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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
