India has approximately 1.4 billion inhabitants, with an expanding network of banks and non-banking financial companies (NBFC) to perform a wide range of financial services, implying its indomitable popularity among candidates.Â
Most candidates are enthusiastic about embarking on a career in the banking sector but are clueless about how to gain practical exposure. It takes time to become fully experienced with various aspects of this sector. However, you can begin working on some common banking projects that provide you with practical exposure and significantly boost your career!
Let’s explore top banking projects that will help you to improve your skills and portfolios.
1) Internet Banking System
This online banking system project integrates different interactions between the bank and customers. It benefits customers with an appropriate interface to obtain online banking services. Consequently, customers can access their accounts from anywhere. Hence, the bank can manage customer requests more effectively and efficiently. Ultimately, it saves customers time since they can obtain their account-related information without physically approaching the bank.
The following list shows some of the key features this project handles:
- Balance Enquiry
- Bill Disbursements
- Analyse Statement of Account
- Chequebook requests
- Stop cheque requests
- Check payment status
- Lodging complaints for loss of ATM cards
- Earlier transaction report
- Transfer of funds between accounts
- The imposed interest rate for different loan schemes and deposit schemes
2) Home Loans by banks
For beginners, it is one of the most useful projects. The reason is it helps you recognise the influence of home loans offered by banks. It also focuses on how such loans differ from other lending systems. The project can help state the home loan interest rates along with the capital limit. In this project, the banks must define the home loan eligibility criteria. For example, the banks can mention a specific credit score and income that are considered acceptable to receive a home loan.
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3) ATM Banking System
ATM (Automatic Teller Machine) Banking System connects to a network that provides banking functions to customers. Specifically, this bank management system project allows customers to access their bank accounts, check their balances, conduct fund transfers, retrieve money, and perform other ATM processes.
4) Mobile Banking System
It is a mobile banking solution that enables transactions via WAP-enabled mobile phones and SMS. With the help of this online banking system project, customers can access their accounts via their mobile phones from anywhere. No need to use an internet connection or computer.
Working on this project guides the students on providing access to the account while the customer travels or when they are in a location where the mobile phone and SMS services are unavailable. WAP (Wireless Application Protocol) is implemented to facilitate safe online access to mobile banking through mobile devices.
Some key features it supports are balance inquiries, complaints about losing an ATM card, funds transfer, cheque payment status, sending chequebook requests, and earlier transaction reports.Â
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5) Asset Liability Management System
This bank management system project serves as a risk management platform. It assists a bank in making investment-related decisions. Moreover, it assists a bank in upkeeping the credit reserve ratio (CRR), the obligatory statutory liquidity ratio (SLR), and other ratios according to Reserve Bank of India (RBI) guidelines. It also works on various risk management modules like data analysis, graphical analysis, and interest rate calculation.
You can work on the following features while working on this project:
- Connect different categories with users
- Change/delete an existing user, add a new user
- Define user-level permissions
- Register the bank and its branches to ALM (Asset Liability Management) system
- Data processing after defining all the key requirements
6) Corporate e-banking
It helps you observe the corporate banking relationships for cash management, liability products, assets, trade finance, and limits. It serves as a unified banking solution for small businesses and corporations. The bank customers can easily view information about their accounts and transaction limits. They can access transactions and trade finance details, make transactions, and manage cash. Moreover, it guarantees exceptional fund security and supports various authentication systems. Â
7) Forex Management System
It automates the foreign exchange operations of any bank branch and enables the bank to manage the business’ complexities when dealing with foreign exchange. It implements features that allow acceptance of foreign currency and FC Travelers Cheques from both bank customers and non-customers. In India, the average salary of a forex manager is around INR 13 Lakhs per annum. Working on this project can boost your chances of obtaining such a high-paying job in India.
 Other features it supports are:
- Handling inward and outward foreign remittance
- Upholding accounts in foreign currency
- Handling import/export bills
- Import Letters of Credit
- Handling foreign currency cash balances
- Foreign currency loans
8) Consumer Credit Collection Approaches
Currently, businesses have to tackle the challenges related to the credit risk environment. To overcome those challenges, businesses must understand various approaches implemented in global banking. This project provides a thorough understanding of various approaches to accomplish collection processes in the consumer domain. Moreover, it suggests best practices to optimise the initiatives. The project reviews the bank’s existing collection approaches and recognises the adjustments required.
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9) Credit Card Positioning
Since the new credit cards feature complex characteristics, it is challenging to communicate with customers. The new credit cards face tough competition with universal brands. This project aims to boost brand awareness and integrate new services as a generic brand within its category. Moreover, it creates a set of new product characteristics and sales approaches to selling them to the appropriate customers. It provides recommendations for setting up a new credit card considering the marketing tactics, product characteristics, and profit.
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Conclusion
Working on banking projects and ideas provides practical exposure and helps you explore outstanding job opportunities. Practising your preferred banking project reinforces your career path and brings you closer to achieving your career goals. Furthermore, they prepare you to crack tough job interviews. Whether you want to embark on a career in an MBA in General Management.
What are the advantages of pursuing a banking career?
Here are a few benefits of pursuing a banking career. (i) High job security (ii) Competitive salary (iii) Decent work-life balance (iv) Various opportunities for promotion (v) Additional perks like medical insurance, maternity leaves, sick leave, and retirement options (vi) Wide range of job roles to choose from including accounting, consumer banking, commercial banking, operations and business management.
What are the key income sources for a bank?
Here are the three key sources of income for banks. (i) Commission: Banks provide various services to their customers and charge commission for the same. (ii) Interest on investments: Banks capitalise a significant share of their resources in government and other top-notch industrial securities. (iii) Interest rate on loans: The banks borrow money for lending the same at a higher interest rate.
What are the common career paths in the banking sector?
The individuals can pursue one of the common career paths to explore outstanding job opportunities. These career paths include bank teller, private banker, investment banker, bank clerk, credit analyst, financial analyst, loan officer, auditor, wealth manager, bank relationship manager, banking associate, and finance manager.
