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A known proverb states,
"Money makes the world go round." While this may be debatable,
the fact remains, that it is our need for money that has given
rise to the modern institution of banking.
Banks have not always been around. There
were times when people used to store their money, buried deep
into the earth. However, many of today’s banking services have
been in practice in ancient civilizations; such as those of
China, and Greece. Banks play a significant role in
contemporary financial systems, forming the backbone of modern
economies worldwide.
In Pakistan, around 200,000 people are
employed in the banking and finance sector, who are offering
their services through out the country, on both junior and
senior level positions. These institutions can be divided into
two categories,
Commercial banks provide financial support
to individuals, small and medium enterprises, and other
institutions including, local private banks, nationalized
banks, provincial banks, and foreign banks. Normal activities
of these banks include, cash handling, loans, insurance
products, remittances and credit cards. However, in this age
of competition, these banks are concentrating on providing
special customer services to their clients.
Development Financial Institutions (DFIs),
investment banks, leasing companies and Modarba fall into the
category of Special financial Institutions. Their routine
operations encompass, leasing, equity portfolio management,
underwriting equity and debt issues, and several other
services. During the last decade, the level of competition
amongst the local and foreign banks increased to a great
extent. This fact has had a direct affect on career
development in this sector that now entering this profession
is not as easy as before. Previously, people entered this
profession holding conventional degrees, and with the passage
of time, were promoted to senior positions. Now however, young
people acquainted to latest trends and techniques are given
priority. Bankers play a vital role in a modern economy.
Keeping in view the current era, services are being made more
speedy and efficient. Many years ago, jobs used to be quite
stable and well defined, and the promotion paths were quite
clear and secure. However, the sense of competition and latest
technology has made this industry a challenging one. If you
want to pursue a career in banking, then you should be aware
of the tactics required to run a modern business, and how to
best utilize up to date technology. Nowadays, the banking
sector has scope not only for those having skills of financial
analysis, but also for those, possessing capabilities to
market products and services. |
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