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Banking Function Research Paper

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Banking Functions
Due to the increasing volume and complexities involved in the banking operations, the emergence of the need to assemble all the specialized knowledge has given rise to the establishment of departments taking on and performing their specific and respective functions. (Miranda, 2002, p.6). Banking functions vary from different authors and researchers. Hereunder are the literatures providing various information with regards to different functions performed by banks:
According to Liu (2001) in her research study entitled, ‘An Assessment on Banking Operation Strategies of Private Banking Institutions in the Philippines’, the respondents believed that the conversion of a commercial bank into a universal bank or expanded commercial …show more content…

On the other hand, allied to the three major functions are eight various functions, as enumerated by Leuterio and Estepa (2004), which is receiving deposits, extending loans, transferring funds, paying checks, collecting sundry financial instruments, proving and packaging coin and currency, investing funds, and holding and administering fund for …show more content…

In order to do such, the banking institution ought to perform the following:
a. Promptly meet the needs and requirements of the customers in order to maintain customer satisfaction. Customers can be categorized into two kinds: the individual client, which comprise the bulk of customers of the bank, and the corporate account. Despite the difference among their needs and requirements, both of them have to be satisfied with what the bank has to offer (Tenghan, 1998)
b. Constantly check on the level of the company’s service in relation the customer expectations. Banking institutions should be able to offer a variety of products and services; otherwise, they will just like be any other bank. At present, banks offer a wide variety of products and services intended to meet the clients’ needs considering that customer satisfaction still remains as the primary objective. Mostly, the newly introduced products and services are geared toward satisfying the customers and enhance the banking relationship with them (Faheem,

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