5 Services Your Financial Institution Should Offer Customers

5 Services Your Financial Institution Should Offer Customers

Banking is an integral part of every business, lifestyle, and administration. Finances are essential catalysts in every deal, and that’s the reason banking can never be disregarded. 

Banking and financial services are the two primary services financial institutions provide. However, listed below are five specific services that a financial institution should offer.

Credit Facilities

Credit facilities are the most popular and highly in-demand services financial institutions provide. The credit facility selection varies from one financial institution to the next. However, most financial institutions offer cash credit, term loans, vehicle loans, bill discounting, and guarantees. For business clientele, financial institutions provide agriculture loans, retail loans, corporate credit, and letters of credit.

Financial institutions conduct thorough credit checks and request collateral and guarantors before offering credit. Credit facilities have service charges, moderated interest rates, and sureties. You’ll need to understand all the terms and conditions regarding interest rates, penalty waivers, and delayed payments so that you can effectively explain these things to your clients.

Investment Services

Asset management is a popular service most financial institutions offer to customers. The services are solely made for clients who are established investors. 

 

Financial institutions also offer custody services for securities. Other investment services provided by financial institutions include equity research, trading, and underwriting.

Seamless External Transfers

Financial institutions should provide external transfer services. For example, your institution should provide A2A services. These services streamline the transfer of payments from different accounts to the accounts of the workers or partners.

 

It’s important that you understand what A2A services are so that you can thoroughly explain them to customers. You also need to understand the workings of P2P services so that you can explain A2A vs P2P to customers.

Insurance Facilities

Financial institutions also facilitate insurance to their existing and new customers by chipping in to help them get lower premiums for their insurance plans. The financial institutions offer coverage services for health, assets, and other belongings. Financial institutions provide insurance facilities such as a replacement for theft, car insurance, home insurance, burglary & fire insurance, and damage by natural calamities.

 

Some financial institutions also offer travel insurance that covers the damage of luggage, canceled flights, theft or loss of passport/money, and illness when traveling. Payment protection insurance is necessary for covering mortgage and personal loan repayments when customers get sick, die, or lose their job.

Online Banking Services

The last service your financial institution should provide is online banking. Online banking services streamline how banking clients can access their banking services and products. Online banking is a more convenient and advanced mode of banking. It saves time and adds efficiency to the way clients can access their banking services. Virtually every financial institution has online banking facilities in today’s advanced world.

 

Online banking facilities streamline the banking process in so many ways. Clients can check their statements, balances, and bills and view credit with a banking app or online portal. They can also check derivatives, loan summaries, overdraft settlements, buy shares, and pay bills. 

 

These banking facilities also make it easier to apply for pension schemes, loans, retirement schemes, and fixed deposit schemes.

Conclusion

Financial institutions have the mandate to render high-quality and value-adding services to their clients. Clients want transparency, efficiency, and convenience in every transaction they make. These are the most impeccable banking services you should offer your clients.