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Banking Industry Overview
Banks safeguard money and valuables and provide loans,
credit, and payment services, such as checking accounts, money orders,
and cashier’s checks. Banks also may offer investment and insurance
products, which they were once prohibited from selling. As a variety of
models for cooperation and integration among finance industries have
emerged, some of the traditional distinctions between banks, insurance
companies, and securities firms have diminished. In spite of these
changes, banks continue to maintain and perform their primary
role—accepting deposits and lending funds from these deposits.
There are several types of banks, which differ in the number of services
they provide and the clientele they serve. Although some of the
differences between these types of banks have lessened as they begin to
expand the range of products and services they offer, there are still
key distinguishing traits. Commercial banks, which dominate this
industry, offer a full range of services for individuals, businesses,
and governments. These banks come in a wide range of sizes, from large
global banks to regional and community banks. Global banks are involved
in international lending and foreign currency trading, in addition to
the more typical banking services. Regional banks have numerous branches
and automated teller machine (ATM) locations throughout a multi-state
area that provide banking services to individuals. Banks have become
more oriented toward marketing and sales. As a result, employees need to
know about all types of products and services offered by banks.
Community banks are based locally and offer more personal attention,
which many individuals and small businesses prefer. In recent years,
online banks—which provide all services entirely over the Internet—have
entered the market, with some success. However, many traditional banks
have also expanded to offer online banking, and some formerly
Internet-only banks are opting to open branches.
Savings banks and savings and loan associations, sometimes called thrift
institutions, are the second largest group of depository institutions.
They were first established as community-based institutions to finance
mortgages for people to buy homes and still cater mostly to the savings
and lending needs of individuals.
Credit unions are another kind of depository institution. Most credit
unions are formed by people with a common bond, such as those who work
for the same company or belong to the same labor union or church.
Members pool their savings and, when they need money, they may borrow
from the credit union, often at a lower interest rate than that demanded
by other financial institutions.
Federal Reserve banks are Government agencies that perform many
financial services for the Government. Their chief responsibilities are
to regulate the banking industry and to help implement our Nation’s
monetary policy so our economy can run more efficiently by controlling
the Nation’s money supply—the total quantity of money in the country,
including cash and bank deposits. For example, during slower periods of
economic activity, the Federal Reserve may purchase government
securities from commercial banks, giving them more money to lend, thus
expanding the economy. Federal Reserve banks also perform a variety of
services for other banks. For example, they may make emergency loans to
banks that are short of cash, and clear checks that are drawn and paid
out by different banks.
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Source: US Department of Labor, Bureau of Labor
Statistics
For More Information go to http://www.bls.gov/oco/
