The Psychology of Banking

There is no need to have too many clerks and cashiers. The administrative work gets reduced drastically with Internet banking. Expenditures on paper slips, forms and even bank stationery have gone down, which helps raise the profit margin of the bank by a surprisingly large number.

As far as customers are concerned, their account information is available round the clock, regardless of their location. They can reschedule their future payments from their bank account while sitting thousands of miles away. They can electronically transfer money from their bank accounts or receive money in their bank accounts within seconds.

You can apply for a loan without visiting the local bank branch and get one easily. You can buy or sell stocks and other securities by using your bank accounts. Even new accounts can be opened; old accounts can be closed without doing tedious paperwork. Especially with the increasing acceptability of digital signatures around the world, Internet banking has made life much easier and banking much faster and more pleasant, for customers as well as bankers.

On understanding the motives of bankers and clients in the banking business using the knowledge of psychology...As financial markets are going through rapid changes and considerable turmoil, I thought I must do a psychology of banking. I'll steer clear of all economics and focus simply on what it means to be a banker or an investor from the psychological perspective. Of course the driving force of banking is money and banks thrive on a consumerist culture. Banks have diverse functions from stabilizing an economy to stabilizing a person's credit history and banks can have commercial, investment, savings, retail, private or mortgage focus. There are two ways by which the psychology of banking could be framed. One way is to understand the psychology of the banker and the other is getting into the mind of the client or the customer/investor. Banking is like any other business yet the only difference between banking and other businesses is that in case of banking, bankers and clients deal directly and only with money and this can have a significant impact on how much importance they give to their banking operations. Money is something primal and raw, it's almost like an object stimulating some sort of basic need, and the prospect of dealing with raw money is exciting and intimidating.The Banker:The banker's psychology is based on his personal, social and political need for money. The banker first and foremost is concerned about his own profits, about how much more he is adding up to his account and it is almost an addiction. Just as a merchant or shop owner is obsessed with the goods available, the banker will be obsessed with the money he is able to lend, borrow or do business with. The dire need for making more money is what drives bankers in the first instance. This could be considered as a 'personal' need and craving for money to largely fulfill personal wants. Any investment or commercial banker or broker or anyone in the financial sector will presumably have a healthy or unhealthy personal need for money. The Internet Explorer has been around for more than ten years now. Apple One to One Login