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Category Archives: Banking

Get Various Banking Resume Objectives for a Career in Banking

Necessity of Objective Statement

As the name depicts, objective is the goal that you set to accomplish any particular task. When applying for any job, your objective is to see yourself in a better position after a few years. While applying for the banking jobs, your banking resume objective must tell to the potential employer about your future goals working as a bank employee. This statement will show your desire to join the company and get the job of your dreams. It must talk of your future career goals and explain to recruiters how you are going to accomplish these goals while benefiting the company.

Banking Sector

The job in the banking industry is of great responsibility as the person has to deal with the financial transactions and interpret the reports prepared by the bank as a result of the transaction. It is the sector where one has to check all the transactions of the concerned bank and prepare the relevant reports. The banking resume objectives must highlight the person’s knowledge in the domain and stress on listing the details that will convince the employer to hire him/her.

Job Description

There are various positions in the banking sector. The common job responsibilities that a banking associate has to handle are:

• Generating the revenue
• Creating financial portfolio
• Strategic Planning
• Managing the profits
• Building relationship and customer service
• Training the Management
• Direct and control the retail banking activities and resources
• Discuss business strategies with the clients
• Resolve the functional related queries and undertake functional testing

Important Words to Appear in Banking Objective

Objective statement is the introductory section of a resume. It will be the first section that will be viewed by the employer. Hence, it is necessary that this part is written clearly and in a convincing way. Going through this part, employer should get complete idea of your resume details. It is important to include the words that describe your existing skills. Below are provided such words that can boost the quality of your objective statement and make your resume stand out from the rest of them.

• Enthusiastic, self motivated, energetic, positive thinker, creative
• Strong analytical and logical approach
• Thorough knowledge of finance and banking
• Strong mathematical skills

The job in the banking sector can be highly satisfying and extremely fulfilling. If you are seeking a career in the banking sector, make sure that your career statement highlights the qualifying criterion and the background in this industry. Here we present you some examples of the banking resume objective statements to give a detailed idea of writing such career statements for different banking positions.

Sample Objective Statements

For Experienced Banking Professional

As an experienced banking professional, I am seeking the position of a manager in a reputed bank to put the past experience to good use. Possess strong strategic planning skills along with the decision making and finance management skills.

For Fresher Applicant

As a beginner in the banking industry, I would like to make effective use of my analytical skills, reasoning and knowledge. My job as a banking professional will include cash flow management, operating the working capital and performing audits and compliance.

For Internship Candidates

As an intern, I would like to make effective use of my existing knowledge and skills regarding the banking sector in completing the assigned task efficiently. My job duties would include adding entries in general ledger and balancing the financial statements.

General Objective Statement for Banking Jobs

Self motivated banking professional looking for the any position in the nationalized bank where I can make use of my quality education and put extensive experience to good use. My leadership qualities can help you in managing the work and attain the company goals effectively.

If you are really keen to make a career in the banking industry, you can apply in different banks and financial organizations. The resume objective of the banking professional should reflect the applicant’s knowledge of the work carried out in the banks and financial organizations.

Going through the sample resumes, you will get complete idea of writing the objectives for banking jobs. There are different positions in this industry and you need to change your objective statement depending on the position you are applying for.

Internet Banking: Relevance in a Changing World

Surprising, but true – Internet-based activity is not the preserve of the young “digital native” generation alone. A 2008 survey says that Generation X (those born between 1965 and 1976) uses Internet banking significantly more than any other demographic segment, with two thirds of Internet users in this age group banking online.

Gen X users have also professed their preference for applications such as Facebook, to share, connect and be part of a larger community.

This is some irony in this, since online banking, as we know it today, offers minimal interactivity. Unlike in a branch, where the comfort of two way interaction facilitates the consummation of a variety of transactions, the one way street of e-banking has only managed to enable the more routine tasks, such as balance enquiry or funds transfer.

It’s not hard to put two and two together. A clear opportunity exists for banks that can transform today’s passive Internet banking offering into one that provides a more widespread and interactive customer experience.

It is therefore imperative that banks transform their online offering, such that it matches the new expectations of customers. Moreover, Internet banking must journey to popular online customer hangouts, rather than wait for customers to come to it.

