Banking Products – Singapore (MAS) currency officials have issued five digital bank licenses to non -bank players last month, which has increased the value, innovation and diversity in local financial centers.
Five new digital bons consists of two digital full -bone offs, and the license provides extensive financial services and can obtain reserves from retail users. And medium business (small and medium -sized businesses) and other non -retail classes.
Banking Products
“New Digital Bank -Singapore Bank identifies the next chapter of the Liberalization Trip. Announcing new measures in the Bank Association’s 46th annual dinner in Singapore on June 28, Mass.
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However, the announcement of the MAS has been greatly favored by the Fentic Player and the General Financial Service Community, but the news has left an observer who is trying to think about the “digital bank”.
There are many definitions around, but the name Ezodo, which leads to the first full digital bank in Nigeria, leads to the Alt Digital Bank’s software developer team, a simple detail.
“Digital banking is to apply technology to all bank activities, operations and programs, making users’ experience easier, easy and easy and eliminates the need in the process.”
Such activities and products include reserves, return and transfer. Account and loan management. Payment of Invoice;
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Digital banking relies heavily on major data, analysis, and artificial intelligence (AI), in which all stages of the bank front and back process, and all stages between them are automatically.
Creating an account using a digital bank is a paperless process, and due to its low operating costs, digital bank can set more competitive services and products than original stores.
Ezodo is described as an online banking as a service that allows users to process basic bank transactions through the Internet, and on mobile banking mobile devices (smartphones, tablets etc.) Using apps online.
Generally, online banking bank is built on the basis of relationships that begin at a physical location. Ezodo explains that relations between digital banking generally begin and live online (usually with smartphone app) without access to physical locations).
Digital Banking Future Trends
Digital banking, considered mobile banking or online banking, is one of the most misleading concepts in today’s financial world, according to Stanley Apastin, an international financial services adviser.
Epastin, who recommends companies like IBM and Paypal in many central banks and clients, admire digital banks to ensure maximum utility for customers in terms of use, utility and price. On the other hand, the Digital Bank has written Epestine in a Finstra Blog Post at the Fantric Resource Center, which has earned profit from reducing operating costs, zero errors and better services.
Digital Bank’s Small Branch Foot Print -Digital Bank’s MAS Regulation allows for only a physical branch. This also means that the minimum staff is needed, and the employee’s time is released on high cost works. Relationship Manager has less time to collect users’ details and extend time to give advice.
They not only focus on being security, but the digital banks also focus on comprehensive. This is especially useful in areas such as ASEAN where 70 % or more populations are left in banks.
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Since we are accustomed to purchase flight reservations, music consumption, and food and other products through digital channels, consumers expect the same smooth exchange with bank services.
According to the McKenis & Company, more than 50 % of the emerging Asian markets in the emerging Asian markets, it is unlikely that banks be transferred to banks that only provide attractive digital suggestions. Digital banking business.
Bank and other financial institutions that are ready to accept it because of digitalization in Singapore and ASEAN are very positive. The commonly used deposit products were savings bank accounts, current accounts, and time deposit accounts. The only important product was cash credit and trim loan. According to Nepal’s central bank guidelines, banks have little to do with accepting reserves at Nepal Central Bank, and accepting deposits at Nepal Central Bank. Loan products were made by a bench of Pine Loan Rate (PLR). However, the PLR was determined primarily by the central bank of Nepal. In addition, it was the only remittance products that could be used to use the demand draft, telegraph transfer, banker checks, and internal transfer of funds.
Since the 1990s, a major change in the entire banking product has been a major change. Due to economic reforms, the banking industry is becoming more competitive. Competition has been promoted by new players. Consumers managed to take advantage of the IT revolution in terms of ease and flexibility in operation. In fact, the role and structure of the Nepal Bank system has changed with the rapid development of technology. In addition, as a result of global trends coming to the Internet and improving the use of products from banks, consumers (both individuals and companies) are currently demanding more services and products from the bank. The financial market has turned into a buyer’s market. Similarly, banks are becoming a stop financial supermarket over time. Fast, large -scale banking products are replaced with class banking products that have additional costs and customized products.
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Future banks should mainly have marketing organizations that sell bank products. Many bank outsourcing services provide services, including consumer loans, credit card payments and services. Banks have adopted sales agents (DSA) directly to sell products. During the phone at home, they fill the application form and take a picture of the passport size. Customers can order a draft or cash on the phone or the Internet and can reach them home. Many banks have introduced individual loans such as loan cards, flexible reserves, ATM cards, consumer loans, mortgages and vehicle loans.
Since banks compete between them and provide more diverse products, corporate clients are gaining major benefits. In the distribution market, deposit certificates, commercial paper, and unmanaged loans (CDs) are more common. In recent years, financial consulting services have also increased significantly. Most certified dealer Bank is currently offering the introduction of Rs. These products already include a contract between interest rates conversion and foreign exchange rates.
Reserves accumulating from ordinary people are called deposit products. The following are the most important sesame products.
Saving bank accounts encourages citizens’ savings habits while earning money when needed. Bank accounts are known for high flow and security. In addition, savings bank accounts have appropriate benefits. The Nepal government will regularly determine interest rates and review it.
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Generally, the current account is for traders, companies, companies and public companies. Check business is to promote, not to get interest or save money. Therefore, the current account is not interested.
Reserves can withdraw the account (or on the phone) immediately from the account. You can immediately convert your account balance into cash or move it to another account with this type of bank account. This fund is not a time deposit (also known as a Deposit Certificate or Term Certificate), but is not legally used by reserves for immediate withdrawal.
Credit provides certificates (CDS) to submit to credit unions, recycling agencies and bank customers. This is a kind of collection. The benefit of the CDS is that they have no danger because they have insurance. They are like a deposit account. There is a significant difference between the CDS and the general deposit account. In other words, CD terms and interest rates are generally fixed (usually 3 months, 6 months, or 1-5 years). The purpose of the CD is to maintain maturity, and at this time, you can withdraw money from the interest earned.
Conducting a fixed period in financial institutions. Generally, one of them is a short term loan. Bonds can take a month to a month. The lender (customer) knows that when the term deposit is made, the term can only be withdrawn only after a specific period or a specific period. In addition to a very secure investment, the term reserves are very attractive to conservative and low risk investors. ذخائر کی سود کی شرح جمع کی شرح سود سے زیادہ ہے۔
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Remittances are a process in which consumers provide funds to banks at one place, and bank can earn money for consumers.
