Over the last 20 years, banks have faced strong competition and have radically expanded their role to provide a wider range of services for their customers. Technological developments such as the use of automated teller machines, depositing money, the growing use of telephone and Internet Banking, have had a major impact on the industry.
In Britain the Bank of Scotland pioneered computer banking back in 1985, when its "Home and office banking service" was introduced. Other banks soon followed. Nowadays online or internet banking is becoming increasingly popular. Banks like the internet's massive potential as a marketing tool and its low costs compared to investing in branches.
Computer banking offers similar but not identical services to telephone banking. For example, customers can get a print-out of all bank details over a certain period and download data to use for financial purposes.
Statistics suggest that internet banking will continue to expand. a***ysts Datamonitor banking is about control, being able to check a balance or send money to someone else's account when you want to, without having to visit a branch or pick up the telephone.
Commercial bank provide a wide range of services to business. They can offer both long-term capital, in the form of loans and mortgages and short-term capital, in the form of bank overdrafts. An overdraft permits the firm "to go into the red" on its account up to an agreed maximum, with a charge on the amount overdrawn. Banks are also used by firms to keep their money safe, to help them access and use it quickly, and to ensure that they make to most effective use of it.
The most commonly used account by businesses are:
Current Accounts used by firms for paying their bills or for receiving payments from their customers. To pay their bills companies may use cheques, cash, direct debits, standing orders or credit transfers. Direct debits are used when payment vary in amount, standing orders when the amounts are fixed. Credit transfers are used to pay into the current accounts of other people and to receive payments from customers.
Deposit account used by firms to keep the surplus cash for short periods.
Foreign currency accounts Provided to firms which trade overseas.
In Britain the Bank of Scotland pioneered computer banking back in 1985, when its "Home and office banking service" was introduced. Other banks soon followed. Nowadays online or internet banking is becoming increasingly popular. Banks like the internet's massive potential as a marketing tool and its low costs compared to investing in branches.
Computer banking offers similar but not identical services to telephone banking. For example, customers can get a print-out of all bank details over a certain period and download data to use for financial purposes.
Statistics suggest that internet banking will continue to expand. a***ysts Datamonitor banking is about control, being able to check a balance or send money to someone else's account when you want to, without having to visit a branch or pick up the telephone.
Commercial bank provide a wide range of services to business. They can offer both long-term capital, in the form of loans and mortgages and short-term capital, in the form of bank overdrafts. An overdraft permits the firm "to go into the red" on its account up to an agreed maximum, with a charge on the amount overdrawn. Banks are also used by firms to keep their money safe, to help them access and use it quickly, and to ensure that they make to most effective use of it.
The most commonly used account by businesses are:
Current Accounts used by firms for paying their bills or for receiving payments from their customers. To pay their bills companies may use cheques, cash, direct debits, standing orders or credit transfers. Direct debits are used when payment vary in amount, standing orders when the amounts are fixed. Credit transfers are used to pay into the current accounts of other people and to receive payments from customers.
Deposit account used by firms to keep the surplus cash for short periods.
Foreign currency accounts Provided to firms which trade overseas.