Using Kiosk Banking to Lower Cost Essay Example | Topics and Well Written Essays - 500 words

Using Kiosk Banking to Lower Cost - Essay Example Such machines, also called electronic kiosks, are used for data retrieval, information gathering, and dispensing banking services. They have an interface platform and a personal computer powered by software to handle financial transactions. Some kiosks also have videoconferencing, magnetic stripe readers, smart card reader and â€Å"electronic pads† that reproduce signatures on laser printed mortgage forms. The banks also realized later that the use of kiosks needs to be marketed pro-actively. These machines can’t attract customers on their own. Olivetti North America Inc, of Liberty Lake, Washington and NCR, Dayton, Ohio are the market leaders in manufacture of kiosks, though not without competition. The kiosks may differ in variety, color, style and working. Washington Mutual Bank of Seattle has installed its kiosks in discount stores where they are used for requesting loan applications besides normal banking functions. The Bank is also experimenting in the kiosk usage in absence of store staff. The Bank feels that the kiosks have made a positive difference to the business. Ed Reger, vice-president of the Bank says that unlike some other banks, they will not give up on developing customer relations and will not put up kiosks in stand alone environment. Reger feels that places like retail outlets, offices of realtors, and retirement homes hold great potential for the use of kiosks. In a typical kiosk operation, a person can fill an application to open a bank account, append electronic signatures and discuss with customer s ervice department through video conferencing. However, the high costs associated with the technology dissuade smaller institutions from using it. Meanwhile NCR and Affinity Technology group have joined hands to put to use NCR software to develop automated lending capabilities. On the other hand, Olivetti kiosks have different core module for different operations. The machine of Dyad Inc., another manufacturer helps the customers to secure a

The Federal Reserve Essay Example | Topics and Well Written Essays - 500 words

The Federal Reserve - Essay Example Monetary policies are conducted through open market purchases, changing the discount rate, and determining the reserve requirement among banks. The main premise of any monetary policy instituted by the Fed is that any change in the money supply will consequently affect aggregate demand, price level, and the GDP deflator. Open market purchases allow Fed to buy and sell T-bills and T-bonds at discounts in order to take advantage of the gains from the purchase price and maturity value. These instruments are generally considered as less risky investments as they assure Fed of a sure yield at maturity dates. Fed, with its discretionary power, can also opt to purchase and sell stocks. However, as Fed is mandated is act like a "prudent person" and limit itself to less risky financial instruments, it will not engage in such operations. Accordingly, Fed is not allowed to enter in transactions that a prudent man will not undertake. It should be noted that stock markets like the NYSE are highly volatile and stocks are high risk investments. Selling and buying stocks will expose Fed into the risk of losing all its investments with the failure and collapse of business organizations.