"Bank: My View, Myself Wk10"

A bank is a kind of financial organization whose primary mission is to lend out the public's excess or unused funds to businesses and individuals in need. Financial institutions that accept deposits, lend money out and participate in other banking-related operations are collectively known as banks. Banks accept deposits from people at low interest and lend the deposited money to various individuals or institutions at higher interest or profit. This difference in interest or profit is the bank's profit.

To sum up –

🔹 A bank is a kind of financial intermediary.
🔹 Every bank and credit union relies on cash.
🔹 A portion of the public's money is stored there.
🔹That deposit is again paid out as a loan and receives interest.
🔹 Financial instruments such as checks, notes, draughts, etc. are created by it.

It follows from the preceding explanation it can be said that banks not only accept people's scattered idle money as deposits but also earn profit by lending that money and are directly and indirectly engaged in public welfare.

Because of their impact on the economic and financial climate, every one of our regular dealings with banks is significant. The benefits of banks are given below:

Preserving Funds: People and companies may feel safe storing their money in banks. To some extent, bank deposits are safe against loss since they are usually insured.

Return on Investment: One-way people might get some money back for their investments is via interest that banks provide on savings accounts.

Assistance with Financial Planning: Financial planning and advising services are offered by several banks to assist consumers in efficiently managing their money.

Loan Opportunities: Loans and credit cards are two ways banks provide credit, allowing consumers and companies to finance large purchases, investments, and unexpected costs.

Foreign Exchange: Foreign investment and commerce are only possible because international banks allow customers to deal in more than one currency.

Inspiring Economic Development: The rise of the economy is greatly aided by banks, which lend money to businesses for investment and development.

Developments in Technology and Innovation: Banks develop in technology and innovation. banking experience with new technologies like digital wallets, internet banking, and mobile payments which improves their consumers.

Five banks in my country Bangladesh are:

1. Sonali Bank PLC
2. Bangladesh Commerce Bank Limited
3. Dutch-Bangla Bank Limited
4. Eastern Bank PLC
5. Southeast Bank Limited.

As I was a student of commerce background and studied in the subject of Finance and banking and I did my internship in a bank I have a little bit of banking experience. When I was an intern at a bank, I saw the difficulties clients experienced when trying to create accounts and get loans. Extended documentation and complicated verification processes were common causes of client frustration and account creation delays. A more streamlined approach with more user-friendly interfaces might greatly improve the client experience.

I don't need to go to the bank every month as everything going online we can do banking from home. So far, I haven't had any issues. Except for the infrequent bank delay sometimes, my banking experience is until now overall good.

In conclusion, it is fair to say that the bank has improved people's quality of life via its operations. The breadth of the bank's operations is expanding daily.