Mobile Banking ,Online banking

 

Mobile Banking

Mobile banking is a system that allows customers of a financial institution to conduct a number of financial transactions through a mobile device such as a mobile phone or personal digital assistant.

Mobile banking differs from mobile payments, which involve the use of a mobile device to pay for goods or services either at the point of sale or remotely,^[1] analogously to the use of a debit or credit card to effect an EFTPOS payment.

The earliest mobile banking services were offered over SMS, a service known as SMS banking. With the introduction of smart phones with WAP support enabling the use of the mobile web in 1999, the first European banks started to offer mobile banking on this platform to their customers.

In today world Mobile Banking is a popular term. Mobile Banking means a financial transaction conducted by logging on to a bank's website using a cell phone, such as viewing account balances, making transfers between accounts, or paying bills. It is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone. In recent time Mobile banking is most often performed via SMS or the Mobile Internet but can also use special programs called clients downloaded to the mobile device.

Mobile Banking concept

In general term we can categorized the mobile banking below –

* Mobile Accounting

* Mobile Brokerage

* Mobile Financial Information Services

Mobile banking can offer services such as the following:

* Mini-statements and checking of account history

* Alerts on account activity or passing of set thresholds

* Monitoring of term deposits

* Access to loan statements

* Mutual funds / equity statements

* Insurance policy management

* Pension plan management

* Status on cheque, stop payment on cheque

* Ordering check books

* Balance checking in the account

* Recent transactions

* Due date of payment (functionality for stop, change and deleting of payments)

* PIN provision, Change of PIN and reminder over the Internet

* Domestic and international fund transfers

* Mobile recharging

* Commercial payment processing

* Bill payment processing

* Peer to Peer payments

Online banking

Computerized service that allows a bank's customers to get online with the bank via telephone lines to view the status of their account(s) and transaction history. It is system allowing individuals to perform banking activities at home, via the internet. It usually also allows them to transfer funds, pay bills, request check The performance of banking activities via the Internet. Online banking is also known as "Internet banking" or "Web banking." A good online bank will offer customers just about every service traditionally available through a local branch, including accepting deposits (which is done online or through the mail), paying interest on savings and providing an online bill payment system.

Online banking is a service offered by banks that allows account holders to access their account data via the Internet. In order to take advantage of online banking, an account holder would need to meet several technological requirements, such as having a personal computer with Internet access and web browser. If those conditions are satisfied, online banking can be performed from anywhere in the world. To minimize the risk of fraud, online banking is enabled through a secure server, which grants the individual a private access to his or her bank account. Online banking is designed to streamline banking chores that otherwise require considerable time and effort. Thus, online banking facilitates direct access to account details, enables transfer of funds, allows for multiple bills payments, and performs an array other transactions. Online banking is available twenty four hours, seven days a week, regardless of the bank's working hours. Today, most banks offer online banking services.

The common features fall broadly into several categories

• A bank customer can perform some non-transactional tasks through online banking, including -
• viewing account balances
• viewing recent transactions
• downloading bank statements, for example in PDF format
• viewing images of paid cheques
• ordering cheque books
• download periodic account statements
• Downloading applications for M-banking, E-banking etc.
• Bank customers can transact banking tasks through online banking, including -
• Funds transfers between the customer's linked accounts
• Paying third parties, including bill payments (see, e.g., BPAY) and telegraphic/wire transfers
• Investment purchase or sale
• Loan applications and transactions, such as repayments of enrollments
• Register utility billers and make bill payments

• Financial institution administration
• Management of multiple users having varying levels of authority
• Transaction approval process

E-ommerce

 Electronic commerce, commonly known as ecommerce, is a type of industry where buying and selling of product or service is conducted over electronic systems such as the Internet and other computer networks. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. Modern electronic commerce typically uses the World Wide Web at least at one point in the transaction's life-cycle, although it may encompass a wider range of technologies such as e-mail, mobile devices social media, and telephones as well.

Electronic commerce is generally considered to be the sales aspect of e-business. It also consists of the exchange of data to facilitate the financing and payment aspects of business transactions.

