customers who wish to borrow and transmission of funds. Apart from traditional business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.

RESERVE BANK’S EARLY INITIATIVES
As a central bank in a developing country, the Reserve Bank of India (RBI) has adopted development of the banking and financial market as one of its prime objectives. “Institutional development” was the hallmark of this approach from 1950s to 1970s. In the 1980s, the Reserve Bank focused on “improvements in the productivity” of the banking sector. Being convinced that technology is the key for improving in productivity, the Reserve Bank took several initiatives to popularize usage of technology by banks in India.

Periodically, almost once in five years since the early 1980s, the Reserve Bank appointed committees and working Groups to deliberate on and recommend the appropriate use of technology by banks give the circumstances and the need. These committees are as follows:
-Rangarajan committee -1 in early 1980s.
-Rangarajan committee -11 in late 1980s.
-Saraf working group in early 1990s.
-Vasudevan working group in late 1990s.
-Barman working group in early 2000s.

Based on the recommendations of these committees and working groups, the Reserve Bank issued suitable guidelines for the banks. In the 1980s, usage of technology for the back office operations of the banks predominated the scene. It was in the form of accounting of transactions and collection of MIS. In the inter-bank payment systems, it was in the form of clearing and settlement using the MICR technology.

Two momentous decisions of the Reserve Bank in the 1990s changed the scenario for ever there are:
a) The prescription of compulsory usage of technology in full measure by the new private sector banks as a precondition of the license and
b) The establishment of an exclusive research institute for banking technology institute for development and Research in Banking Technology.

As the new private sector banks came on the scene as technology-savvy banks and offered several innovative products at the front office for the customers based on technology, the demonstration effect caught on the reset of the banks. Multi channel offerings like machine based (ATMs and pc-Banking), card based (credit/Debit/Smart cards), Communication based (Tele-Banking and Internet Banking) ushered in Anytime and Anywhere Banking by the banks in India. The IDRBT has been instrumental in establishing a safe and secure, state of the art communication backbone in the from of the Indian Financial NETwork (INFINET) as a closed user group exclusively for the banking and financial sector in India.

CHANGING FACE OF BANKING SERVICES
Liberalization brought several changes to Indian service industry. Probably Indian banking industry learnt a tremendous lesson. Pre-liberalization, all we did at a bank was deposit and withdraw money. Service standards were pathetic, but all we could do was grin and bear it. Post-liberalization, the tables have turned. It’s a consumer oriented market there.

Technology is revolutionizing every field of human endeavor and activity. One of them is introduction of information technology into capital market. The internet banking is changing the banking industry and is having the major effects on banking relationship. Web is more important for retail financial services than for many other industries.

Retail banking in India is maturing with time, several products, which further could be customized. Most happening sector is housing loan, which is witnessing a cut-throat competition. The home loans are very popular as they help you to realize your most cherished dream. Interest rates are coming down and market has seen some innovative products as well. Other retail banking products are personal loan, education loan and vehicles loan. Almost every bank and financial institution is offering these products, but it is essential to understand the different aspects of these loan products, which are not mentioned in their colored advertisements.

PLASTIC MONEY
Plastic money was a delicious gift to Indian market. Giving respite from carrying too much cash. Now several new features added to plastic money to make it more attractive. It works on formula purchase now repay later. There are different facts of plastic money credit card is synonyms of all.

Credit card is a financial instrument, which can be used more than once to borrow money or buy products and services on credit. Banks, retail stores and other businesses generally issue these. On the basis of their credit limit, they are of different kinds like classic, gold or silver.

Charged cards-these too carry almost same features as credit cards. The fundamental difference is you can not defer payments charged generally have higher credit limits or some times no credit limits.
Debit cards-this card is may be characterized as accountholder’s mobile ATM, for this you have to have account with any bank offering credit card.

Over the years, the banking sector in India has seen a no. of changes. Most of the banks have begun to take an innovative approach towards banking with the objective of creating more value for customers and consequently, the banks. Some of the significant changes in the banking sector are discussed below.

MOBILE BANKING
Taking advantages of the booming market for mobile phones and cellular services, several banks have introduced mobile banking which allows customers to perform banking transactions using their mobile phones. For instances HDFC has introduced SMS services. Mobile banking has been especially targeted at people who travel frequently and to keep track of their banking transaction.

RURAL BANKING
One of the innovative scheme to be launched in rural banking was the KISAN CREDIT CARD (KCC) SCHMME started in fiscal 1998-1999 by NABARD. KCC mode it easier for framers to purchase important agricultural inputs. In addition to regular agricultural loans, banks to offer several other products geared to the needs of the rural people.

Private sector Banks also realized the potential in rural market. In the early 2000’s ICICI bank began setting up internet kiosks in rural Tamilnadu along with ATM machines.

NRI SERVICES
With a substantial number of Indians having relatives abroad, banks have begun to offer service that allows expatriate Indians to send money more conveniently to relatives India which is one of the major improvements in money transfer.

E-BANKING
E-Banking is becoming increasingly popular among retail banking customers. E-Banking helps in cutting costs by providing cheaper and faster ways of delivering products to customers. It also helps the customer to choose the time, place and method by which he wants to use the services and gives effect to multichannel delivery of service by the bank. This E-Banking is driven by twin engine of “customer-pull and Bank-push”.

CONCLUSION
Technology has been one of the most important factors for the development of mankind. Information and communication technology is the major advent in the field of technology which is used for access, process, storage and dissemination of information electronically. Banking industry is fast growing with the use of technology in the from of ATMs, on-line banking, Telephone banking, Mobile banking etc., plastic card is one of the banking products that cater to the needs of retail segment has seen its number grow in geometric progression in recent years. This growth has been strongly supported by the development of in the field of technology, without which this could not have been possible of course it will change our lifestyle in coming years.

