CONSUMER AND INTERNATIONAL BANKING SERVICES at IOB

What is CONSUMER AND INTERNATIONAL BANKING SERVICES?

International Banking is a process that involves banks dealing with money and credit between different countries across the political boundaries. It is also known as Foreign/Offshore Banking.

Overview

International banking provides accessibility and ease of doing business to companies from different countries. An individual or MNC can use their money anywhere around the world. This gives them the freedom to transact and use their money to meet any funds requirement in any part of the world.

Frequently Asked Questions

What is BIS instrument?

An attractive investment widely used by reserve managers searching for additional yield and outstanding credit quality. Issued in major currencies along the yield curve, they can be efficiently liquidated before final maturity.

What are the 5 most important banking services?

The 5 most important banking services are checking and savings accounts, loan and mortgage services, wealth management, providing Credit and Debit Cards, Overdraft services.

Is retail and consumer banking the same?

Retail banking provides financial services to the general public. Also referred to as consumer or personal banking, this side of the industry allows consumers to manage their money by giving them access to basic banking services, credit, and financial advice.

What are banking services and its importance?

It acts as an intermediary between people having surplus money and those requiring money for various business activities. It facilitates business transactions through receipts and payments by cheques instead of currency. It provides loans and advances to businessmen for short term and long-term purposes.

What is good customer service in banking?

Connect with customers by acknowledging them as soon as they enter the branch. Smile, make eye contact, and remember to ask for and use the customer’s name. Ask “How can I help you?” Then, show the customer that you truly care about finding the best possible solution by asking further questions as needed.

What are the three main types of bank transactions?

Types of Accounting Transactions based on the Exchange of Cash. Based on the exchange of cash, there are three types of accounting transactions, namely cash transactions, non-cash transactions, and credit transactions.

What is the difference of bank and banking?

What is the difference between Bank and Banking? – Bank is a tangible object, while banking is a service. – Bank refers to the physical resources like building, staffs, furniture, etc, while banking is the output (financial services) of the bank by utilizing those resources.

What is the difference between commercial banking and consumer banking?

Retail banking refers to the division of a bank that deals directly with retail customers. Also known as consumer banking or personal banking, retail banking is the visible face of banking to the general public, with bank branches located in abundance in most major cities.

What is CBS system in banks?

Core Banking Solution (CBS) is the networking of bank branches, which allows customers to manage their accounts, and use various banking facilities from any part of the world. In simple terms, there is no need to visit your own branch to do banking transactions. You can do it from any location, any time.

What is the main service of bank?

This includes promissory notes, bill of exchange, cheques, etc. These instruments are dealt with by the banks. The banks are responsible for collecting and paying the different types of credit instruments. These credit instruments are the representative of the customers.

What are 5 services that banks offer?

The services most often provided include a variety of checking accounts, saving accounts, certificates of deposit, and loans, including car loans and home mortgages. Additional services may include safe deposit boxes and investment-related services.

How many types of financial services are there?

The financial services ensure equal distribution of funds to all the three sectors namely, primary, secondary and tertiary so that activities are spread over in a balanced manner in all the three sectors.

What are the 4 types of financial institutions?

The most common types of financial institutions are commercial banks, investment banks, insurance companies, and brokerage firms.

Why is customer service important?

Customer service is important to your business because it retains customers and extracts more value from them. By providing top-notch customer service, businesses recoup customer acquisition costs and cultivate a loyal following that refers customers, serves as case studies, and provides testimonials and reviews.

What are the different is services provided by banks?

Banks offer the following services to account holders at their specified branches multi-city / Payable at Par (PAP) cheque facility, anywhere banking facility, trade services, phone banking facility, internet banking facility, credit card, debit/ATM card, mobile banking and Real Time Gross Settlement (RTGS).