Notes

Different Roles of a Bank Clerk
Financial services refer to all the financial services that an organization offers. Financial services include loans, investments, mortgages, and trading stock. Financial services have become very important in the world today as the world has grown more populated and sophisticated. The financial services have helped to develop countries around the globe. The most important aspect of financial services is that they help the organizations to make a gain by providing loans and capital.

Banks have become one of the most important players in the financial services including lending, capital management, investment banking and financial planning. Lending refers to taking a loan from banks to purchase raw materials, pay salaries or purchase other productive assets. Capital means the capacity to produce an asset and the amount is used for business purposes. There are various other roles within the financial services including risk management, financial consulting, internal finance , risk assessment and control, globalization, micro, small and medium enterprise, government sector, procurement, technology and health care sectors. Risk management deals with the identification, evaluation, adjustment and prevention of risks, controlling and performance monitoring them.

Within the financial services are investment banking, financial advisors, financial planners, insurance agents, mortgage brokers, financial consultancies, estate agents, financial planning and insurance advisors. As many banks merge and/or close down, new banks are set up. Some of the new banks set up are the Bank of America, Chase bank, Wells Fargo bank, branch bank, Key Bank and Wachovia bank among others.

The main functions of the banking sector includes: centralizing, processing, granting, collecting, delivering, collecting, arranging, and safeguarding payments and loans, distributing monetary resources, conducting monetary activities such as lending, investing, collecting interest and dividends, transferring ownership of financial assets, creating and managing securities, making loans, and collecting payments from customers. These activities are performed in a systematic way. There are many different financial services offered within this sector. These services vary according to the type of bank that an institution is involved with: savings and loans, commercial banking, investment banking, retail banking, mortgage banking, cash management, insurance, banking, financial advisory, and insurance remortgage.

In addition to the activities mentioned above, the banking sector also includes insurance, commodity trading, and treasury market activities such as buying and selling of government bonds, financial transactions, and setting up and maintenance of financial portfolios. This is the first part of the financial services sector. Within the second sector there are many different activities: commercial lending and retail lending; buying and selling of securities, foreign exchange, and insurance; collecting income taxes and self-certification of financial worthiness. Other activities in this sector include international banking and derivatives, precious metals and banking, commercial real estate financing, corporate and business loans, merchant banking, government and agency loans, and offshore banking.

A significant portion of the financial services sector provides financial products such as savings accounts, investment proposals, market analysis and surveys. It also offers financial products for corporations and business enterprises such as acquisition and leasing of property and equities, business loans, corporate mergers and acquisitions, and exit strategies. Within the second sector there are many financial products for individuals: self-certification of financial worthiness, borrowing for education and training, investing for retirement, personal loans, personal purchases, credit cards, mortgages, and savings accounts. There are also many financial products for businesses: purchasing of firm assets, partnership, acquisitions, and reorganizations. Financial products are usually traded between banks and other financial institutions on the market.

Investment banking refers to financial services provided by commercial banks. The activities of investment banks include commercial lending and buying of financial products, selling of financial products, and the underwriting of securities. They also provide insurance services such as risk coverage, capital assurance, and life insurance underwriting. Many investment banks have direct financial services divisions that lend money to businesses and corporations.

The third major sector is the front office. The functions performed by the front office personnel in the financial services sector include preparation of balance sheets, preparation of income and expense accounts, and tax reporting. They also provide advice and general supervision to supervisory staff. The functions performed by clerks in the financial services sector include loan applications, reconciliation of financial statements, preparation of internal control procedures, and audit of financial statements. Clerks also prepare reports for management and provide advice to management about mergers and acquisitions.
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