Telephone Banking

With the proliferation of online banking you might think that telephone banking would go by the wayside. The rumors of its death were greatly exaggerated.

Telephone banking is a service provided by many, if not most, banks and financial institutions which allows customers to make banking transactions over the phone. Most telephone banking systems use an automated phone answering system with phone keypad response or voice recognition capability. Many consumers are concerned over security, and to guarantee security, banks have the customer authenticate via a password or individualized security questions. This convenience was extremely popular before the internet took over as the method of making banking transactions. But telephone banking remains popular, especially with those that are less comfortable using the internet to make transactions.

Now that cell phones are ubiquitous, the convenience of phone banking is even more important. While many cell phones do have internet capabilities, it remains simple to just call into your banks 800 number and execute transactions. So telephone banking will retain popularity until its conveniences have been surpassed with new technology.

Written by Nagel on May 5th, 2007 with no comments.
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