Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banks are owned by their customers and follow the cooperative principle. Cooperative banks are often regulates under both banking and cooperative legislation. They provide services such as saving and loans to non-member as well as to members, and some participate in the wholesale markets for bonds, money and even equities.
Information technology (IT) is the application of computers to store, study, retrieve, transmit, and manipulate data, or information, often in the context of a business or other enterprise. IT is considered a subset of information and communication technology(ICT). Current IT in use at most of the cooperative banking industry
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C) Communication
Communication Technology deals with the Physical devices and software that linkvarious computer hardware components and transfer data from one physicallocation to another
Over the last few years, the mobile and wireless market has been one of the fastest growing markets in the world and it is still growing at a rapid pace. Mobile phones have become an essential communication tool for almost every individual. Advent of mCommerce has managed to take mobile VAS to next level, adding tremendous value to telecommunication industry. Mobile banking which is an integral part of mCommerce has become very popular among mobile users ever since its existence in 2007. It creates new, convenient communication and fast financial transactional channel for mobile users which is accessible from anywhere,
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Financial Transactions
Financial transactions are stored in the systems of cooperative banking industry to determine the net flow of cash and detect and correct errors occurring within a financial period. The financial transactions made by both the employees and customers are stored. This also helps the industry to determine of the factors that are required to improve or change.
Family History and Background
Cooperative banks also store the family history and background of their employees as well as customers. This helps them to determine what family they come from and also helps in prevention of fraudulent activity from any individual.
SECURITY
Security refers to the protection of data against unauthorized access. Good security is necessary in an industry like cooperative banking in order to prevent the leakage of sensitive information. Some of the measures applied to secure the information are as
Founded in March of 1852, by Henry Wells and William Fargo, Wells Fargo and Co. offered new banking and express opportunities to the West Coast (“History of Wells Fargo”). Today, Wells Fargo is considered one of the four largest banks in America, and does business with one in three households (“Wells Fargo”). MORE INFO ABOUT SUB HEADINGS TO TIE INTO THESIS STATEMENT. In order to regain the trust of their customers and to build up their brand name, Wells Fargo SHOULD DO SOMETHING.
Information Technology (IT) is a foundation for conducting business today. It plays a critical role in increasing productivity of firms and entire nation. It is proven that firms who invested in IT have experienced continued growth in productivity and efficiency. Many companies' survival and even existence without use of IT is unimaginable. IT has become the largest component of capital investment for companies in the United States and many other countries.
Cooperation or collaboration is the tendency to work together for mutual benefit and is generally contrasted to competition which is working against each other for a larger share of benefits. Cooperation is not always desirable nor is compition always to be deplored. When people are cooperative regardless of how they feel or the other person behaves, they may be exploited and taken advantage of.
Initially the bank’s core banking system was product oriented, but the need of the hour was to develop a customer oriented system, because the challenge is to build customer loyalty, cross sell, and enhance repeat business.
In the beginning, businesses used information technology for automating the processes primarily to reduce labor costs. Subsequently, information technology is used for delivering information with speed and accuracy.
Commercial banks can also refer to a bank, or a division of a large bank, which more specifically deals with deposit and loan services provided to corporates or large-sized business - as opposed to individual members of the small business - retail banking, or merchant banks.
One example would be Bank of America (BofA), the bank that I currently bank with. BofA has begun operations of combining ...
Mobile applications has taken the banking industry to another level. Mobile apps is a form of mobile banking that is the use of a cellular device to perform online banking tasks while you’re away from your computer. One benefit of Mobile banking is that it says individuals a lot of time. Instead of having to go to the nearest bank you can do just about anything you need to do at the bank on your cellular device, instead of making cash deposits and withdrawals. A few tasks that individuals can do while accessing mobile apps is monitoring their account balance, transferring funds between accounts, bill payment and locating ATMs. Mobile banking operates across all of the major service providers in the U.S. with three different ways: mobile web,
Online/ Internet Banking is booming each day and the number of people using these services to carry out their banking activities is increasing at a constant rate. As a result of this increased interest in culture of online banking, the concerns over security that is needed to protect e-banking has raised to a great extent. This security is required to shield the transactions as well as to establish a secure mechanism to share and exchange information in order to prevent fraud and safeguard personal data. Strong security measures and mechanisms are a must for the proper and efficient functioning of online banking. Internet has surely enabled the banking sector to grow to a great extent, but on the other hand, it has posed a lot of risks
Banks are the largest Financial Institutions in Kenya and around the world. Commercial banks are financial institutions that provide financial services that include, issuing money in various forms, receiving deposits of money, lending money and processing transactions and the creation of credit (Campbell, 2007). Performance is the ultimate test of effectiveness of risk management. Performance and Activity of banks is greatly affected due to the exposure to different kinds of risks. Credit risk is the main risk that banks face and its one of the main sources of income in most commercial banks hence the management of the credit risk affects the performance of the banks.
As there are many types of banking and financial institutions in Cambodia, the scope and limitation of the study is mainly take only the commercial banks and microfinances to examine. The study will only go through the basic background of the banking industry and the basic issues and solutions which excludes the other related cases involved in politics.
Retail Banking is the facility of providing savings, current, loan accounts to personal and commercial customers. This facility involves huge transactions starting from a low size to high sized businesses
Today, Information Technology revolutionized our life almost in every filed. One of among several blessing of information technology is Internet Banking services that brings ease and comfort for our banking activities. Over few years Internet Banking has evolved as convenient, self-serviced technology, cost-reducing and time saving channel. Internet banking is available 24x7 across geographies. In last few years, the number of internet banking users has been increasing rapidly. In present hyper competitive environment internet banking works as a competitive differentiator among banks. Internet banking has become an important revenue builder for banks.
The bank was formed to bridge the gap which existed in many Western African countries as most banks were state or foreign owned. Ecobank was established as a commercial bank due the fact that there were hardly any commercial banks in West Africa. Commercial banks are in the business of offering loans (line of credits), current accounts, etc.
A variety of groups are concerned in bank profitability for various reasons. The bank shareholders would want to know if the value of their investments is high or low. The investors also use current and past performance to predict future price of the banks’ shares traded on the stock exchanged. The management of the bank as trustee of the shareholders is evaluated and compensated on the basis of how well their decisions and planning have contributed to growth in assets and profits of their banks. Employees of bank also are concerned with profits, since their salaries and promotions are frequently tied to the profitability performance of their banks. Depositors use bank performance and profitability as indicators of security for their deposits in the banks. Finally, business community and general public are concerned about their banks’ performance to the extent that their economic prosperity is linked to the success or failure of their banks.