Features & Advantages of Online Banking...Virtual Money

Gone are the days where it required the customer to go to a bank to make a financial transaction. The evolution of Online Banking has brought about a seeping change to the whole financial industry. Customers can now bank online from their homes. Make Transfers, Check your Account Balances, View your statements or order your statements online, Make Bill payments or Order your check books, all online from your home. All it requires is a computer and an internet connection. And if you are going to think it’s going to cost you anything, your absolutely mistaken, all the above services are performed absolutely free of cost.

Citibank which is one of the leading financial institutions has only 4 locations in the whole of England. All the four are in London, however the number of customers Citibank has in London is enormous. How is it possible? Online banking makes it possible. It’s cheaper, faster, efficient and more reliable.

Is it Secure: A lot of people are apprehensive of ordering products and utilizing various online services apart from banking to make a purchase or pay for a service? Why? Because websites are hacked very easily today and your credit card number or debit card number can be easily accessed. However banks, when they offer Online Services, make sure that their website is secure and safe for customers to conduct transactions online. A bank today virtually takes responsibility as it’s dealing with the most wanted product, MONEY. It takes all the necessary protection and precaution to see to that their websites are secure.

So a customer can forget about his card numbers being hacked as banks assure their customers that their money is safe. If you're like most people, you've heard a lot about online banking but probably haven't tried it yourself. You still pay your bills by mail and deposit checks at your bank branch, much the way your parents did. You might shop online for a loan, life insurance or a home mortgage, but when it comes time to commit, you feel more comfortable working with your banker or an agent you know and trust.

Online banking isn't out to change your money habits. Instead, it uses today's computer technology to give you the option of bypassing the time-consuming, paper-based aspects of traditional banking in order to manage your finances more quickly and efficiently.

Origin of online banking

The advent and growing use of the Internet and the popularity of personal computers and mobile phone users, presented both an opportunity and a challenge for the banking industry. Customers today want Email and SMS alerts of all their financial transactions and latest updates.
For years, financial institutions have used powerful and efficient computer networks to automate millions of transactions everyday. Today, paper records are most often used only at the point of sale as a customers receipt. Now that its customers are connected to the Internet via personal computers and mobile phones, banks envision similar economic advantages by adapting those same internal electronic processes to home use.

Today banks view online banking as a very powerful and a value added tool to attract and retain new customers, while helping to eliminate costly paper handling and teller interactions in an increasingly competitive banking environment. Paper records are also difficult to maintain and is destroyable.

Virtual banks

If you don't mind foregoing the teller station at the banks and kind bank officers, a "virtual" or e-bank may save you very real money. Virtual banks are banks without bricks- it means that they do not exist physically. From the customer's perspective, they exist entirely on the Internet, where they offer pretty much the same range of services and adhere to the same federal regulations as your physical bank does.

Virtual banks pass the money what they save on overhead like buildings and tellers along to you in the form of higher yields, lower fees and more generous account thresholds.
Brick-to-click banks

Almost all large national banks, many regional banks and even co-operative banks, thrift institutions, credit unions and other depository institutions offer some form of online banking, otherwise known as PC banking, home banking, electronic banking or Internet banking. Those that do are referred to as "brick-to-click" banks, both to distinguish them from brick-and-mortar banks that have yet to offer online banking, as well as from online or virtual banks that have no physical branches or teller stations whatsoever.

Most of the large banks now offer fully secure, completely functional online banking for free or for a very small fee. Citibank, one of the largest depository institutions encourage their customers to go online and bank with them. Smaller banks offer limited access or functionality, for instance, you may be able to view your account balance and statements but not initiate transactions online. As more banks succeed online and more customers use their sites, completely functional online banking definitely will emerge as commonplace as automated teller machines.

The challenge for the banking industry is that it has been to design this new service channel in such a way that its customers will readily learn to use and trust it. After all these banks have spent generations earning our trust; they aren't about to risk that on a Web site that is frustrating, confusing or less than secure.

Advantages of online banking

- Convenience: Unlike your normal physical bank, online banking sites never close. They're available 24 hours a day, seven days a week, 365 days a year and they're only just a mouse click away
- Ubiquity: If you are out of station or even out of the country on a tour or on an official trip, when you’re facing a money problem, all you have to do is log on to the internet and transfer funds from one account to another and take care of your needs and business 24 /7
- Transaction speed: Online banking initiates speedy transactions and they are very cost effective and is generally quicker than the transactions conducted at the ATM’s or at the bank
- Efficiency: Feel free to access, manage and control all your bank accounts, including Individual Retirement Accounts, CDs, even securities, from one secure site
- Effectiveness: Manage your money, investment, bank accounts without even going to the bank. Get email and wireless alerts on your transactions. Get your statements online. Make your bill payments online and transfer funds, all for free

Online banking is banking at your convenience. All banks today are encouraging customers to bank online rather than going to the bank and making transactions. This helps the customers to save money and time. The transactions conducted online are absolutely free and within the customers control too. All you need to do is just log on and make life easier for yourself. Transactions like bill payments, viewing of statements, requisition of cheque books and directing the bank to make auto debits are increasing features of online banking. When you have the opportunity to bank from home, why do you want to go to a bank.

