Telephone banking

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Telephone banking

Telephone banking is a service provided by a financial institution

Financial institution

In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries....
which allows its customers to perform transactions

Financial transaction

Financial transaction is an event or condition under the contract between a buyer and a seller to exchange an asset for payment. In accounting, it is recognized by an entry in the books of account....
over the telephone.

Most telephone banking use an automated phone answering system with phone keypad response or voice recognition capability. To guarantee security, the customer must first authenticate

Authentication

Authentication is the act of establishing or confirming something as authentic, that is, that claims made by or about the subject are true....
through a numeric or verbal password

Password

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Encyclopedia

Telephone banking is a service provided by a financial institution

Financial institution

Financial transaction

Authentication

Authentication is the act of establishing or confirming something as authentic, that is, that claims made by or about the subject are true....
through a numeric or verbal password

Password

A password is a secret word or string of Character that is used for authentication, to prove identity or gain access to a resource . The password must be kept Secrecy from those not allowed access....
or through security questions asked by a live representative (see below). With the obvious exception of cash withdrawals and deposits, it offers virtually all the features of an automated teller machine

Automated teller machine

An automated teller machine is a computerized telecommunications device that provides the customers of a financial institution with access to financial transactions in a public space without the need for a human clerk or bank teller....
: account balance information and list of latest transactions, electronic bill payment

Electronic bill payment

Electronic bill payment is a feature of online banking, similar in its effect to a giro, allowing a depositor to send money from his demand account to a creditor or vendor such as a public utility or a department store to be credited against a specific account....
s, funds transfer

Giro

A giro or giro transfer is a method of payment. It is the opposite of a cheque, which is given to a payee who deposits it in a bank. A giro is given by the payer to his bank, which transfers funds into the payee's bank account....
s between a customer's account

Deposit account

A deposit account is a Current account at a banking institution that allows money to be deposited and withdrawn by the account holder, with the transactions and resulting balance being recorded on the bank's books....
s, etc.

Usually, customers can also speak to a live representative located in a call centre

Call centre

File:An Indian call center.jpgA call centre or call center is a centralised office used for the purpose of receiving and transmitting a large volume of requests by telephone....
or a branch

Branch (banking)

A branch, banking center or financial center is a retail location where a bank, credit union or other financial institution offers a wide array of Real life and automated services to its customers....
, although this feature is not guaranteed to be offered 24/7. In addition to the self-service transactions listed earlier, telephone banking representatives are usually trained to do what was traditionally available only at the branch: loan

Loan

A loan is a type of debt. This article focuses exclusively on monetary loans, although, in practice, any material object might be lent. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the wiktionary:lender and the wiktionary:borrower....
applications, investment

Investment

Investment or investing is a term with several closely-related meanings in business management, finance and economics, related to Saving or deferring Consumption ....
purchases and redemptions, cheque

Cheque

A cheque or check is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified demand account held in the maker/depositor's name with that institution....
book orders, debit card

Debit card

A debit card is a plastic card which provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic check, as the funds are withdrawn directly from either the bank account , or from the remaining balance on the card....
replacements, change of address, etc.

Banks which operate mostly or exclusively by telephone are known as phone bank

Phone bank

Phone bank can mean:*A collection of telephones within an organization such as a call centre.*A banking institution that does business solely or mostly via telephone. See telephone banking....
s.

Telephone banking

See also