E-commerce can be divided into:

• E-tailing or "virtual storefronts" on websites with online catalogs, sometimes gathered into a "virtual mall"

• The gathering and use of demographic data through Web contacts and social media

• Electronic Data Interchange (EDI), the business-to-business exchange of data

• E-mail and fax and their use as media for reaching prospective and established customers (for example, with newsletters)

• Business-to-business buying and selling

• The security of business transactions

The road to creating a successful online store can be a difficult if unaware of ecommerce principles and what ecommerce is supposed to do for your online business. Researching and understanding the guidelines required to properly implement an e-business plan is a crucial part to becoming successful with online store building.
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Merit Rating

 

System of rating employees on the basis of factors such as absenteeism, adaptability, attitude, health, length of service, punctuality, and safety record. It is a Computing premium on a policy (such as for auto insurance) on the basis of an insured's loss record.

The main objectives for merit rating:

1. employee rating achieved through a periodic employee evaluation system, often used as the basis for pay increases and/or promotion.

2. rating achieved on a standard civil-service type merit examination, signifying the level of achievement on the exam.

Job Analysis , Job evaluation, Job description

 Job Analysis

A job analysis is the process used to collect information about the duties, responsibilities, necessary skills, outcomes, and work environment of a particular job. You need as much data as possible to put together a job description, which is the frequent outcome of the job analysis. Additional outcomes include recruiting plans, position postings and advertisements, and performance development planning within your performance management system.

Job analysis is the formal process of identifying the content of a job in terms activities involved and attributes needed to perform the work and identifies major job requirements. Job analysis was conceptualized by two of the founders of industrial/organizational psychology, Frederick Taylor and Lillian Moller Gilbreth in the early 20th century. Job analyses provide information to organizations which helps to determine which employees are best fit for specific jobs. Through job analysis, the analyst needs to understand what the important tasks of the job are, how they are carried out, and the necessary human qualities needed to complete the job successfully.

The job analysis may include these activities:

• reviewing the job responsibilities of current employees,
• doing Internet research and viewing sample job descriptions online or offline highlighting similar jobs,
• analyzing the work duties, tasks, and responsibilities that need to be accomplished by the employee filling the position,
• researching and sharing with other companies that have similar jobs, and
• articulation of the most important outcomes or contributions needed from the position.

Job evaluation

A job evaluation is a systematic way of determining the value/worth of a job in relation to other jobs in an organization. It tries to make a systematic comparison between jobs to assess their relative worth for the purpose of establishing a rational pay structure.

Job evaluation is a method for comparing different jobs to provide a basis for a grading and pay structure. Its aim is to evaluate the job, not the jobholder, and to provide a relatively objective means of assessing the demands of a job. It is an assessment of the relative worth of various jobs on the basis of a consistent set of job and personal factors, such as qualifications and skills required.

The objective of job evaluation is to determine which jobs should get more pay than others. Several methods such as job ranking, job grading, and factor comparison are employed in job evaluation. Research indicates, however, that each method is nearly as accurate and reliable as the other in ranking and pricing different jobs. Job evaluation forms the basis for wage and salary negotiations.

The job evaluation process established the relative value of jobs throughout the university. There are two steps involved in this process:

1. Job Analysis and Job Description - Using a "job profile," the content of each job is analyzed to identify key duties, responsibilities, and qualification necessary to perform the job. Written job descriptions are then prepared to contain this information.

2. Job Evaluation - A computer assisted job evaluation plan, measuring 17 dimensions of nonexempt work and 28 dimensions of exempt work, is used to evaluate the relative worth of staff positions. This evaluation process focuses on valuing the content of each position in terms of a series of well defined compensable factors.

Job description

A job description is a list that a person might use for general tasks, or functions, and responsibilities of a position. It may often include to whom the position reports, specifications such as the qualifications or skills needed by the person in the job, or a salary range. Job descriptions are usually narrative,^[1] but some may instead comprise a simple list of competencies; for instance, strategic human resource planning methodologies may be used to develop a competency architecture for an organization, from which job descriptions are built as a shortlist of competencies.

