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In: Accounting

A brief description of three core business services provided by bank and security and privacy needs...

A brief description of three core business services provided by bank and security and privacy needs in relation to the bank’s core business services.

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Three Core Business Services provided by the bank and Security & Privacy are as follows:

1. Deposit Service: The bank accepts deposit from the client and pay them fixed or cumlative rate of interest on the amount deposited. Security and privacy in this regard bank should ensure that the details of account holder are not being shared with anyone and the amount so deposit are paid to the client or its nominee after proper verification.

2. Borrowing and lending facility: Bank provides its client both short and long term loans at a fixed or variable rate of interest like personal loan, cash credit , home loan etc. In this regard bank should ensure that correct interest are charged to the client and recovery should be made as per the terms and conditions of the contract.

3. Foreign currency exchnage: bank also helps its client in buying and selling the foreign currency required for the international transaction ensuring all the regulatory requirements are complied while executing such transaction. As this transactions happen through special accounts so the details of such account should also be properly secured by the bank.

ekkarill92 answered 1 year ago
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