There are clear indications that the shift towards a “next generation” online banking environment has already been set in motion. It is only a matter of time before these trends become the norm.

Leveraging of Social Networks

Forward thinking banks are leveraging existing social networks on external sites to increase their visibility among interested groups. They are also deploying social software technology on their own sites to engage the same communities in two way discussions. Thus, their Internet banking has assumed a more pervasive persona – customers are engaging with the bank, along with its products and services even when they’re not actually transacting online.

Heightened visibility apart, banks can gain tremendous customer insight from such unstructured, informal interactions. For example, a discussion on the uncertain financial future among a group of 18 to 25 year olds could be a signal to banks to offer long term investment products to a segment that was previously not considered a target. Going one step further, a positive buzz around a newly launched service can create valuable word-of-mouth advertising for the business.

Collaborating through Web 2.0

The collaborative aspect of Web 2.0 applications has enabled banks to draw customers inside their fold more than ever before. Traditional methods such as focus group discussions or market research suffer from the disadvantages of high cost, limited scope and potential to introduce bias. Feedback forms merely serve as a post-mortem. In contrast, Web 2.0 has the ability to carry a vast audience along right from the start, and continue to do so perpetually. Thus, an interested community of prospects and customers participate in co-creating products and services which can fulfil their expectations.

The pervasiveness of Web 2.0 enables delivery of e-banking across multiple online locations and web-based gadgets such as Yahoo!Widgets, Windows Live or the iPhone. This means next generation online banking customers will enjoy heightened access and convenience

A New York based firm of analysts found that 15% of the 70 banks tracked by them had adopted Web 2.0, a number of them having done so within the last 12 months.

Standard Chartered Bank employees connect with their colleagues through Facebook and use the platform to share knowledge, clarify questions and participate in discussions on ongoing company activities.

Bank of America, Wachovia Bank and Commonwealth Credit Union have built a presence within interactive media to create awareness and keep up a dialogue with interested communities. They have employed a variety of methods, ranging from creating YouTube communities to launching campaigns on Current TV, a channel in which viewers determine content.

Personalisation of Online Banking

Vanilla e-banking divides customers into very large, heterogeneous groups – typically, corporate, retail or SME, with one type of Internet banking page for each. That’s in sharp contradiction to how banking organisations would like to view their clientele. Banks are moving towards customer-specificity, almost viewing each client as a “segment of one”, across other channels, and online banking is set to follow suit. For instance, a specific home page for home loan customers and another for private banking clients could well be a possibility in future.

Interestingly, National Bank of Kuwait had the foresight to do this several years ago – they enabled customers to determine which products they would view and access, and were rewarded with a dramatic increase in online transactions.

Money Monitor from Yes Bank allows customers to choose their landing page – for example, they can set “all transactions”, “net worth” or “portfolio” as their default view. Other features include the ability to categorise transactions as per customers’ convenience and the printing of custom reports.

Empowerment Online

Beyond doubt, Internet banking has created a more informed, empowered class of customers. This is set to climb to the next level once customers are allowed to proactively participate in many more transaction-related processes. The Internet has already made it possible for customers to compare product loan offerings, simulate financial scenarios and design custom retirement portfolios. Going forward, they would be able to consummate related transactions – which means, after comparing interest rates, they could originate a loan online, and once secured, they can begin to repay it online as well.

Portalisation

The emergence of Web 2.0 technology coupled with banks’ desire to personalise their e-banking to the highest degree is likely to result in “portalisation” of Internet banking. The idea of banking customers being able to create their own spaces online, filled with all that is relevant to them, is not that far-fetched. Customers can personalise their Internet banking page to reflect the positions of multiple accounts across different banks; they could include their credit card information, subscribe to their favourite financial news, consolidate their physical assets position, share their experiences with a group and do more – all from one “place”.

Money Monitor enables customers to add multiple “accounts” (from a choice of 9,000) to their page. Accounts could be savings or loan accounts with major Indian banks, or those with utilities providers, credit card companies, brokerage firms and even frequent flyer programs. Users can customise their pages as described earlier.