Job descriptions are written statements that describe the:

• duties,
• responsibilities,
• most important contributions and outcomes needed from a position,
• required qualifications of candidates, and
• reporting relationship and coworkers of a particular job.

Job descriptions are based on objective information obtained through job analysis, an understanding of the competencies and skills required to accomplish needed tasks, and the needs of the organization to produce work.

The best job descriptions are living, breathing documents that are updated as responsibilities change. They do not limit employees, but rather, cause them to stretch their experience, grow their skills, and develop their ability to contribute within their organization.

Inter-Branch Reconciliation

 

Inter-branch reconciliation is a major activity for banks and financial institutions looking to create a balanced co-ordination between their various branches and their activities. TechMech offers inter-branch reconciliation services whereby our trained professionals cover every transaction, exchange of services and other interactions between different branches of a bank or subsidiaries of a company. Our experts ensure a keen attention to detail, covering every interaction in depth, so as not to miss out on any inherent flaws or discrepancy.

Inter-branch reconciliation can help the organisation discover any errors or negligence in transactions and make due changes. Our experts, with their detailed financial knowledge, can help to not only find errors but also facilitate in removing or minimizing them. We are trained to handle large volumes of financial data and have worked with companies of all scales.

Planning

 

Planning in organizations and public policy is both the organizational process of creating and maintaining a plan; and the psychological process of thinking about the activities required to create a desired goal on some scale. As such, it is a fundamental property of intelligent behavior. This thought process is essential to the creation and refinement of a plan, or integration of it with other plans, that is, it combines forecasting of developments with the preparation of scenarios of how to react to them. An important, albeit often ignored aspect of planning, is the relationship it holds with forecasting. Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like. The term is also used for describing the formal procedures used in such an endeavor, such as the creation of documents, diagrams, or meetings to discuss the important issues to be addressed, the objectives to be met, and the strategy to be followed. Beyond this, planning has a different meaning depending on the political or economic context in which it is used.

Types of plan

Tactical plans: A tactical plan is concerned with what the lower level units within each division must do, how they must do it, and who is in charge at each level. Tactics are the means needed to activate a strategy and

Strategic plans: A strategic plan is an outline of steps designed with the goals of the entire organization as a whole in mind, rather than with the goals of specific divisions or departments. Strategic planning begins with an organization's mission.

Contingency plans: Intelligent and successful management depends upon a constant pursuit of adaptation, flexibility, and mastery of changing conditions. Strong management requires a “keeping all options open” approach at all times — that's where contingency planning comes in.

Strategic Planning

Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. In order to determine where it is going, the organization needs to know exactly where it stands, then determine where it wants to go and how it will get there. The resulting document is called the "strategic plan." While strategic planning may be used to effectively plot a company's longer-term direction, one cannot use it to reliably forecast how the market will evolve and what issues will surface in the immediate future. Therefore, strategic innovation and tinkering with the "strategic plan" have to be a cornerstone strategy for an organization to survive the turbulent business climate.Strategic planning is the formal consideration of an organization's future course. All strategic planning deals with at least one of three key questions:

"What do we do?"

"For whom do we do it?"

"How do we excel?"

In business strategic planning, some authors phrase the third question as "How can we beat or avoid competition?" (Bradford and Duncan, page 1). But this approach is more about defeating competitors than about excelling.

In today's highly competitive business environment, budget-oriented planning or forecast-based planning methods are insufficient for a large corporation to survive and prosper. The firm must engage in strategic planning that clearly defines objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress, and make adjustments as necessary to stay on track. A simplified view of the strategic planning process is shown by the following diagram:

The Strategic Planning Process

Mission and Objectives, Environmental Scan: The environmental scan includes the following components: Internal analysis of the firm, Analysis of the firm's industry (task environment), External macroenvironment Strategy Formulation: Strategy Implementation:Evaluation & Control: Evaluation and control consists of the following steps:

1. Define parameters to be measured
2. Define target values for those parameters
3. Perform measurements
4. Compare measured results to the pre-defined standard
5. Make necessary changes

Consultative/Participative Management

 

Among the three main management styles (autocratic, consultative and democratic), the consultative management style is where managers consult other team members before arriving at a decision. This is in contrast to autocratic management style wherein the manager gives instructions.

