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What are Banking services? 

 

Banks are defined as licensed financial institutions that work to receive deposits, grant loans, and provide many other banking services such as currency exchange.

 

while banking services are defined as financial transactions and services provided by banks to institutions, and if the bank deals with individuals, it is known as a retail bank, while the investment bank is the bank that deals with capital markets and the banking services that are provided to businesses include providing loans, credit, savings account and accounts ongoing. 

 

Banking services are the provision of a financial advance to individuals through banks, but they are secure, and it can also be defined as accepting a loan or investment for financial deposits by individuals, as it is any activity related to accepting funds owned by individuals and other entities so that the purpose of lending these funds is to make a profit. 

 

Banks provide many different types of banking services, such as various banking services, insurance services, financing services, cash management services, payroll services, as well as fraud protection services.

 

And the most important types of banking services are the following: 

 

Bank Services: 

Banking services (banking services) are one of the types of banking services that banks around the world work to provide to customers, each according to their needs.

 

And among the services provided by banks are: 

 

Providing loans: 

Banks are commercial organizations aimed at profit, so providing loans is one of the most important services that are provided to reap interest from profits, and banks provide short-term, medium-term, and long-term loans after maintaining cash reserves. 

 

Pay by check: 

Banks provide checks to account holders so that they can withdraw a check to the bank to pay money so that banks pay customers after verifying their accounts. 

 

Collection and payment of credit instruments: 

Banks offer many different credit instruments, such as bills of exchange, bonds, and checks, so banks collect and pay different types of credit instruments as a representative of customers. Foreign Exchange: Banks exchange foreign currency in local currencies to settle receivables in international trade. 

 

Advisory: 

Banks employ financial and legal experts who advise clients on matters related to investment, industry, trade, and taxation. 

 

Bank guarantee facilities: 

Modern commercial banks work to present themselves as collateral to the customer, if the customer is forced to deposit certain funds in one of the government offices or courts, the bank is the guarantee for this customer. 

 

Money transfer: 

One of the services banks provides to their customers, is that money is transferred from one place to another using checks and remittance. 

 

Credit Cards: 

Credit cards allow the cardholder to make purchases of goods and services, through the credit card provider who makes the immediate payment for goods and services, so that the cardholder undertakes to pay the purchase amount within a certain period. 

 

ATM Services: 

ATMs provide many banking services such as deposits, withdrawals, and account inquiries. 

 

Debit Card Services: 

These are cards that enable the holder to withdraw funds electronically from the cardholder's account. 

 

Online Banking: 

It is a service that banks provide to account holders so that they can access their account data through the Internet and allow them to perform many services, such as account transfers, bill payments, and balance inquiries. 

 

Mobile Banking: 

Known as M-Banking, it provides access to the account and knowledge of payments and other banking transactions through the phone. 

 

Insurance services: 

All businesses involve many risks, so it is important to manage risks effectively, and one of the most important ways is to obtain the appropriate types of insurance, for example, risks related to employees can be avoided by: Providing a safe place to work, warning employees of risks, and providing them with appropriate and safe tools, and the insurance services that are provided vary according to the desired purpose. 

 

The insurance services provided by banks are defined as a guarantee by the Federal Deposit Insurance Corporation located in banks so that banc assurance; helps to protect individuals who deposit their money in banks if these banks are exposed to bankruptcy.

 

And the insurance services provided by banks include the following:  

1. Checking withdrawal accounts.
2. Secure savings accounts. 
3. Securing money market deposit accounts. 
4. Deposit insurance, such as certificates of deposit. 
5. Securing cashier's checks. 
6. Securing postal transfers. 
7. Secure individual accounts. 
8. Secure joint accounts. 
9. Securing assets held for others to pay death accounts. 
10. Secure certain types of retirement savings accounts.  

 

Investment Services:

 

Investment banks aim to link investors with businesses, as investment banks work with companies by selling bonds that are types of loans, investment banks work to distribute bonds from the company to customers, and the services provided by these banks are known as investment banking, which is defined as banking operations that aim to help individuals or organizations to increase capital and provide them with financial advisory services, and other banking services.

 

Some of them are as follows: 

 

1. Offering shares of new companies for public subscription. 
2. Circulation of ownership. 
3. Securities trading.  
4. Advising on mergers and acquisitions.  
5. Providing leveraged financing that lends money to companies to purchase assets and settle acquisitions. 
6. Restructuring companies to improve their structures to make businesses more efficient and make more profit. 
7. Receiving and transferring orders related to financial instruments. 
8. Portfolio management. 
9. Subscription to financial instruments.  
10. Placing financial instruments without a fixed commitment. 

 

Currency exchange services :

 

Many people exchange currencies for their personal use as part of their business operations for their companies or for trading in the financial markets, where the difference in price between the two currencies is known as the exchange rate, and large banks provide currency exchange services (Currency Exchange1) through the management of electronic exchanges, while small banks buy and sell currencies from one of the local exchanges. 

 

And currency exchange services provided by banks include. It comes:

 

(1)Buying or selling currencies at the current or forward exchange rate. 

 

(2)Provide many foreign exchange options. 

 

Banking services are mainly divided into four types; banking services, insurance services, investment services, and currency exchange services, as each service has its advantages and parties who differ according to the service requested.