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The modern banking services
| | 06.01.2019, 11:03 |
The banking system is one of the most important structures of a market economy. Banks as financial intermediaries raise capital of economic bodies, savings and other funds that are released in the business, give money to borrowers in temporary use, provide other services.
Banking service is financial, technological, and intellectual activities of the bank, which are provided to clients. Banking service accompanies and optimizes the execution of banking operations.
The current stage of banking development is characterized by a significant increase in retail banking services. To gain a stable position in the credit market, banks need to solve the problem of creating unique products, improve service and effective assessment of the creditworthiness of the borrower.
The topicality of this paper is to consider the impact of this problem for the economy as a whole. The novelty of this paper is that this problem is considered directly in Ukraine.
There are many economists who studies the same problem. For example, Sheludko V.M., Smolyanska O.Y., Korneev V.V., John Wiley and others.
The objectives of this work are:
· to consider the basic modern banking services;
· to uncover their manifestations in Ukraine.
This work consists of introduction, the first part called «Traditional banking services»; the second part called «The modern banking services», the third part called «Modern banking services in Ukraine», conclusion, references and summary. In first part there are a brief description of main types of traditional banking services. Second part is characterization of such types of modern banking services as Internet-banking, Mobile-banking, an automated teller machine and others. In last part there are consideration of banking services in Ukraine and their operation.
In conclusion it must be said that banks should improve their services and increase their variety.
1. Traditional banking services
Banks are the most important link in the world of money. This is because, first of all, banks nowadays perform the main part of the work of transferring money from a customer to a seller, by operating the system of payments in the economy. Almost everyone in the world uses or has used banking services. Families keep their savings there, and banks pay them interest rates on their deposits and give them loans to buy expensive goods. Companies conduct payments through them. Commercial organizations, which work at the market and in production, take loans for their needs and conduct all payments with buyers and sellers through them. Landowners and owners of real estate take loans from the banks to buy an estate or to make use of it and pay back loaned money.
As we can see, everything in the economy is controlled by money, and banks are a tool-kit for the economy - controlling the money circulation between firms, depositors and loaners, and offering services to make that circulation easier for them. Banking services also have a productive nature. Even such a simple operation as the receiving money on deposits from people and companies involves a huge productive force. A bank does not just collect money - it converts non-working, unused money resources, to working assets. This is also true of credits given to companies and firms for the development of their productive and financial activity. A healthy and stable economy of any country depends on healthy banking services.
All banking services can be divided into traditional and modern services. Traditional services include: 1) deposit operations; 2) credit operations; 3) payment operations; 4) cash operations
Deposit operations are the operations of placing clients' money into the bank on deposit. While keeping money for its clients, the bank pays them interest.
A deposit account is a current account, savings account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank, and represent the amount owed by the bank to the customer. Some banks charge a fee for this service, while others may pay the customer interest on the funds deposited.
Credit operations are the operations of giving loans to bank clients and receiving, in exchange interest rates on those loans. Credit operations are the main operations of a bank. Banks are the biggest center of credit. Credit operations form the main specific weight of any bank's assets because they give the biggest profit to the banks.
Credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately (thereby generating a debt), but instead arranges either to repay or return those resources (or other materials of equal value) at a later date. The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Credit encompasses any form of deferred payment. Credit is extended by a creditor, also known as a lender, to a debtor, also known as a borrower.
Payment operations by banks can be fulfilled in cash or in transfer payments. Banks can open different account numbers for their clients and can fulfill their payment orders related to buying or selling goods, paying wages, transferring tax payments and making all other important payments. In issuing payments the bank is acting as an intermediary between sellers and buyers, companies, tax agencies, citizens, and the budget.
These three types of bank operations are commonly called traditional bank operations. The term `traditional' is applied because all of these operations together establish what we call a bank.
Cash operations can also be regarded as traditional operations. They are the operations of giving out cash money to the clients from their accounts and cash exchanging cash currency. According to the law, these operations have not been included in the basic operations that form up a bank, but in their meaning they reflect the essence of the bank system. It is difficult to imagine a bank that has deposits, gives loans and conducts payments, but does not have cash operations.
Additional operations can be placed between traditional and nontraditional operations. They include currency operations, and operations with securities - with gold, precious metals and ingots. A bank does not have to include these operations in its activities. In 1994 the majority of banks did not have a currency license, and even nowadays most of banks are not allowed to make operations with gold, precious metals and ingots, yet they have not lost the right to be called banks.
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