Type of management in which employees at all levels are encouraged to contribute ideas towards identifying and setting organizational-goals, problem solving, and other decisions that may directly affect them. also called consultative management. Therefore, listening skills and right consulting channel creation are essential skills a consultative manager should possess.

Scientific Management

 

Scientific management, also called Taylorism, was a theory of management that analyzed and synthesized workflows. Its main objective was improving economic efficiency, especially labor productivity. It was one of the earliest attempts to apply science to the engineering of processes and to management. Its development began with Frederick Winslow Taylor in the 1880s and 1890s within the manufacturing industries. Its peak of influence came in the 1910s; by the 1920s, it was still influential but had begun an era of competition and syncretism with opposing or complementary ideas. Although scientific management as a distinct theory or school of thought was obsolete by the 1930s, most of its themes are still important parts of industrial engineering and management today. These include analysis; synthesis; logic; rationality; empiricism; work ethic; efficiency and elimination of waste; standardization of best practices; disdain for tradition preserved merely for its own sake or merely to protect the social status of particular workers with particular skill sets; the transformation of craft production into mass production; and knowledge transfer between workers and from workers into tools, processes, and documentation.

Scientific management's application was contingent on a high level of managerial control over employee work practices. This necessitated a higher ratio of managerial workers to laborers than previous management methods. The great difficulty in accurately differentiating any such intelligent, detail-oriented management from mere misguided management also caused interpersonal friction between workers and managers.

Management by Exception

 

Management by Exception is a "policy by which management devotes its time to investigating only those situations in which actual results differ significantly from planned results. The idea is that management should spend its valuable time concentrating on the more important items (such as shaping the company's future strategic course). Attention is given only to material deviations requiring investigation." It is not entirely synonymous with the concept of exception management in that it describes a policy where absolute focus is on exception management, in contrast to moderate application of exception management. In Project Management, an implication of Management by Exception is that the project board should meet when key decisions about the project should be taken, and not on regular intervals. The Project Manager should produce an Exception Report to summon the board for such meetings.

Introduction to BIG DATA: What is, Types, Characteristics & Example

What is Data?

The quantities, characters, or symbols on which operations are performed by a computer, which may be stored and transmitted in the form of electrical signals and recorded on magnetic, optical, or mechanical recording media.

What is Big Data?

Big Data is also data but with a huge size. Big Data is a term used to describe a collection of data that is huge in size and yet growing exponentially with time. In short such data is so large and complex that none of the traditional data management tools are able to store it or process it efficiently.

Examples Of Big Data

Following are some the examples of Big Data-

The New York Stock Exchange generates about one terabyte of new trade data per day.

Social Media

The statistic shows that 500+terabytes of new data get ingested into the databases of social media site Facebook, every day. This data is mainly generated in terms of photo and video uploads, message exchanges, putting comments etc.

A single Jet engine can generate 10+terabytes of data in 30 minutes of flight time. With many thousand flights per day, generation of data reaches up to many Petabytes.

Types Of Big Data

BigData' could be found in three forms:

1. Structured
2. Unstructured
3. Semi-structured

Structured

Any data that can be stored, accessed and processed in the form of fixed format is termed as a 'structured' data. Over the period of time, talent in computer science has achieved greater success in developing techniques for working with such kind of data (where the format is well known in advance) and also deriving value out of it. However, nowadays, we are foreseeing issues when a size of such data grows to a huge extent, typical sizes are being in the rage of multiple zettabytes.

Do you know? 1021 bytes equal to 1 zettabyte or one billion terabytes forms a zettabyte.

Looking at these figures one can easily understand why the name Big Data is given and imagine the challenges involved in its storage and processing.

Do you know? Data stored in a relational database management system is one example of a 'structured' data.

