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Non-conforming business financing, also known as creative financing, is available to business owners who are unable to secure funding from traditional lenders, such as commercial banks. Non-traditional financial companies typically provide this type of financing for start-up and operating expenses for any business.

Most non-conforming business financing options provide leasing for computer, construction, medical, and heavy equipment. With this funding method, entrepreneurs can obtain the necessary equipment needed to start or maintain their businesses. Most leases are for three to five years, which is about the lifespan of most computers and other advanced equipment. Therefore, instead of purchasing equipment that is obsolete within a few years, leasing allows businesses to obtain new machines once current leases are expired. Most leased equipment is also tax exempt.

Financial companies may also offer non-conforming business financing in the form of loans. These loans may not require as much financial documentation as traditional loans; therefore, they are much easier to obtain. Because these loans are few application requirements, borrowers tend to be individuals with poor credit histories. This makes non-conforming business loans have much higher interest rates than typical funding methods. Most of these financing options are unsecured loans, which means that the lender relies on the borrower’s signed promise to pay instead of collateral. Funding may be used for any general business purpose unless specified otherwise. Common non-conforming business financing options include construction, land, hard money, and purchase loans.

Non-traditional banking is usually offered by independent financial companies to assist businesses and individuals with matters that traditional commercial banks do not offer. While these companies may provide many of the same services, such as ATMs and checking accounts, as banks, they mostly deal with the selling of mutual funds, annuities, stocks, and bonds. These companies may also offer debt and credit counseling to individuals. To compete with these companies, many banks now offer many of the same services.

Many Internet-based financial companies also provide non-traditional banking. Some companies focus on one aspect of non-traditional banking, such as stocks, while others encompass all aspects. There are many sites available that allow stockholders to access stock reports and buy and sell shares for affordable monthly fees. These sites may also provide in-depth reports on the progress of shares owned by an individual and give beneficial advice on how to manage those stocks.

For individuals and businesses in financial crises, non-traditional banking can provide the financial counseling needed to restore credit ratings. Non-traditional bankers may also provide seminars or other helpful resources to help people manage and improve their debt situations. Some companies may provide these services free-of-charge to members, while others may charge one-time or monthly payments to compensate for the financial advice.

Other services provided by banks and other financial companies that may be considered non-traditional banking are online bill pay and opening new accounts via the Internet.

Introduction

Banking Investment or investment banking is part of the financial services industry that offers wide variety of services to corporations and organizations all over the world. The range of products and services is increasing rapidly that has made it difficult to distinguish the most important services because investment banks offer their services in different forms (Turnbull and Moustakatos, 1996) The service is an area that helps companies in funds acquisition, advising for wide range of transactions for future businesses (www.wisegeek.com).As it is clear that the investment banking deals with providing financial assistance to the companies for business matters, it is essential to ensure quality service in the area. Therefore quality assurance is the main pillar of any business including profit and nonprofit organizations, government and nongovernmental organizations as it affects the level of success in the business. The quality assurance further helps in conducting other evaluation processes like standards compliance evaluations, brand assurance evaluations, customer or guest experience evaluations, etc. which makes it essential and important in any business organization to maintain a dominant position in the industry market (www.totalqualityassuranceservices.com). In view of the importance of quality assurance, the present paper is intended to discuss the issues and importance related to banking sector particularly in investment banking.

Investment Banking

Investment banks have multilateral functions to execute in favor of various companies. The service mainly deals with companies like helping private and public corporations in issuing securities in the primary market, guarantee by standby underwriting or best efforts selling and foreign exchange management. (www.economywatch.com). Further it is committed towards providing assistance to capital markets as intermediary. These are the institutions that are regarded as counterparts of banks in the capital market in the function of intermediation in the process of resource allocation (Subramanyam, 2004, p.72)

Need for Quality Assurance in Investment Banking

Williamson (1988, p.55) stated that investment banking has been and will continue to be an increasingly intensively competitive business in order to strive in the market which is mainly dominated by the changes as part of strategy in the capital and  securities industry. The changes in the market include emergence of institutional investors, internationalization, innovative technology enabling investment banks and their customers to organize and distribute information, increasing complexity, and capital market capabilities are replacing institutional intermediating capabilities making the commercial banks increasingly active in investment banking. Quality assurances are essential in order to retain the customers on hand which shall be the top priority for any organization as they are the main source of revenue and to attract more customers with quality assistance in banking services. The assurance of quality in service sector brings the customer back to make use of the services and recommend the same to others which means increased rate of profit. Therefore quality assurance is essential in banking sector and especially in the investment banking sector.

