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The front office coordinates and handles all the needs of the bank and its clients with respect to hedging and financing.
y y Investment, position management trading, arbitrage
Front-Office information systems : y y y Electronic listing and trading systems Position-keeping systems often specialised for certain financial instruments (derivatives, fixed-income products, stock markets, etc.) Transverse systems: risk monitoring, liquidity forecasting
The middle office, located very close to the front office, ensures the control and processing of transactions. The back office monitors the post-market processing of transactions: confirmation, payment, settlement and accounting. On all levels, the efficiency of the information system is defined by its ability to process transactions automatically and in a secure manner: the byword is STP (Straight Through Processing): the transaction is processed straight through. In other words, the transaction is processed with little or no manual intervention.
and consulting expertise with industry-leading Cisco network and communications technologies to enable a multi-channel branch environment that helps drive profitability. and optimize productivity how people in the icici bank provide service to customer? At ICICI Bank. Unified Communications. The bank¶s Grievance Redressal Policy will be available to customers on request. D All complaints. By incorporating four inter-related components ± an Optimized Network. Key Benefits y y y A secure platform for easy application deployment. when they need it.Introduction Retail banks are under tremendous pressure to increase branch productivity with existing customers. and increase branches in new markets. Today¶s customers want to get the products and services they want. competitive differentiation and business resiliency. D Customers are made completely aware of their rights so that they can opt for alternative remedies if they are not fully satisfied with our response or resolution to their complaint. We provide customers with easy access to information. wherever they are. tele-banking and ATM technologies has led to the creation of an equally sophisticated retail bank customer. customer satisfaction. to read our Complaint Handling Process (This Grievance Redressal process is also applicable for grievances relating to services provided by outsourced agencies) or if you have a grievance. acquire more customers. reduce costs. critical requests and issues raised by customers are dealt with courtesy and resolved on time. mobile IP softphones. The IBM and Cisco Front Office Solutions for Retail Banking is a sophisticated blend of IBM products. and voicemail Network acceleration integrated with a new end-user portal and hosting model to help improve sales and customer satisfaction. A Multi-channel customer service strategy: The bank¶s customer service strategy is to enable customers¶ to avail of services through multiple channels. products and services. The increased sophistication of web-banking. however they chose. we believe in providing the best of services to our customers. . please feel free to: It is ICICI Bank¶s policy is to ensure that: D All customers are treated fairly at all times. service. Contact Centers. Customer care: Customers can contact our Customer Care officers over the phone for redressal of issues. as well as the means to get their grievances redressed. The various channels available to customers for redressal of issues are as follows: i. safeguarding information assets and reducing business risk Collaborative communications via an easy-to-use interface which integrates voice and Web conferencing. and Optimized Branch Infrastructure ± the solution capitalizes on advanced technologies and network convergence to give banks a competitive edge.
receipts. The term comes from the building layout of early companies where the front office would contain the sales and other customer-facing staff and the back office would be those manufacturing or developing the products or involved in administration but without being seen by customers. the back office would include functions that fulfill customers¶ orders and would usually include the duties involved in customer-support call centers. E-mails & letters: Customers may send an e-mail/ letter to the mail ids/ addresses displayed in the posters at the branches and on the website. the back office includes the administrative functions that support the trading of securities. Examples of back-office tasks include IT departments that keep the phones and computers running (operations architecture). and human resources. and update the inventory as needed. A back-office system will keep a record of the company¶s sales and purchase transactions. and regulatory compliance. A back office is a part of most corporations where tasks dedicated to running the company itself take place. In investment firms. a database). clearance. company. and settlement. If used in sales. trade confirmation.g.ii. 2 . In banking. Although the operations of a back office are usually not given a lot of consideration. including record keeping. Internet Banking: Customers can write to Accounts Manager. Back offices may be somewhere other than the headquarters of a company. they are a major contributor to a business. Back office functions can be outsourced to consultants and contractors in any country. . and reports can also be produced by the back-office system. 2 The meaning of insurance: Insurance is a policy from a large financial institution that offers a person. or other entity reimbursement or financial protection against possible future losses or damages. which is available after logging in to their accounts through our Internet Banking. iv. accounting. Much of the time they are in areas and countries with cheaper rent and lower labor costs. These tasks are often supported by back-office systems: secure e-commerce software that processes company information (e. Invoices. the back office includes a heavyweight IT processing system that handles position keeping. iii. Branch: Customers can walk into any ICICI Bank branch and speak with branch officials for resolution of their issues. trade settlement.
Contribution to the pool is made by a group of people sharing common risks and collected by the insurance companies in the form of premiums. death . i. 40.Basics of Insurance Meaning of Insurance Insurance provides financial protection against a loss arising out of happening of an uncertain event. 1.000/Houses burning in a yr = 5 Total annual loss due to fire = Rs.e. Lets take some examples to understand how insurance actually works: Share Tips | Widgets | Markets | Companies | Learning Centre | Mutual Funds | Insurance | Mobile Full Stock Market Coverage on appuonline homepage! Lets take some examples to understand how insurance actually works: Example 1 SUPPOSE SUPPOSE Example 2 y y y y y Houses in a village = 1000 Value of 1 House = Rs.00.00. 1.200/- UNDERLYING ASSUMPTION All 1000 house owners are exposed to a common risk. Insurance works on the basic principle of risk-sharing. i. A person can avail this protection by paying premium to an insurance company. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. 2. 50. In case a person actually suffers a loss on account of such risk. The party bearing the risk is known as the 'insurer' or 'assurer' and the party whose risk is covered is known as the 'insured' or 'assured'.000/Total annual loss due to deaths = Rs.00.000/Contribution per person = Rs. Premium is collected by insurance companies which also act as trustee to the pool. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type. UNDERLYING ASSUMPTION All 5000 persons are exposed to common risk. Concept of Insurance / How Insurance Works The concept behind insurance is that a group of people exposed to similar risk come together and make contributions towards formation of a pool of funds. A pool is created through contributions made by persons seeking to protect themselves from common risk. he is compensated out of the same pool of funds.e. Definition Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance or to indemnify the other party on happening of an uncertain event in case of general insurance.000/Contribution of each house owner = Rs. 300/- y y y y y y Number of Persons = 5000 Age and Physical condition = 50 years & Healthy Number of persons dying in a yr = 50 Economic value of loss suffered by family of each dying person = Rs.
60.each as premium to the pool of funds PROCEDURE Everybody contributes Rs. Share Market Mutual Funds Share Tips Widgets Mobile Toolbar Companies Learning Centre Insurance Site Map Links About Contact Disclaimer ©2010 Appuonline. 5000 persons * Rs.200) 5 houses get burnt during the year 50 persons die in a year on an average Insurance company pays Rs. 1.000/. thus reducing the burden on any one person.00.out of the pool to the family members of all 50 persons dying in a year EFFECT OF INSURANCE Risk of 50 persons is spread over 5000 people. 3.com .each as premium to the pool of funds Total value of the fund = Rs.e.out of the pool to all 5 house owners whose house got burnt Insurance company pays Rs. thus reducing the burden on any one of the owners.000/. 1000 houses * Rs. 300) Total value of the fund = Rs.fire PROCEDURE All owners contribute Rs. 1.00.000 (i. 40.000 (i. EFFECT OF INSURANCE Risk of 5 house owners is spread over 1000 house owners in the village.00. 300/.e. 1200/.