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in modern time banks play an important role in the global economies during the recent times increases until a communications and other financial technologies have allowed banks to extend their reach all over the world and there is no longer a need for customers to visit banks branches for every transaction as most of the transactions can happen online the growth in cross-border activities has also increased the demand for banks that can provide various services across borders to different nationalities despite these advances and cross-border activities the banking industry is nowhere near as globalized as some other industries there exists huge growth potential for IT professionals to work on banking domain as it will gear itself for more and more growth and automation in the coming years there is no doubt that technology is going to be catalyst in that growth creating huge opportunities for professionals with good understanding of banking domain techno funk presents an overview of banking industry for the benefit of its members explaining components or segments in banking industry banking industry is a service industry it provides various services to its customers traditionally the services were restricted to deposits and loans the started by taking deposits from people who had surplus of money and lending this money to borrowers who wanted money to invest they charged interest from borrowers and gave interest to depositors there was difference in rate of interest between deposits and lending and that constituted the major source of revenue for banks banking is a service industry providing services to those who want to mend borrow or invest this is putting it as simply as possible banking started like this but today banking industry is one of the most complex and hugely diverse industries and offers a portfolio of large number of services nowadays banks are large and complex organizations their clients range from individuals and corporate institutions other banks and governments of entire nations banking is a service industry means that they don't produce physical things but provide services to their clients the deal with all types of money transactions borrowing it lending it and many other related activities that are explained in this tutorial you let us try to understand what is the scale of banking in modern globalized world two major components of banking are deposits and loans now who are the clients who make deposits and borrow money from banks let's spend some time in understanding the clients of banks individuals first are individuals like you and me we earn money and spend money we keep our surplus with banks and take loans from banks when we need money corporates second our corporate or institutional clients they also have huge surpluses of money or need money to invest banks help them keep their surplus money or provide them with funds when they are in need of it banks banks make lot of transactions with other banks many countries have central banks that are owned and managed by governments governments businesses and governments cannot be completely self-sufficient when it comes to availability of funds they need they need money to operate and banks act as intermediaries between the suppliers of funds and users of funds over the period of time banking has transformed itself into an important and powerful undertaking today the movement of capital handled by banks allows economies to grow and prosper they maintain the delicate balance between the supply and demand of money by controlling borrowing and lending interest rates banking products can be classified as retail banking corporate banking and risk and capital management in modern world banks perform and manage all these functions corporate banking risk management banking operations asset management wealth management treasury management cards issuance and management trading intermediary acting as depository participant registry exchanges trading or broker dealer retail banking apart from these segments banks also need to manage following functions banking technology internal and external reconciliations internal and external clearing surveillance Human Resources finance legal and compliance sales and trading transaction banking now we will understand these functions in detail in the next tutorial this video is brought to you by techno funky calm this video is part of id career guide series techno funk is a website helping IT professionals build successful careers you can access all videos for free at www.viki Oh you