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Traditional banks that don’t prioritise digital inclusion face being left behind By Laura Rae co-founder of Openbox, a premium digital experience partner to the financialservices industry It’s not so long ago that every financialtransaction we wanted to make involved leaving the house and physically handing over notes and coins.
Businesses have financial needs, too. They need to store money, avail loans and manage finances just like individuals. Regular retail banks provide financialservices to individuals but are not equipped to service businesses. Working capital loans provide financing for the daily operations of a business.
What Is A Transaction Motive? Transaction motive refers to the desire to hold cash to facilitate everyday cash-based financialtransactions such as business and personal needs, covering payroll, purchases, and bill payments. Two major factors drive its functioning: the level and frequency of transactions.
E-banking/Electronic banking allows us to perform financialtransactions and other operations online seamlessly. What are the services provided by E-banking? E-banking allows lesser manual/desk work and even reduces the risk of human error since all financial operations are digital. Let’s discuss how.
Current accounts are just as liquid as regular savings deposit accounts but do not earn as much interest, since the main purpose of a current account is to facilitate convenient transactions, and not earn interest income. Business Banking Services: For businesses, current accounts often come with additional features tailored to their needs.
A key aspect of Mifid II, is the expansion of transparency requirements, namely in the trading of financial instruments. It mandates increased pre- and post-trade transparency for a wide range of asset classes, including equities, fixed income, derivatives, and structured finance products.
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