Telebanking/Telephone Banking

Telebanking/Telephone Banking

Telebanking, also known as telephone banking, is a type of banking service that allows customers to perform financial transactions and banking activities over the phone. This service is offered by banks and financial institutions, allowing customers to access their accounts and manage their finances from the convenience of their homes or offices.

Telebanking services typically include checking account balances, transferring funds between accounts, paying bills, managing credit card accounts, and requesting account statements. Customers can access these services by calling the designated telephone number provided by the bank, and following the automated prompts or speaking to a customer service representative.

Telebanking provides customers with a convenient and secure way to manage their finances without having to visit a bank branch. It also allows banks to offer extended hours of service to their customers, including evenings and weekends.

Telebanking is an important aspect of business accounting as it helps banks to efficiently manage their operations and provide better customer service. It also helps to reduce the costs associated with traditional banking services, such as staffing and infrastructure, thereby improving the overall efficiency of the banking system.

Telephone banking is a service provided by a financial institution, which allows its customers to perform transactions over the telephone. The function of telebanking services is based on the voice processing facility available with the bank computers.

Most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability. The caller, generally a customer of the bank will be able to call the bank anytime for enquiring balances or transaction history, transfer funds between accounts etc. To guarantee security the customer must first authenticate through a numeric or verbal password or through security questions asked by a live representative. The bank’s computer is connected to a telephone link with modem which has a voice processing software facility that helps in identifying the caller, by keyword and responds to the queries of the customer accordingly.

The following telebanking services are offered to a customer

–           Cash withd rawals and deposits

–           Account balance information and list of latest transactions

–           Electronic bill payments

–           Funds transfers between a customer’s accounts

–           Loan applications

–           Chequebook orders

–           Debit card replacements

–           Change of add ress

Mobile Banking

Mobile Banking is one of the most popular means of electronic banking. Mobile Banking refers to provision and availment of banking- and financial services with the help of mobile telecommunication devices. Mobile Banking comes with features like 128 bit encryption and open Internet technology, i.e. it does not dependent on any specific service provider or the handset. The service is free of charge. The scope of offered services may include facilities to conduct bank and stock market transactions, to administer accounts and to access customised information, viewing account balances, making transfers between accounts, or paying bills, performing balance checks, account transactions, payments, request for a cheque book, look at the current interest rates or even the last three to five transactions round the clock etc.

According to this model Mobile Banking can be said to consist of three inter-related concepts:

–           Mobile Accounting

–           Mobile Brokerage

–           Mobile Financial Information Services

Most services in the categories designated Accounting and Brokerage as transaction-based services. The non-transaction-based services of informational nature are however essential for conducting transactions such as balance inquiries might be needed before committing a money remittance. The accounting and brokerage services are therefore offered invariably in combination with information services. Information services, on the other hand, may be offered as an independent module.

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