Banking process is simple.
But it may not to be defined in a financial format. The need for this article came from the
individual banking experience. Banks are
crucial for uneducated, but the same case for educated too.
The process is simple,collecting the money, store in cabin,
fill the passbook. This involves a process
which is named as banking system. Saving
the money is converted into business model which has saving account, current
account, many divisions from these two accounts depends on the service
provided. Huge crowd is preparing
outside to entire into this due to good salary and comfortable life style. But sometimes customer experience makes worst
and the reason for this article.
Both private and public sector banks differ in their
systems. In private, products are more
to utilize the general transactions.
Storing the money in different formats Is renamed as product. After getting their money, they provide as
loan. Interest rate differs for many non-understanding terms. Media simply convey
economic problem and global scenario effect the interest rate. Also, insurance
is a bi-product, but good product for lifesaving. Business cycles surrounding the banking are
advertisement, coaching classes, private collecting agents and government
bodies. We may say it was in the old
days done under king's procedure. It has
some convenience not forecasted people money as product, though collected tax
for the welfare of their kingdoms.
Even though banking have a terrible growth understanding the
system inside and outside the industry is important to sustain our personal
wealth.
