Definitions of the Bank
1. REYNOLD
“Bank is the factory of credit”.
2. DR. H.L. HART
“A banker is one who is in the ordinary course of his business receives money which he repays by honouring cheques of persons from whom or for whose account he receives it”.
3. PROF. CROWTHER
“Bank is an institution which gets to lend and in this way creates credit money”.
4. KEYNES
“A bank is an institution which receives deposits and advance loans.
Evolution of Banking
About there thousand years ago there was a nation called “SUMERIAN” who started giving loans to the people. These loans were repayable in form of cash as well as commodities. Sumerian used lumps of gold and silver as money.
1. BANKING IN IRAQ Two thousand years ago the tradition of Banking was introduced and developed in Iraq. The king described legal provisions in writing for giving loans and mud cakes were used for loan agreements. Rate of interest on these advances was 33.3% P.A. 2. BANKING IN GREECE
Banking reached Greece from Iraq and had made great progress in the 14th Century B.C. in Greece temples served as earliest banks. In 594 B.C. a solaran revised the procedure of giving loans on interest basis.
3. BANKING IN ROME
In 14th Century B.C. an institution was established in Rome which started to accept deposits and lent the money to needy people.
4. BANKING IN AMERICA
In th USA, the origins of banking services came out of conditions created by the California Gold Rush starting in 1848.
5. BANKING IN BRITAIN
The Bank of England was founded as a private joint stock company in 1694. According to modern experts first modern bank was established in 1694 in England named “Bank of England”. It was the first Bank who got the sole authority of issuing currency notes.
Thieves used to be only able to take money and important belongings from us that would supply them some cash for a short time before they moved to their new target. But now they have discovered new ways to steal from individuals. They are able to steal their identities.
Identity theft is becoming more common among people when their credit card info, bank data, and social security information are being placed into the wrong hands. There are many ways in which this can take place – but there is really only a couple of ways to screen yourself from it.
One of the easiest and only ways that you have the ability to protect yourself and your financial position when this occurs is to place money in an identity theft protection service. There are numerous various services that offer the form of protection that we require to ensure that this does not happen to us. If it does then they will do what they have the ability to make a point that we are reimbursed with all or partial amounts of money to avert from losing everything.
Numerous of the services they extend serve to protect the mail that carries essential financial data, your social security information, to keep you from getting prescreened insurance and credit cards in the mail, and to keep your private info safe from individuals who should not have access to it.
They also offer you a way to observe your credit reports on a frequent basis to ensure that no one is fiddling with it and instruct you how to keep your data safe when on the net. With an identity theft protection service you will be able to protect your life and the life of the people you love.
The Portfolio Management Company wanted a platform with lot of features that could facilitate the investors to gain maximum out of the investment. Because the company’s motive was to provide diversification, liquidity and professional management services to investors in the best possible way, the finance portal was considered a perfect solution that could deliver profitability and efficiency to advisors. The project was about developing a finance portal including:
Integrated CRM Proposal generation system Rich proposal PDF Online reporting system Monthly performance reports system Monthly Billing
The Portfolio Management Company provides a complete turnkey platform to manage the investment of the investors. With the assistance of the company you can get your portfolios designed in a way that can maximize the risk adjusted rate of return.
Challenges:
To create a financial portal having lots of features was a great challenge that asked for a great deal of research and study work to be done. There was a need to put together lots of major components like CRM, Proposal generation system, Accounts, Billing, Marketing resources and Forms in the system. While the journey of the portal development, the major challenges we had to meet were:
Montecarlo analysis Centerpiece files data import for account’s reporting Morning star data feeds for ticker analysis and categories
There was also a necessity to develop an Application Auto fill Module (One-Ap Auto fill module) which allows advisors to complete a client’s account opening paperwork online and then print it out for the client to sign or e-mail it for e-sign. The purpose behind developing the auto filling module was to save the time and make job faster.
Solutions:
With the constant research work and dedication, we have served the portal having all the necessary features. It is developed as a robust and cutting edge platform having multiple benefits and user friendly features. The portal has emerged as a comprehensive and easy to navigate platform that wrap up everything from proposal generation, contact management to marketing programs. The system is built up where the advisors can create state of the art proposals considering clients’ individual needs, goals, and risk preferences. For superior deliverance, we created 2 types of Proposal Generation System; one for company portfolios and another for multimanager asset allocations. The portal also has the facility of automatic monthly hierarchical fees sharing and client billing. It is developed in a way where six types of users can log in and get the related information and/or manage portfolios.
Via this portal, the compliance officers can access client notes, investment proposals, contracts, and account information. We have created the Proposal Generation System that includes risk tolerance questionnaire, fully customizable asset allocations and proprietary research. In short, this portal can suit both, the advisors as well as the investors.
Technologies:
Web technology: .Net framework 3.5 (MVP Architecture Pattern) Language used: C#, .Net Database: MS SQL 2008 3rd party tool: Dundas Charts Integration, ABCpdf
Results:
Due to our rigorous efforts, we have succeeded in developing a sophisticated and user-friendly finance portal for the client through which the institutions can enjoy benefits of efficient service offered by it at reduced cost. With its online reporting system the clients can have detailed household, account, and portfolio level data in an intuitive interface. It is very easy and feasible for advisors to enter new leads and prospects, attach files to contacts, set calls and meetings, and enter notes because of integrated CRM.
Following are major benefits of the portal:
Integrated CRM software Integrated proposal generation system Filing cabinet for archiving documents Easy to create eye catching proposals Auto filled account opening paperwork Online Accounts Reporting Automated monthly billing process Clients acquisition system Document management system
We have developed a world-class money management portal that provides investors, security and returns they desire. Now, with this financial portal, it has become easy for the company to please investors by providing better risk adjusted returns.