Changes To Financial Services

The face of banking finance and investing has undergone many changes. Small investors and borrowers have many choices and alternatives available, be they expanded bank services such as online bank products, or share trading and investment online.


As in many countries bank ownership has changed considerably, with the objectives of these financial institutions shifting from putting the investor first to improving long term investment value of it's shareholders. As a positive result of this change financial institutions have expanded their range of products and services to the investor and borrower.

Changes To Financial Services

Changes to financial services benefiting everyday account holders as well as the investor and borrower in recent years include: Online Banking, Telephone Banking, Keycard, ATM ( Automatic Teller Machine ), EFTPOS ( Electronic Funds Transfer at Point of Sale ), MAESTRO and CIRRUS ( International EFTPOS and ATM networks enabling the investor or borrower to access available account funds ), Mobile Banking, EFT ( Electronic Funds Transfer ), AFT ( Automatic Funds Transfer ), BPAY ( Electronic Bill Payment ) and EFTPOB ( Electronic Funds Transfer Point of Banking ).

Changes To Financial Products

From an institution that provided the most basic of products with little more on offer than deposit accounts, checking facilities ( checking accounts ) and loans, banks have expanded their products to capture more of the investment and insurance markets. Banks may also offer advice in the way of Financial Planning. Some Banking Centers employ Financial Planners sometimes called Investment Advisers who's job it is to examine the needs of investors and borrowers ranging from children through to seniors as well as business.

The expansion of financial products available to investors and borrowers now include more flexible savings accounts that can be used at the ATM or online including after hours. Other products now also include Cash Management Accounts which are essentially high interest earning accounts. Certificate deposits and Term Deposits are longer term accounts offering the investor a higher rate of interest. Cards including credit cards, check cards, gift cards, debit cards, affinity cards, store cards allow ease of use and usually provide an itemised summary of transactions. Some cards allow an interest free period and reward programs. Some Banking Centers now include a more flexible range of loans and lines of credit and debt consolidation. Loans may include mortgages, home equity, refinance, automobile loans, education loan, campus loans and personal loans.

Insurance has become a new product for banks in recent years with insurances on offer ranging from auto or car insurance, home and business insurance, personal insurance, life insurance, through to mortgage protection, personal loan protection and credit card protection.

Investments and Wealth Management are available for business or personal investors. These services include investment services, mutual funds, managed funds, trust services, investment retirement accounts (IRS), superannuation, estates, tax effective strategies and accounts and education savings plans.

Specialized Banking offers additional banking services sometimes with the aid of the bank's Investment Advisers. Specialized Banking products may sometimes include business banking services, business banking, student banking, share trading, foreign exchange, travelers checks / cheques.