Unlimited Features and Benefits of Mobile Banking

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Banking sector is swinging in upward direction with fast embracing of technologies that are converting the way people transact. Banks are continuously involved in research and development to cater the budding needs of the common man. They are re-defining their strategies and gaining competitive advantage. They are taking initiatives in order to strategize, govern, execute, as well as optimize their operations and simplifying the transaction facilities for people. They are implementing mobile banking in almost all parts of the country to eliminate the hassle of people.

By implementing the concept of mobile banking, banks have substantially enhanced their productivity and cater the widest needs of the people. At the same time, they have dramatically improved processes and increased productivity. They are also exploring vital elements, as well as technologies that will enable and support their infrastructure in long run. This will enable SMEs and business houses to access banking services at any point of time.

Some of the elements that are underlined by the banks are:

1. Keeping abreast of the advanced explorations in payments technology
2. Assessing new responsibilities for the banking and financial services industry
3. Collaborating with emerging alternative payment providers

One thing that is broadly appreciated in banking industry is the mobile banking facility. It is the most widely celebrated technological platform that assists highest number of customers in minutes. It certainly helps a broad category of customers to go global and access distinguished, friendly banking services. They can securely access the most popular internet banking functions and banking technology from their smart phones or other high-end devices. Whether you’re on a holiday trip or anywhere you can conveniently access the services provided.

Brilliant and innovative features & benefits of mobile banking technology:

1. Check your account information
2. Make quick and secure money transfers
3. Pay to Mobile – Perfect way to pay someone
4. Collect payment
5. Overseas Transfers

In order to provide more convenience to the common people, banks and financial institutions are indulged in developing mobile apps so that people can easily access their services and gain substantial advantage. Banks are also giving sufficient flexibility to the SMEs, businesses and giant industries so that they can be benefitted through the unparallel features and assistance. Through these features, they can respond to the changing market demands as well as opportunities for shiny growth through mobile banking.

When it comes to constant innovation, banks take the lead role and define payments product in a more creative and secure manner. It eventually enhances customer experience by delivering easier, more transparent, efficient, reliable, sensible, friendly and convenient payment options. Banking and financial industries detail their future plans, risks, and opportunities, industry trends through banking technology conference or press conference events. About the Author:

FST Media produces the most successful banking technology conference, financial & insurance technology conference, roundtables and publications for the banking and finance, insurance and wealth management sectors across the Asia Pacific region. With management experience in conference production, journalism and business development, FST Media prides its reputation on unparalleled access to senior financial services executives.

Safe Internet Banking

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Tips for safe Internet Banking

How safe is internet banking?
Experts view on Internet banking right now is that it’s not safe. To get to a reasonable level of security you need a good knowledge of computers. If you don’t have that knowledge, you’re probably better off waiting until the banks get their acts together. The way forward is for them to supply their own software that you install on your own machine and use for accessing your account. Only then will Internet banking be relatively safe for people without computer expertise.
Internet Banking is becoming popular with people because we feel it is the easy way to deal with
money and one can make his PC a live bank, doing all the things a bank can do without actually
visiting a bank. But very few of us are able to protect our accounts from fraud. So if you have a
bank account with any bank and use the Internet to make transactions, money transfer or credit card
payments, here are some general ‘safe-banking’ tips that you might do well to follow:
Never use unprotected PCs at cyber-cafes for Internet banking.
Never keep your PIN and credit/debit card(s) together.
Never leave the PC unattended when on Internet banking in a public place.
Never reply to e-mails asking for your password or PIN.
Visit banks’ website by typing the URL in to the address bar, and not by clicking a link in
an e-mail arrived in your inbox.
Before using Internet banking, verify the domain name displayed to avoid spoof websites.
Log off and close your browser when you have finished using Internet banking.
Never let a stranger assist you at the ATM. Protect your ATM card PIN.
Count the cash and put it in your wallet before leaving the ATM.
Check your monthly credit/debit card statement for unusual activity.
Always draw a line through unused space on the cheque.
Never leave your cheque book unattended.

