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Encyclopedia > Telephone banking

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Telephone banking is a service provided by a financial institution Image File history File links Gnome-globe. ... In Financial economics, a financial institution acts as an agent that provides financial services for its clients. ... 

 which allows its customers to perform transactions 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 through a numeric or verbal password 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: account balance information and list of latest transactions, electronic bill payments, funds transfers between a customer's accounts, etc. A financial transaction involves a change in the status of the finances of two or more businesses or individuals. ... Authentication (Greek: αυθεντικός = real or genuine, from authentes = author ) is the act of establishing or confirming something (or someone) as authentic, that is, that claims made by or about the thing are true. ... A password is a form of secret authentication data that is used to control access to a resource. ... An NCR Personas 85-Series interior, multi-function ATM in the USA An automated teller machine or automatic teller machine (ATM) is a computerised telecommunications device that provides a financial institutions customers a method of financial transactions in a public space without the need for a human clerk or... 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. ... what is it thomas? A giro, also called a direct deposit, is a banking term for a method of payment. ... A deposit account is an account at a banking institution that allows money to be held on behalf of the account holder. ...


Usually, there is also the possibility to speak to a live representative located in a call centre or a branch, 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 applications, investment purchases and redemptions, chequebook orders, debit card replacements, change of address, etc.It never works so i suggest people not to use telephone banking. A very large collections call center in Lakeland, FL. A call centre or call center (see spelling differences) is a centralized office used for the purpose of receiving and transmitting a large volume of requests by telephone. ... A loan is a type of debt. ... Invest redirects here. ... Example of a Canadian cheque. ... A debit card is a plastic card which provides an alternative payment method to cash when making purchases. ...


Banks which operate mostly or exclusively by telephone are known as phone banks. Phone bank can mean: A collection of telephones within an organisation such as a call centre. ...


See also


  Results from FactBites:
 
Telephone banking - Wikipedia, the free encyclopedia (236 words)
Telephone banking is a service provided by a financial institution which allows its customers to perform transactions over the telephone.
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 applications, investment purchases and redemptions, chequebook orders, debit card replacements, change of address, etc.
Banks which operate mostly or exclusively by telephone are known as phone banks.
Banking on the phone Northwestern Financial Review - Find Articles (884 words)
As it's turned out, people still enjoy seeing each other at the bank, branch banking is thriving, millions of people continue to write checks, and telephone banking remains a cornerstone of customer service.
Telephone banking remains a popular consumer outlet, but companies that sell and manage telephone systems have seen declining sales.
The 2003 Community Bank Competitiveness survey, conducted by the American Bankers Association, found 66.5 percent of 760 banks across the country offer telephone banking and only 3.9 percent plan on introducing the service in the future.
  More results at FactBites »


 

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