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Info on Different Traits of a Great Manager

Becoming a manager is one of the things you should appreciate and it is a great achievement for many people especially that want to go up the ranks especially if the of leadership desires. You also need to remember that it comes with a lot of responsibility need to be able to be the best. This is because how you manage your department will determine a lot how easy it is to succeed in every project. Being able to display leadership especially because you have employees that are looking up to you, is also imperative and important. You need to avoid being a part of the 16% of managers who make the workplace unbearable by being exotic especially to the employees. Therefore, you have to learn on how you can be the best manager and there is a lot you can learn from. For example, you can always look at the key performance indicators for managers. Learn more below on different major traits for the greatest manager.

One thing that is true is that you need to show empathy. It is a trait that is often overlooked because it is easy to think when you are a manager, you can do whatever you do. When you look at the key performance indicators for managers, emotions are not really expressed very well or respect that. It is poor management to treat you, employees, without thinking of how they feel about different things and that is why it is important to look at the manger key performance indicators for managers, especially it comes to showing empathy. You find that employees go through a lot in their lives and if you are not very understanding a manager, you might lose them in the process. Therefore, there is the need to showcase empathy and that is why you need to look at the key performance indicators for managers and know what you can do better. You also need to express patience. Sometimes things don’t go the way you expect and if you are not shared enough, you might turn out.

You also will learn that being positive is very important for any manager and you will discover that as you look more at the key performance indicators for managers. Being positive is all about understanding that no moment will last forever and therefore challenges will come and good moment will come and you can impress them all being positive. Also, when you are looking at the key performance indicators for managers, you will realize that proper communication is important as you also give directions that is showing leadership. Always be solution-oriented and avoid wanting to fix things immediately and avoid taking decisions under emotions.

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Smart Tips for Selecting the Right Under Deck Roofing Contractors

When it comes to concealing the insides of your deck’s roof there is a need to go for the highest quality workmanship. This involves hiring under deck ceiling contractors who have been in the industry for many years as well as ones who possess all the pieces of equipment that your project will need. When you are able to hire the right technician for this job you will be sure to get a high-quality ceiling for your deck and this is an investment that will serve for a good deal of time. So when you are considering hiring the services of an under deck ceiling contractor make a point of ensuring that you hire the right person.

Here you will be doing some serious homework to ensure that you do not fall into the traps of the quacks that purport to offer the best ceilings for homeowners. Since the scammers are so many in the industry is it important that you read the following tips that will make it easy for you to navigate the market and locate an excellent contractor. Here are some of the tips that most people have you and they ended up hiring the best under deck ceiling contractors.

The first tip for any homeowner who is looking forward to hiring an excellent under deck ceiling contractor is to look for licensed professionals. Ideally, any good government will protect its citizens from illegal people by licensing the right professionals. As such it is the work of the homeowner to see to it that the person working on his or her project is a legitimate professional and this can only be clarified of the license is valid. Son when you are in doubt about the validity of the license it is prudent to contact the regulatory authority in your area.

The second tip is to choose a contractor who is conversant with various designs. Under deck, ceilings come in different styles and materials and one that is right for you will depend on the size of your project as well as the level of functionality you are looking for. The only way you can have a perfect design that will increase the efficiency and functionality of your deck is choosing a professional who is aware of the various designs that exist in the market. This way you will get the advice that you need so that you invest in an under deck ceiling that will serve you for a long period of time.

It is also a good thing to check the varying costs of the project. Depending on the contractor who will be working on your project you may pay a higher or lower amount. This means that you will need to take some time to evaluate the various bids that you get from your contractor and the more the bids you get the higher the chances of getting the project completed at the lower budget. You should compare the prices of the various contractors and choose a contractor whom you deem fit for your budget.

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Things To Help You Choose The Right Wedding Venues And Reception

Booking a good wedding venue can be a nightmare and people are highly encouraged to make sure that they choose the best one. For most people who are planning a wedding once they find a good wedding venue and reception they usually get some sense of relieve. The reason for this is because this is usually the most complicated part of planning a wedding, but the best thing is that it can be achieved. One thing that individuals are advised on is to really make sure that the services they choose are the best. This process is not usually the best, but there are some few tricks that people can use in order to be very successful with the results and this is great.

One very essential factor for people to really make sure of is the cost for the venue, the reason for this is because individuals are always working on a budget and they really need to make sure that they don’t go over. Another thing that people really need to check on is that they are paying for something that is worth paying for. A wedding is usually a very memorable experience which is why individuals really need to be sure that they are dealing with the best. A very important thing to remember when looking for a wedding venue and reception is how you envision the day to be like as this will be very important.

Very many people want the wedding venue they choose to compliment them as individuals and also go well with the theme of theme of the wedding. When one knows what they really want the wedding to look like in terms of color and all other important aspects, this will be a very good way of helping then be sure of their selection. Another good thing that will give you the confidence you need with a site is to visit the place, this will really help you see a clear view of what you are getting versus what you want.

Another thing that people need to make sure of is that they know of all the rules regarding the place, this will be a very good way that will really help you choose something that really works well for your needs. Wedding venues should be able to provide all kinds of services like catering and even entertainment, getting one that does all that at a great cost will be a bonus. People also need to compare different venues as that will help them be able to choose the best one among the many.

Communication is very important when looking for wedding venues, individuals really need to be sure that they are all on one page. This is because the marriage planning is usually not for one person and people are advised to really make sure that everyone is okay with everything. People need to make sure that there is no religious conflict with the wedding venue and reception they get.

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