Never sign blank cheques.
Never keep pre-signed cheques anywhere.
Never hand over to unknown persons any signed blank cheques towards pre-EMI/EMI amount, for
opening of saving account or opening of any other accounts.
Remember to cross your cheque whenever applicable.
Count the number of cheque leaves whenever you receive a new cheque book.

Differences In Management Consulting And Investment Banking

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The decision was relatively straight forward for me. The negatives of investment banking – long hours, repetitive work, lack of non-finance exit options – mattered more to me than the money.
I considered sales & trading (in fact, I spent a summer at CSFB in NY), and was tempted to continue in that line of work after graduation.
Instead of defining the characteristics of each industry (there are plenty of resources out there for that, including my Management Consulted blog), I will address a short list of differences between the two career paths.
Let me caveat by saying THESE ARE NOT YOUR ONLY OPTIONS. People get carried away into thinking thats all there is.
#1 SALARY
This is the primary superficial distinction. Thats not to imply that salaries aren’t important. Banking salaries average 50-100% higher than consulting salaries, with the gap increasing as your seniority increases. Consulting attempts to compensates with small perks – from better travel allowances to more generous retirement packages.
Consultants always like to say this:
I know investment bankers make more money. But from a cashflow perspective, its exactly the same!
This means that consultants and bankers make similar base salaries, but at the end of the year, bankers are awarded a significant bonus which can be more than half of their total annual compensation.
Cashflow or not, the extra money is substantial and a defining driver of why many people do investment banking over business consulting. This is also a difficult issue for consulting firms with respect to employee retention. In my years as a McKinsey management consultant, easily half the people who left the firm went into the financial world (from hedge funds to PE), and salary was undoubtedly a major factor in the decision.
My advice is – after considering the 5 factors Ive listed here, you still think the pay difference (for analysts, averaging between $30-60K per year) would mean a significant difference in your professional job satisfaction, choose investment banking over consulting.
#2 LIFESTYLE ISSUES
The big differences here are:
-Hours. Bankers work brutal hours, no surprise. They can average 14-16 hours/day but it can get FAR WORSE.
My roommates in New York (both investment bankers at Goldman Sachs) would sometimes go several weeks before wed even exchange a word. Which meant not only were they getting in after I went to sleep (around 2am), but going back to the office before I woke up (around 7am).
Your second year as an investment banker gets easier – often in the 10-12 hours/day range but with occasional tough periods.
Management consultants average 12 hours/day, with the typical variations depending on client, team goals, etc
-Travel. Bankers do a little travel for roadshows, due diligence, etc but spend 90% of their time in one office until youre partner-level (you can expect more travel in private equity and asset management). Depending on firm – management consultants travel a lot. At the Big 3 (Bain, Boston Consulting Group, McKinsey), you can expect travel 50-75% of the time
-Relationship with firm employees and coworkers. This is an important but oft overlooked issue. Consulting firms have a very collegial atmosphere, where the focus is on getting work done and ensuring your professional success. This attitude permeates all interactions. Managers never yell, coworkers are supportive whenever possible, and companies are organized to provide consultants support with training, expertise, etc. Finally, networking is critical at consulting firms, and social events are focused on helping business consultants build contacts and relationships throughout the company.
Investment banks, on the other hand, have a more competitive and tense work environment. You can expect more stressful relationships with your bosses, youll probably be yelled at occasionally for mistakes, and coworkers are much less willing to help out colleagues (your success means theres more competition for the biggest bonuses).
In addition, youll have limited exposure across the company to other groups, departments, etc – less ability to network across the company.
Part 2 of this series on consulting versus banking continues tomorrow!

Top Paying Banking And Finance Careers

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I am an MBA from…”

Or

“I am a Masters In…”

Or

“I am a graduate from…”

Really?

What happened to you?

You Are Not Your Education.

Surely you have something unique to offer the world of Banking & Finance.

