Money dealing is a process of tackling the financial transactions on daily basis. It can be both lending of money and as well as saving of money. It is the most important factor on which the whole world is running based on the financial dealings. In our older days we used to have a system called barter system, but later on as the days grew by the exchange of goods turned into financial exchange. The place were all the financial dealings happen is called bank. Banking as a Service isthe way of dealing all the financial transactions digitally over a period of time without any hassles.Itdeals with all types of transactions like money savings,money lending, foreign exchange of money as not all countries run with same type of currency, and many more saving schemes for its customers. Banking sectors are mainly divided into two major parts they are Government undertaking banks, and private banks.
Digitization of Banks:
Now a days as the complete world is being digitized even banks are moving in the same path. These financial services are also being digitized in all ways through API process as it become easy for them for scrutinizing, and making the financial transactions easy, rather than taking all the files manually and looking after them takes so long time for any process of financial assistance. As the banks got digitized in major parts it is helping their customers in lot many ways like with one click the job is being done that is if we submit all the required documents online then all the transactions are done in a very smooth pace where in we need not step into the banks virtually.
This process happens internationally in all regions. The main motive of banks are to help their customers to save their money for future which is termed as savings, seeking for financial help that is seeking for loan. Deposit schemes, Life insurance schemes and many more like these, banks majorly help their customers to save their earned cash and lend the cash if in need. Banking sector is a wide field in which we have many ways of financial transactions, there are many banking sectors which have their individual working strategies and process of working nature. As we all know that bank behaves like intermediate barrier between a lender and a borrower, that which helps the needy and acts like a advisor for savings.