Financial Services
Financial services is a term used to refer to the services provided by the finance industry. Financial services is also the term used to describe organizations that deal with the management of money. Banks, investment banks, insurance companies, credit card companies and stock brokerages, are examples of the types of firms comprising the industry, which provides a variety of money and investment related services. Financial services is the largest industry (or industry category) in the world, in terms of earnings; the industry represents 20% of the market capitalization of the S&P 500.
Banking Services
What do banks do?
The primary operations of banks include
Keeping money safe while also allowing withdrawals when needed
Issuance of checkbooks so that bills can be paid and other kinds of payments can be delivered by post
Provision of loans and mortgages (typically loans to purchase a home, property or business)
Issuance of credit cards
Allow financial transactions at branches or by using Automatic Teller Machines (ATM's)
Facilitation of standing orders and direct debits, so payments for bills can be made automatically
Virtual banking
Banking from home is called virtual banking, because it allows transactions that bypass branches and ATM's; in the case of Internet banking, there is no need to contact a bank staff member. Virtual banking has changed the way people bank in many ways. In the past, people opened a bank account when they first started work and stayed with that bank for their whole lives; now, it is much easier to move an account, mortgage or loan from one banking institution to another. Many customers look at what other banks are offering and change their account if they find a better deal, so banks now have fewer loyal customers. It is common for credit card companies to entice new customers with offers such as zero per cent interest for the first six months.
Commercial bank
A commercial bank is what is commonly considered a 'bank'. The term 'commercial' is used to distinguish it from an 'investment bank', a type of financial services entity which, instead of lending money directly to a business, helps businesses raise money from other firms in the form of bonds (debt) or stock (equity).
Major commercial banks include
In a highly competitive Financial Services environment, regulatory requirements and accounting changes share “top priority” status with customer satisfaction and risk management. Through our proven expertise in offering financial services outsourcing solutions, we have helped some of the largest financial institutions in the world achieve operational efficiencies while allowing them to focus on core business activities such as increasing assets under management, creating wealth, ensuring regulatory compliance and expanding customer relationships.
Augmenting domain knowledge with flexible and responsive service, we add value to our financial institution clients’ operations, boosting efficiencies while driving down the cost of doing business. Our expertise in financial services outsourcing solutions covers major industry segments including Securities and Investments; Banking, Credit and Payments; and Insurance.
End-to-End Financial Services solutions
We provide organizations a full spectrum of Financial Services solutions. Some key IT services include
- Portfolio Accounting and Reporting
- Legacy Maintenance and Re-engineering
- Performance Analytics and Management
- Business Systems Management
- IT Consulting
- Business Process Outsourcing
- Application Development / System Integration
- Infrastructure Management Services
- Markets in Financial Instruments Directive(Mi FID)
Project-based Engagements
We partner with Financial Services clients in a variety of engagement models, based on their requirements.
A application development and maintenance for NETBANK
Providing connectivity infrastructure for a global broker/dealer
Portfolio management system for an investment manager
Futures trading system for an institutional investment manager
Verification & Validation strategy and execution for a hedge fund administrator
Enterprise architecture planning for a global asset manager
Performance attribution reporting for a mutual fund company
Global straight through processing for an institutional investment manager
Program trade automation system for e-Cross net
Web-enabled credit solutions for the world’s largest online auction site.