Examples Of Structured Data

An 'Employee' table in a database is an example of Structured Data

Employee_ID	Employee_Name	Gender	Department	Salary_In_lacs
2365	Rajesh Kulkarni	Male	Finance	650000
3398	Pratibha Joshi	Female	Admin	650000
7465	Shushil Roy	Male	Admin	500000
7500	Shubhojit Das	Male	Finance	500000
7699	Priya Sane	Female	Finance	550000

Unstructured

Any data with unknown form or the structure is classified as unstructured data. In addition to the size being huge, un-structured data poses multiple challenges in terms of its processing for deriving value out of it. A typical example of unstructured data is a heterogeneous data source containing a combination of simple text files, images, videos etc. Now day organizations have wealth of data available with them but unfortunately, they don't know how to derive value out of it since this data is in its raw form or unstructured format.

Examples Of Un-structured Data

The output returned by 'Google Search'

Semi-structured

Semi-structured data can contain both the forms of data. We can see semi-structured data as a structured in form but it is actually not defined with e.g. a table definition in relational DBMS. Example of semi-structured data is a data represented in an XML file.

Examples Of Semi-structured Data

Personal data stored in an XML file-

<rec><name>Prashant Rao</name><sex>Male</sex><age>35</age></rec>
<rec><name>Seema R.</name><sex>Female</sex><age>41</age></rec>
<rec><name>Satish Mane</name><sex>Male</sex><age>29</age></rec>
<rec><name>Subrato Roy</name><sex>Male</sex><age>26</age></rec>
<rec><name>Jeremiah J.</name><sex>Male</sex><age>35</age></rec>

Data Growth over the years

Please note that web application data, which is unstructured, consists of log files, transaction history files etc. OLTP systems are built to work with structured data wherein data is stored in relations (tables).

Characteristics Of Big Data

(i) Volume – The name Big Data itself is related to a size which is enormous. Size of data plays a very crucial role in determining value out of data. Also, whether a particular data can actually be considered as a Big Data or not, is dependent upon the volume of data. Hence, 'Volume' is one characteristic which needs to be considered while dealing with Big Data.

(ii) Variety – The next aspect of Big Data is its variety.

Variety refers to heterogeneous sources and the nature of data, both structured and unstructured. During earlier days, spreadsheets and databases were the only sources of data considered by most of the applications. Nowadays, data in the form of emails, photos, videos, monitoring devices, PDFs, audio, etc. are also being considered in the analysis applications. This variety of unstructured data poses certain issues for storage, mining and analyzing data.

(iii) Velocity – The term 'velocity' refers to the speed of generation of data. How fast the data is generated and processed to meet the demands, determines real potential in the data.

Big Data Velocity deals with the speed at which data flows in from sources like business processes, application logs, networks, and social media sites, sensors, Mobile devices, etc. The flow of data is massive and continuous.

(iv) Variability – This refers to the inconsistency which can be shown by the data at times, thus hampering the process of being able to handle and manage the data effectively.

Benefits of Big Data Processing

Ability to process Big Data brings in multiple benefits, such as-

• Businesses can utilize outside intelligence while taking decisions

Access to social data from search engines and sites like facebook, twitter are enabling organizations to fine tune their business strategies.

• Improved customer service

Traditional customer feedback systems are getting replaced by new systems designed with Big Data technologies. In these new systems, Big Data and natural language processing technologies are being used to read and evaluate consumer responses.

• Early identification of risk to the product/services, if any
• Better operational efficiency

Big Data technologies can be used for creating a staging area or landing zone for new data before identifying what data should be moved to the data warehouse. In addition, such integration of Big Data technologies and data warehouse helps an organization to offload infrequently accessed data.

Summary

• Big Data is defined as data that is huge in size. Bigdata is a term used to describe a collection of data that is huge in size and yet growing exponentially with time.
• Examples of Big Data generation includes stock exchanges, social media sites, jet engines, etc.
• Big Data could be 1) Structured, 2) Unstructured, 3) Semi-structured
• Volume, Variety, Velocity, and Variability are few Characteristics of Bigdata
• Improved customer service, better operational efficiency, Better Decision Making are few advantages of Bigdata