Banks are large and complex organizations. Their clients range from individuals and institutions, all the way up to the governments and central banks of entire countries. The Banking sector offers several facilities to their customers including safeguarding their money and valuables and providing them with various types of credit loans to meet their various needs like home loans, consumer loans, personal loans etc. Banks also provide additional services like credit, and payment services, such as checking accounts, money orders, and cashier's cheques.
The banks also offer investment and insurance products. As a variety of models for cooperation and integration among finance industries have emerged, some of the traditional distinctions between banks, insurance companies, and securities firms are fast diminishing. In spite of all these developments, banks continue to maintain and perform their primary roleâ€”accepting deposits and lending funds from these deposits. Banking is an important undertaking. The movement of capital handled by banks allows economies to grow and prosper. Businesses and governments need money to operate, and banks act as intermediaries between the suppliers of funds and users of funds.
In modern times, banks play an important role in the global economies. During the recent times, increases in telecommunications and other financial technologies, have allowed banks to extend their reach all over the world, and there is no longer a need for customers to visit bankâ€™s branches for every transaction, as most of the transactions can happen online. The growth in cross-border activities has also increased the demand for banks that can provide various services across borders to different nationalities. Despite these advances in cross-border activities, the banking industry is nowhere near as globalized as some other industries.
There exists huge growth potential for IT professionals to work on banking domain as it will gear itself for more and more growth and automation in the coming years. There is no doubt that Technology is going to be catalyst in that growth, creating huge opportunities for professionals with good understanding of banking domain.