As banks seek to develop their Internet banking vision for the future, in parallel, they will also need to address the key issues of security and “due defence”. While it is every marketer’s dream to have customers work as ambassadors, adequate precaution must be taken to prevent the proliferation of malicious or spurious publicity. Therefore, before an individual is allowed to participate in a networking forum, he or she must have built up a favorable track record with the bank. The individual must be a recognized customer of the bank, having used a minimum number of products over a reasonable length of time. Qualitative information about the person’s interaction with the bank’s support staff (for example frequency and type of calls made to their call centre, outcome of such interaction and so on) may be invaluable in profiling the “right” type of customer who can be recruited as a possible advocate.

Collaborative Web 2.0 applications may necessitate opening up banks’ websites to outside technology and information exchange with third party sites, raising the spectre of data and infrastructure security. A robust mechanism of checks and balances must be built to ensure that the third party sites are secure, appropriately certified and pose no threat to the home banks’ sites. Likewise, before a third party widget is allowed to be brought on to a site, it must have passed through stringent security control.

Due diligence must be exercised before permitting users to place a link to another site to guard against the possibility of inadvertent download of malicious software, which could, in the worst case, even result in phishing originating from the banks’ sites.

It is equally important for a bank to guard its customers against invasion of privacy, data theft or misuse. The concept of portalisation envisages deploying technology to bring information from other banks’ or financial service providers’ websites into the home bank’s site. The home bank must ensure that its customers’ personal or transaction related information, which may be shared with the other providers, is not susceptible to leakage or outright misuse.

Banks will do well to partner with an Internet banking solution provider which has not only the expertise to translate their vision into a cutting edge e-banking experience for the user, but also the foresight to define boundaries for safety. With security concerns adequately addressed, next generation Internet banking is full of exciting possibilities. Banks that seize the opportunity may find that Internet banking can become a means of differentiating themselves from competitors, rather than a mere cost cutting tool. Clearly, providing a more powerful and interactive e-banking experience, is the way forward.

12 Ways Banks Are Legally Stealing Your Money and What You Can Do About It

Day after day, month after month, banks pick your pockets with impunity. Not content with charging rip-off interest rates to borrowers, banks have now discovered that lots and lots of little fees add up to some serious cash flow and cause only minor irritation for most of their customers.

It doesn’t seem like enough to fight about, really. A couple of three dollar ATM fees here, a few”overdraft” charges there. It doesn’t seem enough to merit more than a bit of grumbling.

Added together, though, fees and overdrafts total some serious money. For example, in 2009, even as consumers were being stretched to the financial breaking point, banks collected a record $38 BILLION in overdraft fees alone, nearly double the amount collected in 2000!

The public outcry against these fees resulted in the government issuing more regulations, rules with little bite due to the cozy, symbiotic relationship banks enjoy with politicians. This relationship allows banks to continue to steal money from consumers and help themselves to our tax dollars at the same time.

The issue of bank scams and hidden charges is an important one, especially when you consider that every penny they get from you is one that you won’t have in your retirement account.

I strongly believe that by taking some simple actions, you can avoid many of these bogus fees and charges and keep more of your money for yourself.

In this article, I’d like to look at a few common and not-so-common ways banks are reaching into your pocket and show you how you can avoid becoming a victim of these barely legal scams.

Please remember: Not every bank is doing ALL of these things, but there is a chance that your bank is doing at least ONE of them. This list is designed so that you can be on the lookout for unnecessary fees every time you review your statement.

Fees for Paying Online: Buying online has become HUGE over the past few years, a fact not lost on banks. Already, some banks are charging “online convenience fees” of anywhere from $2-$4.95 for purchases made over the internet. Other banks are eyeing this as a potential mother lode of revenue. Before you use your credit or debit card online, confirm that your bank DOES NOT charge online transaction fees.

Free Checking “Low Balance” Fees: You’ve been a good customer, faithfully managing your checking account to avoid those pesky overdraft penalties, keeping a careful watch on how and where you use your ATM card, going paperless to keep from getting an account maintenance fee. Congratulations! Your frugal ways have earned you an additional FEE- the so-called “low balance” fee for not maintaining a minimum balance. Be sure you know your bank’s minimum balance requirements or, if possible, change to a bank that does not require a minimum. You could also try connecting your checking and savings accounts so that the combined amount is always above the threshold.