Prepare a Good Resume to Apply In Banks

Resume or Curriculum Vitae is the face of a candidate appearing for any job.This piece of paper has so much value that it can either push you to the top or drag you down.So,it is better to get professional advice in preparing resume for your first job.Here are some tips for drafting a good looking resume.

# Print the resume in a standard paper format.Employers often complain about the quality and neatness of the paper in which the resume is printed.The most commonly used & the best paper format is A4.

# Don't write descriptive notes and history of the job in resume.Make it precise & easy to understand as people get bored on reading lengthy resumes.

# Emphasize on the projects that you were a part of mentioning its strengths and how you helped the team.Add other skills that may be relevant for the job.

# Never show hate about your previous company in resume like - ”Although i helped the company in fetching the project,the manager was partial with me in not rewarding me” .Such words, only creates bad impression about you.

# Trying to create sympathy mentioning family problems,personal economic issues,health problems can never fetch a job call.Incase you quit the previous job for health reasons,discuss it during the interview.

# Avoid spelling mistakes & grammatical mistakes by using simple sentences.Employers term spelling mistakes as character of a careless person.

# Although bold,italics words can be used in resume,minimal usage is advised.Also avoid decorating the resume with different fonts, colors, sizes.

Finally,create a resume which gives a rough idea of your character and performance to the employer,be it for bank exams leading to bank jobs or for other jobs.

Bank Exam - Part 2

As said earlier, here is the Part 2 of Interview experiences shared by members on our Orkut community describing the questions asked.

sree describes her questions -
* Define Indian economy & how it emerges from recession
* What is a bank & who operates it
* What is SLR,PLR,CRR, Bank rate etc.

* A situation was given & was asked how would i react to it
* Authors of any novels
* They also questions from UG & PG degree & why i chose banking
* News in today's paper
* Chairman of SBI
* Why would u like to join SBI
* What is nationalization act?
* 3-4 questions were asked from degree subjects.

* Why studied B.E and choosing bank jobs
* Some questions about my hobbies.
* Why airlines were stopped in European countries recently?
* Who won the IPL trophy & who is the chairman of IPL

vιριη shares his friend`s experience ,

* What are the financial institution in India
* India`s finance minister
* Asked about RBI & their services
* How to reduce inflation
* What new services are provided by RBI
* Why choose banking after engineering
* Some questions about hobbies & personal

i nevr thk futur recollects that, the panel consisted of 4 members & the questions -
* Some questions from resume (about me, family background, hobbies etc)

* Since I'm an IT graduate ,some questions on computers

* What is networking & how many types of topologies
* Asked about conditions of women in our society

Concluded: This would be end of the two part series that discussed about SBI Interview.These shares will also help candidates preparing for upcoming SBI jobs

The team at www.bankexamsindia.com thanks all the candidates who have taken time to share their interview experiences & questions on our website & through our Orkut community.

Apply For Bank Clerk Exam

We receive numerous mails asking for Tips on preparing for clerical exams, as part of the bank recruitment 2010.So,we decided to brief to all aspiring candidates, about the pattern of clerk exams conducted by most banks in India,

Eligibility : To become eligible for applying to clerical post,

(a) Degree from a recognized University in any discipline or its equivalent. OR
(b) Pass with 50% marks in aggregate in Higher Secondary Exam of 10+2+3 pattern/ XI standard of 11+3 pattern/ Pre-degree or intermediate or any equivalent exam OR
(c) Pass with minimum 60% marks in aggregate in Matriculation/Senior School
certificate (Old pattern)/ or equivalent.

These eligibility conditions may change according to the requirements of each bank

Written test : The written exam for clerical position will have the following sections,

1) Test of reasoning 2)Numerical Ability 3) Clerical aptitude 4)Test of English

* The Duration for written test would normally be 2 Hrs or 2.5 Hrs.So practice with model question papers /previous year papers.It helps you adjust time & pick up speed.

* Focus on basics & concepts of mathematics for numerical ability as the standard of question will be of secondary level.Read the reasoning/aptitude questions completely & understand it before choosing the correct answer.

* Before answering the questions,plan on the sections that have to be answered first.Start to answer from the paper which you are confident of & move to questions that consume time.

