Banks are one of the first institutions that people deal with in their lives. Over the past decade, there have been a lot of changes observed in this sector. The increased competition and volatile economic environment have forced banks to change the way they operate to remain profitable, expand into new markets and offer better retail banking services to customers.

The banking industry covers a wide range of financial activities. These include accepting and paying deposits, offering loans, providing credit services and investment fund management. Banking also covers financial activities that do not involve taking deposits but are equally important to the smooth running of the industry’s activities, such as payment processing, trade finance, cash management, treasury services and asset management.