Phone Banking or Telephone Banking is a special service offered by the leading banks & other financial institutions of the country enabling customers to carry out a wide range of financial transactions over the medium of the phone. In this system, there is no use of the cash or any physical document like cheques & others. Moreover, using the system of telephone banking, there is no need for visiting the bank branch or ATM physically. All the financial transactions can be carried out easily with the use of the telephone.
Though telephone banking might sometime take longer than a usual visit to the bank branch or ATM, it offers the ease of implementing financial transactions by sitting in the comfort of one’s home. Additionally, there are various leading banks & financial institutions that also facilitate the ease of providing 24-hours successful financial transactions using phone banking services. There are various applications for which you might consider making use of phone banking services. Here are some:
When viewed from the bank’s viewpoint, the application of the phone banking system helps in reducing the overall cost of operating & handling financial transactions. This is achieved by reducing the number of individual visits by the users to the bank’s brand for non-cash deposits or withdrawals services.
How to Operate Phone Banking?
Understanding the importance of phone banking & its application in the recent times, you must know how to operate this system. To avail the services from the concerned bank’s phone banking facilities, you must, first of all, register yourself with the particular telephone banking services of the financial institution. Then, you are assigned a unique customer number (not being same as the bank account number) by the financial institution. You might be allowed to set up your own unique password for bringing about effective customer verification during any financial transaction.
While using the phone banking services, you can call up the specialized phone number of the concerned bank or financial institution. The respective bank would then authenticate your identity through the special customer number & the numeric or verbal password provided by you. You might also be asked some specific security questions by the bank’s call representative during the phone banking process. The service of phone banking can be offered by utilizing some automated system, DTMF technology, voice recognition capability, or through the presence of live representatives of customer care services.
Benefits of Phone Banking
When you make use of phone banking services offered by the bank or some financial institution, here are some benefits offered:
Avail the maximum use of highly advanced phone banking services through the use of your phone!