Requirements at Banks
Introduction
Today, there are thousands of industries around the world. The successful running of these industries depends on various requirements in every sector. For instance, the bank industry has requirements like financial, administrative, technical, and human for it to function correctly. These requirements are categorized in different sectors for the successful running of the industry and for the ultimate customer satisfaction. Therefore, these requirements are the fundamentals in bank industries to ensure that banks are functional and that there is a smooth running of operations. This paper seeks to explain the definition of each requirement and how it is necessary for the banks’ industry.
Financial Requirements at Banks
Definition
Financial requirements are the requirements at banks to ensure that all financial concerns of bank customers are addressed accordingly and in the right manner. The requirements dictate that there should be specialized personnel at banks who have broad knowledge in finances to ensure that there is proper customer support on any financial concerns. The financial sector is also responsible for analyzing and addressing every financial matter of the bank. It provides the financial statements of the bank.. Don't use plagiarised sources.Get your custom essay just from $11/page
Financial Requirements and How they are Necessary at Bank Industry
According to Kenton (2019), the financial sector is one of the most critical areas in the bank. This is because the financial sector is responsible for the stability of the bank and its customers. The personnel responsible must have possessed a degree in Banking and Finance from a reputable University or College. This is to ensure that they are competent enough to handle matters concerning finance. The finance sector helps the bank to earn revenue from loans and mortgages. For instance, it advances loans for businesses, and in return, the bank earns revenue from the interest rates accumulated from the loan. Also, it helps to employ millions of people and saves for retirements.
Administrative Requirements at Banks
Definition
The administrative requirements are the general business management requirements practices that are common to the administration of all grants, such as financial accountability, reporting, equipment management, and retention of records. At the banks, the requirements are that there is qualified personnel to ensure that reporting, cleaning, and daily data are recorded in an effective manner. This sector comprises of different managerial categories to ensure that the bank is in proper authoritative management. For instance, there is a Manager, Assistant Manager, Supervisors, etc.
Administrative Requirements and How they are Necessary at Bank Industry
Administrative requirements at bank industries intend to enforce that the right personnel is assigned a particular job. Therefore, the requirements for administrative personnel are that one must have a minimum of a bachelor’s degree in the sector they want to be employed to work at (Kenton, 2020). The administrative requirements ensure that there is smooth running of the bank and that every customer in the bank is attended as well as to ensure that the bank is always tidy. Hence, it comprises of individuals who are authoritative and able to implement various terms and conditions to ensure there is smooth running of the business at the bank.
Technical Requirements
Definition
Technical requirements relate to the knowledge, machines, or methods used in science and industry. At the bank, technical requirements ensure that any person employed in any technical sector of the bank is competent and efficient enough to carry out any of the required operations pertaining to that particular sector. Generally, the technical requirements in the bank are that the bank has technical support from highly qualified personnel who will deal with any technical issue of the computers used by the tellers or the customer service or the managerial sector.
Technical Requirements and How they are Necessary at Bank Industry
The minimum requirement for any personnel to be employed in the bank’s technology sector is a bachelor’s degree in any known technical course. Therefore, technical requirements are placed in a high ranking by the bank to ensure that issues regarding technicality are addressed with much competence and effectiveness. For instance, the new “FinTech” technology requires that there is highly trained personnel to successfully operate this technology (Ismail, 2018). Therefore, technical requirements are fundamentals in the proper running of the bank industry.
Human Requirements at Banks
Definition
The bank is an institution where sensitive personal information about its clients and high-value inventory regarding its clients. Therefore, the bank industry requires highly trained personnel to ensure the proper running of operations. The bank’s employees must possess high integrity and trustworthiness as compared to other industries. This is because its services are susceptible. This means that the bank industry requires the Human Resource sector to ensure that competent employees are employed in the various sectors of the bank.
Human Requirements and How they are Necessary at Banks
Human Resource (HR) sector ensures that there is a proper screening of applicants who are interested in working at Banks. The HR in the bank industry undertakes a background check upon every applicant to ensure that their financial and criminal backgrounds are clean (Ingram, 2019). For instance, HR ensures that the applicants who are given an opportunity to work with the bank have no financial fraud in their records. Also, HR ensures that there is maximum bank security that protects the bank from internal collision and theft. It is also the role of HR to decide for pay promotion and rises. Therefore, HR is of more importance in the bank industry as compared to other industries.
Conclusion
To sum up, the bank industry has many significant sectors with different requirements to ensure the smooth running of operations. For instance, financial, administrative, technical, and human requirements are all designed to ensure that the bank’s operations run smoothly and that all the sensitive information is highly protected. Consequently, the bank industry becomes a trusted entity by business owners as well as individuals who store their money and some of their most valued assets. Therefore, the bank industry is a major concern to society as a whole as it provides important services like no other industry.
References
Ingram, D. (2019). Role of HR in Banking. Bizfluent. Retrieved 26 February 2020, from https://bizfluent.com/info-7986688-role-hr-banking.html.
Ismail, N. (2020). How technology is impacting the finance and banking sector. Information Age. Retrieved 26 February 2020, from https://www.information-age.com/technology-finance-banking-sector-123471800/.
Josh, J. (2016). Why Human Resource Management is important for banks?. Jagranjosh.com. Retrieved 26 February 2020, from https://www.jagranjosh.com/articles/why-human-resource-management-is-important-for-banks-1464354319-1.
Kenton, W. (2019). Financial Crisis. Investopedia. Retrieved 26 February 2020, from https://www.investopedia.com/terms/f/financial-crisis.asp.
Kenton, W. (2020). Administrative Accounting. Investopedia. Retrieved 26 February 2020, from https://www.investopedia.com/terms/a/administrative-accounting.asp.