1. FASTER REMITTANCE FACILITIES
Electronic Fund Transfer (EFT) has accelerated the movement of funds across the world.E-cash knows as cyber cash plays a predominant role in business world. SWIFT (Society for World Wide Interbank Financial Telecommunication) is a classic example of EFT. The reasonsfor the success of an EFT system are speed, reliability, security and accuracy. It is an efficientmode of fund transfer across various banks. It significantly reduces the number of outstationcheques issued by customers. Consequently service load on bank could be reduced over a periodof time. Further this technique makes reconciliation automatic.
2. AUTOMATIC TELLER MACHINES
ATM called electronic equipment allows card holdings customers to perform routine banking transactions without interacting with a human teller. It offers a range of services of modern banking namely deposit taking, cash withdrawal, and account balance verification etcwith the help of Personal Identification Number (PIN) system. It offers round the clock bankingservices to customers. It is safe with an electro-mechanical input and output system which isitself controlled by a fully electronic user interface. It prevents an unauthorized user of the cardfrom gaining access to the machine’s functions.
3. TELEPHONE BANKING
Of late, this product introduced initially by a few foreign banks has started attracting thefancy of the urban customer for the sheer convenience of the facility. Any branch of acommercial bank which has computerized its operations should be able to offer this facility to itscustomers with the help of suitable software for this purpose. Digitization of voice has enabledthe introduction of this technological marvel. Elsewhere, organizations such as Airline, IndianRailways etc have already implemented voice response system based on this technology.Facilities offered through telephone banking can include a range of services such as balanceenquiries, enquiries about collections or specific credits / debits, transfer of funds, request for statements of account or account opening forms etc. telephone banking services by the foreign banks include a wide spectrum of services such as opening accounts, ordering for demand draftsetc. such services, however, would include a suitable levy towards service change. Telephone