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FINANCE AND BANKING - Coggle Diagram
FINANCE AND BANKING
Do you think that changes in the banking system are necessary? And, if so, why? :
- Leveraging Fintechs For A Better Customer Experience
- More Technology-Driven Consolidation
- The Advent Of Digital Lending
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- Automated And Personalized Customer Experiences
- Blockchain And Decentralized Solutions Replacing Most Banks
- New Income From Open Banking And Data-As-A-Service
- Mid-Market Banks Becoming An Endangered Species
- The Democratization Of Consumer Finance
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- More Targeted Services For Underbanked Households
- Big Banks Extending Services To Small Businesses
- The Reemergence Of ‘Relationship Banking’
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Types of Banks
retail banks
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provide services such as checking and savings accounts, loan and mortgage services
, financing for automobiles, and short-term loans like overdraft protection.
Commercial Banks
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. Individuals may find a commercial bank account appealing because all savings and certificates of deposit
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private Banks
provide services exclusively to wealthy clients, usually those with at least $1 million of net worth.
offer a suite of financial products and services, but to a much more specific audience.
traditionally owned by one wealthy individual or a small group of wealthy individuals who provide financial advisement to high earners.
having exclusive access to people who understand your individual financial situation and potential connections when searching for a business or other kind of loan.
Online banks
operate entirely online; there are no physical branch locations available to visit with a teller or personal banker
have traditionally had physical locations, many are beginning to migrate to a purely digital space.
the higher interest rates they tend to offer on savings accounts, due to their low level of overhead.
Credit Unions
similar to banks, but they are not-for-profit organizations owned by their customers.
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have a membership restricted to a defined segment of the population (as a geographic area, or members of a labor union or the military)
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WHAT IS BANK?
a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans.
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Banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks
Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy
in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancient world.
A banker is defined as a person who carries on the business of banking by conducting current accounts for their customers, paying cheques drawn on them and collecting cheques for their customers.
Understanding Banks
conduct routine banking transactions like deposits, withdrawals, check writing, and bill payments.
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used to lend to others for long-term debt such as car loans, credit cards, mortgages, and other debt vehicles.
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Do you think finance is always a short-term business or can borrowers and lenders develop long-term relationships?
gives people such a range of investment choice from a funding perspective,
the speed and quality of information. Information is key in making investing decisions, and the better the quality of information, the easier it is to make a decision
the banks have become less relationship-driven from a financing perspective and more relationship-driven from a sales and distribution perspective.
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