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  • Date Submitted: 10/03/2013 03:49 AM
  • Flesch-Kincaid Score: 28.7 
  • Words: 1976
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of account; store of value; and, occasionally in the past, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can be considered money. (en.wikipedia.org)
In the growth and development of banking practices, these financial institutions have metamorphosed into other various functions - a number of related and subsidiary operations as the transfer of money and credit which are highly important in themselves that they may be properly considered functions of the modern bank. The focus of banking has shifted from a historical product-driven focus to a customer-driven focus and how banking is using multiple channels to service customers rather than relying only on banking offices.
Financial Management is the major purpose of existence of banking industry. It is used in the cumulative effect of lending money, transferring of   money and credit and receiving of deposits. Analyzing transactions of banks is of much easier with effective financial management. Briefly, it consists of that process of analyzing business transactions and recording them in the books of account to show the results of business operations.
Financial Management is defined as the management of the finances of a business / organization in order to achieve financial objectives. Taking a commercial business as the most common organizational structure, the key objectives of financial management would be to create wealth for the business, generate cash and provide an adequate return on investment bearing in mind the risks that the business is taking and the resources invested. (Riley; 2012)
In the advancement to electronic age, Financial Management of Banks had changed the face and complexion of the banking business. Computers have changed how customers use banking services, how banks operate internally, and how banks interact with the rest of the financial system.
Technology has revolutionized banking and continues to do so at a fiercely...

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