FSC413 Introduction to Banking Level 4 Assignment Sample

This is the assignment sample of FSC413 Introduction to Banking Level 4 .The Online Banking course is the best way to prepare for a career in banking and/or get ahead of your peers. In this high-demand industry, you need skills that will help give you an edge over other professionals who are also looking for work or advancement opportunities.

The online banking class covers everything from bank security to accounting practices which can be applied immediately on the job with any company involved in the financial sector.

Assignment Solution of FSC413 Introduction to Banking Level 4 Assignment

Assignment Activity 1. Outline typical banking organisations and how they interact with each other.

When you store your money in a bank, the banks collect interest on the amount of money that you give them. This interest is not always shared with you (depending on how much is in your account and what type of account it is), so often times many people put their spare funds into something like an index fund.

The first stop for loans are often banks, where they agree to lend out the necessary funds to businesses or individuals who need them at a certain rate. Other financial institutions then do this as well, but finance companies are more specialized in short-term lending due to higher risk involved. Banks also issue stocks and bonds—when an investor buys these securities from a company (e.g., purchasing stock shares).

Assignment Activity 2. Outline the options for account ownership and the importance of understanding how and by whom accounts are to be operated.

Account ownership may be handled by one person or an individual and a company.

Normally, if you are a human resources professional with the company, it is best to handle account management for your employees yourself. Depending on the type of employment situation, there are many reasons that would require HR professionals to manage each employee’s accounts on their own.

Furthermore, accounts not under your employ may have required procedures under social media law before opening posts or participating in open forum discussions online.

All this can be guided through research and legal consultation in advance of account activity taking place (versed upon local laws). Informing our clients about all possible scenarios is part of what we offer at Quaranon System Solutions who offer personalized solutions for Facebook marketing.

Assignment Activity 3. Outline the lending process from initial application to final repayment.

An initial application is submitted to the bank with personal and financial information.

The lending process will take some time, so the potential borrower must be patient as they will be contacted once the process is completed by a Repayment Officer at their bank.

Once approved, the paying back of loans starts with monthly installments which continue until all repayments are complete with a term of up to 5-years or 15 years depending on which size loan was given out.

The lender then reviews the repayment history each month and takes necessary steps if payments have been delinquent for too long.

If any amount comes due before regular monthly bonuses are paid out, penalty interest rates may apply in addition to starting again at an “unprotected” rate.

Assignment Activity 4. Explain specific issues that may affect the application and approval processes

In order to be eligible for loans, you will need to prove you have a steady income. You may do this through pay stubs, tax returns, bank statements, or an independent letter of verification from someone who is in the same position as you.

With regards to student loan claims and proposals; submitting your education credentials and other related proofs are imperative so that lenders can determine whether they should provide the desired funding for your application.

If at any point there arises some form of discrepancy between statuses with regard to your credit score (especially if it has declined considerably), it would be best not to waste time in exploring its cause as soon as possible – so contact certified specialists in charge of such matters right away.

Assignment Activity 5. Explain specific issues that may affect the management, collections and recoveries process.

A mix of external and internal issues may affect the management, collections and recoveries processes. For instance, external issues may include poor market conditions, increased scrutiny from regulators or an increased number of chargeoffs.

Internal factors that can affect management, collections and recoveries are workloads at different stages in the process (including quality control), staffing levels for any given stage in the process (probation officers or collection agents) and technology gaps.

Assignment Activity 6. Apply the six step process to a range of standard banking situations to identify appropriate products and services to meet clients’ needs

1. Client identifies needs.

2. Receive information in request to identify needs (history of client).

3. Offer products and services to meet needs with risk, time horizon, local regulatory requirements, and other considerations taken into account due to relationship with client.

4. Advise on solutions including any limitations or constraints faced.

5. Recognize that the best product and service will depend on individual circumstances .

6 Acknowledge the action required from both parties: a commitment for mutual trust and to work together.

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