Banks are internationally considered as the source of money and credit. To put it simply Banks offer services of accepting and safeguarding money which is owned by other individuals and entities, and lend the same to earn profits.

Today’s modern banking has highly trained staff who know how to deliver top quality service to their customers, understand their queries, offer solutions and arrange financial lending whatever the needs. However, there are many financial institutions who also provide similar services provided by banks. Insurance companies head the list of these institutes.

Banks like other industries are distinguished according to their primary functions. We have Commercial banks offering accounts to all. These are followed by the Savings Banks and Cooperative banks. Commercial banks include national and state-chartered banks, stock savings banks, trust companies, and industrial banks, which have made available a wide range of services besides those of making loans and investments. These banks also handle the demand, savings and other time deposits. Mutual savings banks accept only savings and other time deposits. These banks offer limited types of loans and services.

The Banking spectrum is demarcated in numerous specialist divisions each catering to various needs of different customers. These range from Project to Retail Banking, from Equity to Fixed Incomes and Insurance. The list is endless. Opportunities are in abundance if individuals are keen to understand the language of monetary returns.

The management structure varies in the banking industry. Some Banks may have a management team which would include individual managers who would be responsible for lending, administration, audit and operations. There also could be one manager responsible for several small branches. Many banking jobs are in specialist areas such as IT or corporate banking, which deals with the accounts of business customers.

Institutions providing banking services like savings; deposits; loans, leases, mortgages, and credit cards; ATM networks; securities brokerage; investment banking; insurance; and mutual funds and pension funds come under the purview of the Banking industry.

Thus Banks are defined as institutions which deal in money and its substitutes and also provide other financial services. A Bank’s functions encompass accepting deposits and offering loans. Their methods of making profits arise from the differences in the interest rates paid and charged, respectively.

With Globalisation and ruthless competition, Banks are now shouldering added responsibilities and are offering a myriad of services to their customers. These include specialist banking services for Derivatives, Hedging Funds, Project Management, Retail Banking, Risk Credit, Share Broking, Advisory and Consultancy services and Fund Management.

The competition between Banks and other Financial institutions is very intense and this demands the employment of highly qualified staff who are reliable and totally trustworthy. A pleasant personality and good communication skills are very essential. The individual needs to be smart to quickly grasp the essential fundamentals of the job and should be able to assist the clients in a lucid and simple manner.

Mostly banks incorporate an annual appraisal system for their staff and increments in compensations are awarded according to their overall performances and achievements during the year. A rewarding career with many perks attached to it! Individuals desirous of making a career in Banking should be very sure of which aspect of this Industry interests them the best before stepping into this world. Every arm of Banking requires detailed knowledge of and proficient skills to provide the most satisfying services to their clientele.