Monthly Maintenance Fees: You get your supposedly “free” checking account and find that several months later it has been phased out and converted to another type of account that charges a monthly fee, sometimes as much as $15. The cure: Change banks or move your money to a credit union.

Deposit Returned Fee: A rubber check gets deposited in your account and YOU get charged for it, meaning you get scammed by both the check writer AND the bank! Nice… Cure: Fight the fee. Banks will often back down when you call attention to their scammy ways.

Yearly Membership Fee: This used to be limited to credit cards but with credit card revenues way down, what’s a poor bank to do? Some banks decided that the level of service they provide to their customers is worth up to $29 a year. I say, “NO WAY!” If your bank wants you to pay them so they can charge you more fees- drop them fast and don’t even say goodbye.

Deposit Requirements: To ensure checking account profitability, a few banks require that you have a specified amount of money in monthly direct deposits. If you fail to meet these requirements, a maintenance fee kicks in. Avoid this by switching to an online bank or credit union.

ATM Usage Fees: Most banks don’t charge for getting money from their own ATM’s (although a few are starting to do so) Avoid using the ATM’s of other banks and in convenience stores where the privilege can cost you as much as five dollars per transaction. If you MUST get cash from an ATM, get the maximum amount possible as the same fee applies whether you get $20 or $200. Getting your cash directly from the bank and using your debit card to pay for items can also help reduce ATM fees.

Getting You Coming And Going -The “Close Your Account” Fee: I kid you not, there are banks who actually charge as much as $25 if you close your account before a certain time. Be sure to look at the fine print when you open a checking account to see if there are penalties for closing it.

A Traveling Life For Me And Yet Another Fee: If you travel abroad and use your ATM or debit card, it’s reasonable to expect that you will be charged ATM fees. What is not reasonable, however, is the additional “foreign ATM transaction fee” charged by some banks. If you are afraid of carrying large sums of cash when you travel, traveler’s checks might be an option. Even with the fees, they will likely cost you less than using foreign ATM machines.

Debit Card Fees- It used to be that there was no fee associated when you used your debit card to pay for an item. After all, banks were making scads of money off credit card interest and weren’t too concerned about debit cards as a source of revenue. The recession has changed things, however, and a growing number of banks are charging you monthly fees just for the privilege of having a debit card- whether you use it or not. Find out if your bank charges you and demand they stop- or change banks.

Talk to the Hand… But It’ll Cost You: Back in the late 1990′s and early 2000′s, several banks toyed with the idea of charging you to talk to a live person inside the bank. While consumer backlash forced most of those banks to stop tacking on this charge, the idea of charging to speak with sentient beings is just too irresistible for banks to abandon completely. It is starting to make a comeback, with some banks urging you to open a “cyber account” and then charging you a live person fee if you decide to go inside the bank and chat to a teller. Don’t be afraid to call your bank out on this one and if they won’t fix it- go somewhere else.

Legislation Legismation… Bring on The Professional Card: The Credit Card Accountability and Responsibility and Disclosure Act of 2009 (CARD) was supposed to put an end to controversial credit card issuer practices such as hair-trigger interest rate increases, inactivity fees, and usurious overdraft fees. However, the bankers and the politicians they own made sure there was a big loophole in the form of so-called “professional” cards. Originally, professional cards were special credit cards issued to business owners who could actually prove they were business owners by providing some form of business documentation (copy of licenses, DBA, etc.) Nowadays, however, all one has to do is check the business owner box on most professional card applications and VOILA!- a shiny new plastic professional cards arrives in a couple of days. What the consumer is not told, however, is that professional cards are exempt from all the provisions of the CARD act. Banks are tripping over themselves to flood your mailbox with these types of offers and the marketing material usually doesn’t make it clear that these cards are not subject to the new law. The cure? Cut up or stop using any professional cards you may own and set fire to solicitations for them. These are a very, very bad deal.