Modern Aspects of Banking

Modern Aspects of Banking

Author Name : M. Anitha

INTRODUCTION

The philosophy behind banking has changed drastically in the past decade. From being an institutional mechanism that channelized public saving into productive economic needs, it has now become a much larger part of the financial world. People now need the banking facilities like checking the balance, making payments, transferring money, investing in stocks to be possible anywhere around the world. Hence, the banking modernization has become more of a need in this technological era.

Old banks did not lay much emphasis on the importance of services and customers. As Mahatma Gandhi provides the correct philosophy behind modern customer service he says-“A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not at interruption in our work. He is the purpose of it. He is not at outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us a opportunity to do.”  

The process of reforms in payments and settlement systems gained momentum with the implementation of projects such as negotiated dealing system, centralized funds management structured financial massing solution for secured message transfer.