Quality Assurance in Investment Banking

Quality Assurance is a new topic that is been applied in banking industry that has been accorded the responsibility to evaluate the performance of system and practices and also suggested changes in the existing practices to improve quality assurance. The process of evaluation regarding the quality assurance in investing banking is initiated with the identification of suitable methodology with definition of goals and objectives of the organization (www.sbp.org.pk). The process is essential in investment banking as investment banks have unique role to play in bridging the worlds as mainstream investors manly rely on the quality assurance of the investment banks (Rhyne, 2009, p.51). In view of the importance of quality assurance in the investment banks, the process is carried out to strengthen the procedure and standards at corporate level, promoting efficient utilization of available resources so that different functions are carried out in an expeditious and cost effective manner and make recommendations for enhanced customer satisfaction. Initially quality assurance will be started by following three pronged strategy i.e. (i) develop the system, (ii) document the system, and (iii) analyze the feedback and make further recommendations (www.sbp.org.pk). Quality assurance is at its best at the times of negotiation with with single investment banker and stronger when registered in traditional manner instead of shelf registration (Williamson, 1988, p.69). According to Turnbull and Moustakatos (1996) service businesses can grow in various ways by retaining the existing customers and attracting new customers through great quality and eliminating the redundancies by the way of terminating the services of unsatisfactory customers and providing  services to new customers.. Further to clarify the scope of quality assurances to the customers in investment banking, reputation of the bank is important in terms of providing advice, integration, orientation and range of products and services offered that act as the major source of retaining and attracting the customers. Investment bankers seek to cultivate an image of competence and quality which is especially important in a competitive professional service business (Eccles and Crane, 1988, p.69). Neely (1999) states that quality assurance is achieved by managing the quality assurance activities system, quality control diagnosis, innovation, improvement, inspection, quality evaluation and audit, infrastructure, assistance in product usage, recycling,  customer satisfaction, reliability, safety, product liability and environmental protection. In order to provide all the facilities mentioned hitherto, quality assurance should begin at each level purely undertaken and supported by the quality assurance team and its members (Gillman and White, 2001, p. 215).

And of late, Total Quality Management (TQM) principles are in practice in most of the successful organizations which also lays down the principles in providing qualitative services to the customer. The TQM principles designed by various researchers are being adapted by many service industries to provide quality service to its customers or clients. It is important to note that the principles are more effective in service sector organizations than in any other firms necessitating the need to integrate the principles in the investment banking to provide quality services to its customers and achieve greater customer satisfaction (Cowling and Newman, 1995). Managers are required to be sensitive to different demands and needs when developing their operational, human resources and marketing strategies with a view to improving the quality of service they offer to their customers as they are willing to pay for better premium services (Spathis, Petridou and Glaveli, 2004). The increasing expectations among the customers, existing and those coming to the bank in search for better service than others in the industry has created a competitive climate thereby laying the impetus on quality of the relationship between the customer and the institution. There are various methods which can be used to ascertain the determinants of the concept of service quality as well as quality measurement techniques (Joseph et al, 2005). Quality is an important aspect in any industry, offering products or services, to attract new customers and retain the existing ones. And providing assurance about the quality is need of the hour for every business. As investment banking is a service oriented business with most of the profits coming through the investments in businesses and acting as consultant to many businesses, it is necessary that investment banking adopt suitable techniques, theories and principles related to quality assurance for customer satisfaction and retention.

Conclusion

The banking sector is growing day by day with new and complex services offered to the customers by various banks to strive in the competitive market. The whole gamut of business is surrounded with one aspect i.e. customer service. Therefore quality is important while providing service to the customers as any soar experiences will result in loss of customers as well as business. It is mentioned that investment banks must improve and emphasize various service dimensions resulting in better quality service. However it is important to mention here that just offering qualitative service is not sufficient but to assure the same service and much better service in the coming future is necessary for the investment banking which deals in higher segment as compared to commercial banking. As mentioned earlier, apart from acting as banks, the investment banks also engage in consultancy services providing assistance in financial and company matters. Basing on this, most of the companies turn towards the banks for suggestions and providing right advice at the right times demonstrates that the bank is reliable financial adviser and is able to meet the clients expectations. Moreover it is important to provide service far better than expected by the customers during the service process by being responsive, approaching the customer to help inspiring confidence, and adopting an institutionalized approach (Turnbull and Moustakatos, 1996). Service quality is being recognized as one of the key strategic value which aims to provide better service in order to retain the existing customers by providing optimum satisfaction, opportunities for cross selling, development of customer relationships, increased sales and market shares by attracting new customers all of which ultimately enhancing the corporate image and business performance (Joseph and Stone, 2003). In view of the above benefits associated with quality assurance in various organizations and particularly in investment banking, it is an integral part of the management process to achieve the goals and objectives of the investment banks. Thus quality assurance is an important element in attracting customers or client in the investment banking sector.

 

 

If you are in search of a lucrative business opportunity, starting an online business could be the best option for you. Most of the people today are opting for online shopping due to its convenience and ease. Apart from these, there are also many other benefits offered by online shopping to its customers as well as sellers. Payment service providers are also playing a major role in moving this business online without any hassles. With the help of these amazing services, thousands of companies are able to provide goods for the customers and receive payments online. Therefore, when you are starting an online business, it is very important to find a good service company, which can offer you this service. When you are looking for these companies, it is also very important to know more about the different services they provide.

 

You will be able to enjoy electronic payments through different methods. As there are different types of methods provided by the service providers, you will be able to select the right one that suits your business needs and budget. These procedures are not only meant for small companies, but also most of the top online businesses are using this type of payment methods. Some of the best examples of these services are credit card payments as well as bank-based. Apart from these, there are bank transfer services, real time bank services as well as direct debit transfer programs etc.

 

With the help of these service providers, customers also have an option to buy the money orders with the help of electronic transactions. When you are in search of these payment methods, it is very important to look for a company that will help you to send the money with the help of regular mails. However, the customers should pay some charges in order to obtain these services. On the other hand, the business owners will be able to send the money with the help of electronic transactions for other member as well as partners of their business. If you want to enjoy these benefits, it is very important to select the right Payment Service Provider.