Incase you are looking for tips on each section ,read How to prepare for english paper & Bank exam Question paper blueprint

Interview process : We have already posted extensive information on Interview in the following topics – Tips to prepare for Interview , Common questions in Interview &

How to behave in an Interview

Minimize Your Bank Exams Negative Marks

Every candidate taking up bank exams for the first time are more concerned about Negative marks.Negative marks in bank exams are awarded to each and every wrong answer ,which ranges from 0.25 - 0.50 marks.If you still have no clue on how to steer clear without negative marks,proceed reading to know about the do`s & don'ts.

What you must do to minimize negative marks ?

# Analyze the Question paper in advance by referring previous question papers.This helps to get a clear picture of the type of questions in each section.For this, previous question papers or question paper blueprints would help in knowing the pattern

# Practice is the only key.Since most bank exams expect you to complete 120-150 questions in 3 hours,its necessary for the candidates to figure out short-cut methods,easy problem solving skills so that precious time could be saved.

# Try attending mock tests using sample bank exam question papers,which will help to decide on the amount of time needed to answer each question.Time Management is the most needed skill to answer all the questions in time.

# Prepare short notes of your preparations,formulas,important theorems etc.,so you can refer to it during the last minute preparation rather than reading the books.

# Be cool & calm while writing the exam.Getting tensed on an unknown question or hurrying to complete the exam soon, contribute to negative marks largely.

# Answer the questions that you are confident of being correct ,rather than getting stuck with a question & wasting time trying to answer it.

# Do not guess until you are very sure of the answer.Guessing can drastically reduce the marks without your knowing.

# Do not erase or overwrite frequently.Since the OMR sheets are read by computers,any improper erasing marks will be calculated as wrong answers,leading to negative marks.

In an attempt to avoid negative marks,don't skip all the unknown questions.Take calculated risks & think of the nearest answer,since there is no success without risks

Learn English Test for Bank Exams

While looking at the Bank Exam Question paper Model,most bank exams have a section called ‘Test of English Language’.This paper is often considered to be very easy but the questions are much tricky,making all answers seem to be correct.It is always better to learn the basics of the language before taking up a test in it.

There are numbers of ways to prepare before taking up an English exam. The points that we should remember while taking up an English test are -

1) Learn the basics and proper usage of grammar

2) Should avoid spelling mistakes

3) Make sure that the sentence formation are clear and concise

Grammatical errors are the most important factor that one should always concentrate while preparing for an English test. Any small mistake in the grammar of an essay or an article can change the meaning of the sentence entirely. So it is important for anyone to spend some time in learning the usage of grammar. Most of the grammatical errors made are by the people who have high rate of speech.So think slowly & speak to yourself before writing on paper

Spelling mistakes are made by any common person,however it does have a great impact in the end result.You need to be sure that whatever you write in an essay has got no spelling mistakes. If your vocabulary is good you can use different words that no one uses commonly and it helps you to stand out from rest of the crowd.

But it often advisable to use words which are known to you to avoid mistakes.

Sentence formation is an important factor,while writing the descriptive test in Bank exams , as all your thoughts and ideas can only be put forward easily if you’ve got the ability to form or to rephrase the sentence the right way. Sentence formation can only be improved if someone is ready to learn the way of speaking good English.

Prepare Common Interview Questions

How to prepare for Interview ? Perhaps,this is a regular question asked by candidates selected in written tests conducted by banks & government organizations. Interview sessions are considered tough by many,as it involves speaking out.Here are some commonly asked questions in Interview & methods to answer them.

Question : Tell /Describe about yourself ( you will be asked this 90% )

Answer : Don't recite your resume.Tell about your education, experience, projects worked ,passion etc.,Make sure you complete this within 2-3mins.

Q: Why should we hire you into our organization

A : This would be perfect time to tell about your strengths,achievements & assets. Compare your profile with the job role & justify that you will be a best fit for the job. Answers like ‘This is a best company’ , ‘I want a job in this field’ wont impress the interviewer.posted at www.bankexamsindia.com

Q : What are your strengths & weakness ?

A: Again this is also a commonly asked question to test how much you know of yourself.Make sure the Strengths you say have some relation to the job you applied.

’I am very good in english’ can be said as ‘I have good communication skills’ .

Weakness - ‘I don't have any weakness’ means you are not ready to talk about it.Similarly don't say something like, ‘Im short tempered & get angry very soon’ – It gives an impression that you are not fit to work in group.Say something which does not affect the working & also describe about the steps taken to overcome that.

Q: Where do you see yourself after 5 years ?

A: This question would be asked to check how much you know about the career path.

‘After 5 years,I want to be in your seat’ wont work in any case.Think realistically, understand the growth opportunities of that job & put it across to them.

These are just few questions that can be asked during an Interview ,but the list is exhaustive.So be prepared to answer any question with confidence. Read the real experiences of candidates as they share with us on SBI Interview Questions