But I have found that the very thing holding these students and graduates back is simply their beliefs and the meaning that they attach to the current situation.

In Private Equity our job is to see things differently from everybody else.

The investments that I look for right now are companies that do not understand the opportunity that is available to them right now through technological advance.

I mean, never in history have we had access to our own television channel (You Tube), our own distribution network of over 1 billion users (Facebook), the ability to have our message reach everybody’s pockets (Through i phones and Blackberry’s), have access to our own publishing company (Through iPad and Amazon), the ability to set up at virtually zero cost, for 3 people to be able to do the work of 300 people without an office and to have access to a global market with the click of a few buttons and a small budget with google.

And this is meant to be a hard time???

What an opportunity.

As long as businesses continue to do things the old way, there will always be a market for me to see things the other way and thrive.

As long as students and graduates identify themselves as their education, there will always be an opportunity for others to see things the other way and thrive.

Why?

Two things and two takeaways for your career.

Students and Graduates that are struggling right now are stuck in old ways and not adjusting to change.

Old thinking students and graduates are using old strategies like get as educated as I can and then apply online for graduate Schemes.

This will lead to the same results as everybody else – bad ones.

Secondly…

Students and Graduates that are struggling right now give the wrong meaning to the tough market.

Circumstances do not dictate what happens to us.

The meaning that we give the circumstances does.

This tough market can be unfortunate or it can be the biggest opportunity ever.

Which meaning you give it, is your choice.

What is the dominant meaning that you give to the current situation?

I put it to you, the meaning you give it will dictate your results.

Some experience the trauma (and something that I would never wish upon anybody) of being raped.

Some take that experience and fall apart.

Others use this as a reason to never allow this to happen to anybody ever again and start a crusade to change the world.

What is the difference?

The meaning you give something.

Why me? v. How Can I Use This?

The meaning you attach to circumstances will dictate your ability to see the opportunity amongst the rough.

The Why Investment Banking Interview Question – How to Give a 1010 Answer

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In a sea of overachievers who are equally talented, likeable and prepared, the “Why investment banking?” interview question can be the only differentiating question left for bankers to ask; making it both a popular & decisive question.

Whilst for college students who don’t look like aspiring bankers on paper (i.e. no fin/acc major, business degree or relevant work experience) it’s of epic importance. After all, you guys need to be able to explain why you want to do investment banking when your past decisions don’t suggest anything of the kind.

How do you give a 10/10 answer to the “Why investment banking?” interview question?

There’s a huge selection of points you could make, but keep it short and sharp. Generally a good answer will contain 3-5 solid reasons why you’re interested in IB.

Typical examples like world class education, skills development, type of work, the challenge, real responsibility in billion dollar transactions etc. are all acceptable.

But try not to trot out the same BS as everyone else.

Importantly, avoid reasons that are self-centered in a ‘bad’ way

Let me explain. As a banker interviewing you I’d be OK if you mentioned investment banking attracts you because of the learning opportunities, as this is a selfish reason that also, and ironically, benefits the bank – passionate 24 year olds put in 100-hour work weeks with ease after all.

But if I heard you wanted to do IB simply in order to ‘build your resume’ and/or to secure an exit opportunity I would – in my mind at least – throw you out the freaking door and then proceed to lay a BlackBerry beat down! Being made to feel like a halfway house for financial vagrants, a mere stepping-stone, is not my idea of good times you see. So even though everyone knows investment banking is attractive for the resume & exit oops don’t say it!

What can help you avoid a BlackBerry Beat Down? Well, you would get me extremely interested if you answered the “Why investment banking?” interview question by talking about how you have older friends in banking who have over the years shared with you what it’s really like to be a banker – both the good and the bad.

And then how that’s made you realize 3 specific things about banking which make it stand out above any other graduate job.

Not only will I believe you still love banking despite the war stories, but that you’ve actually given it some thought beyond “I need a salary of Blankfein proportions if I’m ever going to pay off these student debts”.

