OPERATING BANKING ACCOUNT PROBLEMS AND SOLUTION
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OPERATING BANKING ACCOUNT PROBLEMS AND SOLUTION
ABSTRACT OF BANKING ACCOUNT MANAGEMENT PROBLEMS AND SOLUTION
The operating bank account problem and solution seeks to identify the many issues that banks face when operating their accounts.
The primary goal of this work is to investigate the problems that banks have when managing their customer accounts in the bank and to propose solutions to these problems.
In order to determine these issues, other works were studied in addition to the fieldwork and interviews that were conducted. Through oral interviews with numerous bank operators.
The oral interview was conducted to ascertain the following facts:
Is there any alternative to the requirements that a bank requires before opening an account for a customer?
Is phone banking used in banking systems to save time?
Whether the bank’s customer should be granted an overdraft
Whether the service provided by the bank is appealing to its clients.
Data was gathered, presented, and analysed.
The following were the primary findings from the data analysis:
That bank customers prefer to use saving accounts rather than current accounts.
INTRODUCTION TO CHAPTER ONE OF OPERATING BANKING ACCOUNT PROBLEMS AND SOLUTIONS
1.1 STATEMENT OF THE PROBLEM AND THE PURPOSE OF THE STUDY
Individuals have a number of challenges while managing their bank accounts; this project will investigate these challenges and provide solutions to address them.
It includes fraudulent acts and mismanagement by bank personnel, as well as insufficient liquidity and the inability to provide adequate credit to customers.
1.2 THE RATIONALE FOR THE STUDY
People frequently voice their discontent with the difficulties they face when operating a bank account. Such as time waste, inefficiency and unreliability, exorbitant interest rates, and so forth. In my personal experience, the requirements for creating an account were too extensive and useless.
However, banks face their own challenges in meeting the demand for the services they promise to provide to their customers due to a variety of factors such as insufficient liquidity, bad debt, capitalization reserve, and so on.
In this regard, it piqued my interest to examine the challenges encountered by both parties (banks and customers). The causes and methods for reducing or eliminating them.
1.3. SIGNIFICANCE OF THE STUDY
The research in this project will assist both the bank and the client because it will provide solutions to the challenges that banks and their customers face in their daily operations.
Some of them include insufficient liquidity in operating the customer’s account and loans made to their customers that frequently turn into bad debt, or debt that the bank cannot recover from their customer.
1.4 DEFINITION TERMS
Maintaining a bank account
Is the bank’s service supplied to the consumer
Overdraft
It occurs when the bank allows the customer to withdraw more money than he has in his account.
Inactive account
It is an account that has not been used by the consumer over an extended period of time, ranging from three months to two years depending on the bank’s policies.
Loan
Is a bank-granted financial facility that is designed to be used for specified purpose financing?
Accounts current
Is a running or ongoing account on which cheques or payment orders are drawn without notice and credit is paid.
Account for saving
Is one that pays interest on a monthly basis.
Account for fixed deposits
Is one in which the amount of the deposit is payable on particular data or at the end of a specified period of time.
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