Banking can be defined as an activity of accepting and safeguarding money which is owned by others. It also includes lending people money for use on interest rates. This is the basic definition, however, nowadays the concept of banking had widened and a large number of services are offered by banks today.
These services include debit card, credit card facility, ATM service, online fund transfer, etc, all round the world. Though the method looked very simpler in the beginning, now with the growth in technology it had become major hand of help for investors, lenders and loan receivers and is resulting in developing economy.
1. Mobile Utilization And Banking
It was found that 87% of the total US population possesses a mobile phone and half of them have a smart phone. And out of them, 9 in 10 Americans have their phones in their arms 24 hours a day. 1 in 5 mobile users utilize mobile phones for banking.
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2. Banking On Education
The student debt loans have gone up by 4 times in the US since 2003. As a result the outstanding debt situation has become worse with $1.1 trillion students loans remaining outstanding thereby having an impact on the economic situation as well. It has been noted that the lower and middle income groups have sacrificed many personal and financial decision in order to fulfill commitments towards student loan.
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3. M-Banking
Analysis of the bank service users suggested that 67% of men use bank services in regular manner and the number was 37% in women. The age group of people using mobile services the most is 18 to 29 years and the least is used by age group of 65 years and above.
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4. Altering Banking Channels
Channels of banking transactions are facing huge advancements. These includes internet banking, ATMs, mobile banking, IVR, social media, etc. It was detected that IVR has become the third most common banking transaction channel on global level.
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5. The Future Of ATMs
The top three threats faced by the ATM industry include security and frauds, mobile banking and payments, regulations, legislation and compliance. It is being said that the mobile companies will have a greater impact on World ATM as branch transaction is said to be declining by 2.5% and mobile transaction will increase to 13.2%.
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6. Mobile Banking: The Future Of Finances
Data suggested that 57% of smart phone owners users mobile banking. However, 33% of the bank services users opt for telephone banking. 62% of the total users suggested that they are very satisfies with the experience, 32% gave an intermediate review for the experience, however 6% of them said that they are dissatisfied with the services.
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7. World Retail Banking Report 2013
World Bank is also initiating plans for reduction of the green house effects. Investors are invited to invest in various climate action plans. The investors will be availing equipments for analyzing the emission reduction potential. Over $125 million is required every year as a solution.
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8. Commercial Banking Vs Retail Banking
Commercial banking had reached 82% business sector and 75% of the technical sector. On the other hand retail banking had reached 19% of the business sector and 82% of the technical sector.
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9. Bank Account Switching Percentage
Statistics suggested that 44% of the UK youth had never switched their personal bank accounts ever. However, 27% of them had their banking accounts once. 4% of people suggested that they will be changing their current account in the upcoming 2 years. 6% of them suggest that they will rather get a tattoo on their arm than changing their accounts.
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10. Financial Services On The Mobile
Mobile finance is the availability of finance service over mobile phone. Data revealed that 55% of the mobile finance audiences are male and 45% is female. It also suggested that 85% of the mobile finance services users possess a Smartphone.
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11. Innovation In Retail Banking
Data suggested that 76% of banks in 2013 believed that they have become more innovative than 51% in year 2010. Statistics have also found that there is 60% rise in innovative strategies of banks in 2013 which was only 37% in 2010.
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12. Mobile Banking Revolution
There is a tremendous growth of the rate of users opting for mobile banking nowadays. Statics expects near about 1,000,000,000 users of mobile banking by the year 2017, which was 590,000,000 in year 2013. Though, one billion is a bigger number but it is still only 15% of total mobile users in the world.
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13. Growing Trend Of Mobile Banking
Information extracted suggested that 9% of people in year 2010 accepted that they were assisted by mobile banking while opening a bank account. The total number of mobile banking operators doubled from 200 million in 2010 to 400 million in 2013. Near about 10% of the household in US uses mobile banking which is equivalent to 11.3 million households.
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14. What Is Mobile Banking?
Mobile banking is referred to the conduction of finance related activities on cell phone. Such methods include conducting phone calls, through texts, visiting website, using mobile applications. The various activities conducted include checking the account balances, reviewing transactions, fund transfer, bill payments, ATM locations, investment managements, etc.
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15. Banking On Social
Online bank users are willing to see more complex tools for banking in the upcoming years. 32% of them wanted peer review sections online, 23% of them desire to see online web chat support and 29% of them wish to see bank comparison services.
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16. Anatomy Of A Bank Robbery
Though year 2007 have seen a tremendous decline in robberies, burglaries and thefts, still thousand of bank crimes are recorded each year in the world. Statistics suggested that a total amount of $240.6 million was taken in loot from 2007 to 2011. It was also recorded that 20% of bank robberies occur on Friday and 28% of them occur between 9am to 11am.
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17. Building Low-Carbon Cities
Analysis suggested that most experienced customers with banking can be found in countries like Canada, United States, United States, Portugal, Germany, South Africa, India, Australia, Philippines. However, the top three positions were held by China, Saudi Arab and Italy. The rate is still increasing by 44% in China, 56.4% in Arab and 60.1% in Italy.
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18. Big Data Of Banking
Analysis suggested that U.S. banks stores near about of 1 Exabyte of data stored with them, which is equivalent of 275 billion mp3’s. The typical sources big data includes customer bank visits, call logs, web interactions, credit card histories, transaction types, banking volumes, etc. Big data are used by banks for assessment of customer risks, anti money laundering procedures, compliance of regulating reporting, customer relationship management, analysis of stock trade surveillance and patterns.
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19. Career In Investment Banking
There is a great future in investment Bank analyst. A four year experienced bank analyst can earn near about $125,000 per annum. The qualities required include fast paced altitude, deal driven banking world, holding social life for a while. It is also considered as an amazing training ground for various other professions.
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20. Increasing Investment Innovation
Data suggested that 73% of the bank increase their investment in innovation from year 2011 and 2012. It was also found that 70% of banks are also turning more innovative in the last few years.
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