What I’m trying to say is that a great answer will list unique and specific reasons ‘why investment banking’ and it will connect them to the sources you learned them from whether they be friends, professors, books etc.

Want 6 specific reasons ‘Why investment banking’ that are sure to work? Try talking about how you love the…

Cornerstone role investment banks play in deals and/or the role they play more broadly within the world of business – IBs are to business what the White House is to the world…central hub HQ! And this is why bankers are called masters of the universe. So bring up this point, albeit laced in more formal language and without ever mentioning ‘masters of the universe’!!
Coalface exposure to industry and financial markets, which is unique to IB – there’s not a graduate job on the planet that puts you closer to the action than banking.
Results-driven deal-oriented approach – this point distinguishes banking from so many other professions like law, consulting etc, where players often get paid for simply ‘doing’, as opposed to ‘achieving’. And by specifically mentioning this point you will show bankers that you’ve got the right mentality and that you’re not an increment-fiend like lawyers. PS Once again be sure to phrase this in a more professional kinda way!
Type of people that work in banking – talk about this from both a learning and enjoyment point of view, and most importantly reference people you know in banking (particularly at that bank) to avoid looking like you’re simply shining shoes and kissing ass!
Nature of the work – analyzing, problem solving, real-world focused. If you are going to talk about this then make sure you bring up a handful of examples in passing; eg 10k analysis, spreading comps, deal structuring etc.
The specific industry/product group you are interviewing with – this is a must! By talking about why IB through the lens of that specific group, you’ll really narrow the reasons down to specific, tangible, relatable ones – and that means bankers are more likely to believe you and like you. eg If you say to Goldman Sachs TMT that you want to do investment banking because you find the business/investing side of the tech industry fascinating after working as an unpaid intern at a social media start up over summer, then you’ll hit the “Why investment banking?” question out of the park!

Whatever you choose, be sure you can talk intelligently about it if probed by the bankers.

Special note for those of you with non-banking experience

If you have work experience in accounting, consulting etc. then tell the bankers that whilst your time at KPMG or BCG or wherever you worked was a terrific experience, it didn’t offer…[reasons why you love IB].

This is a hidden opportunity to further explain your story, point out why you want to change into banking now and assure them again that IB is what you truly want above all else.

Any comparison you make should be delivered subtly though. Not because your interviewer might have worked at KPMG or BCG, but simply because it looks unprofessional to blatantly badmouth others. Negativity in any form doesn’t look good.

Special note for aspiring investment banking analysts

PS for those of you who get this question in an investment banking analyst interview (ie not a summer internship interview), you’ll need to push your story of why IB even harder to convince bankers to take you on. This is because bankers hate offering permanent spots to candidates who might quit the minute things get tough.

Passion is a banker’s best insurance policy against this – so make sure you show it guys!!

If you want to go one step further and really impress the bankers with your answer, then tell them how you became interested in IB years ago and point to the real life things you’ve since done that have confirmed your passion; studies elected, college clubs joined, people met, friends talked to, books read, jobs taken.

Showing a long and considered journey to get into investment banking is the idea here.

What’s the final secret to a magic answer here?

Recognize the downers of banking, not just the uppers. Bankers you see, want to hire students who aren’t being drawn to banking based simply on Hollywood-hype or CNBC-glamor. They want to know you are realistic about the job, prepared to do grunt work, and yet still super passionate.

After all, the Jimmy Cramer fan club and the Gekko Wannabe students will never be able to hack it when they find out what investment banking really involves – and this sort of drop out costs the banks a bomb.

So with all that in mind, during your answer briefly mention how your friends in banking have clued you in on the realities of the job too – the long hours, sacrifice and other downers which we’ll talk candidly about in the Inside Investment Banking System when it comes out this fall.

Of course, don’t end your question on a downer – meaning be sure to follow up any reality checking with your 3 main reasons why IB repeated in very very short form, kind of like “…but of course banking is an easy choice for me, because of…”.

Now that you’ve conquered the “Why investment banking?” interview question, check out our advice on other common investment banking interview questions and answers now.