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Telephone banking

Telephone banking is a service provided by a bank or other financial institution, that

enables customers to perform a range of financial transactions over the telephone, without the need to
visit a bank branch or automated teller machine. Telephone banking times are usually longer than branch
opening times, and some financial institutions offer the service on a 24-hour basis. Most financial
institutions have restrictions on which accounts may be accessed through telephone banking, as well as a
limit on the amount that can be transacted.
The types of financial transactions which a customer may transact through telephone banking include
obtaining account balances and list of latest transactions, electronic bill payments, and funds
transfers between a customer's or another's accounts.
From the bank's point of view, telephone banking minimises the cost of handling transactions by reducing
the need for customers to visit a bank branch for non-cash withdrawal and deposit transactions.
Transactions involving cash or documents (such as cheques) are not able to be handled using telephone
banking, and a customer needs to visit anATM or bank branch for cash withdrawals and cash or cheque


Online Capability

Automatic real-time posting all day

Up-to-the-minute memo balance

No importing data or exporting of transfers

Improved Security

Customer prompted to change pin on first access

Multiple administrative passwords

Transfer Authorization Numbers


Validate transaction for customer

Ease of research for customer service

Message Indicator

New Voice Recordings

Enhanced Reporting

Mobile banking
Mobile banking is a service provided by a bank or other financial institution that allows its customers to
conduct some financial transactions remotely using a mobile device such as a mobile phone or tablet.
Mobile banking differs from mobile payments, which involves the use of a mobile device to pay for goods
or services either at thepoint of sale or remotely,[1] analogously to the use of a debit or credit card to effect
an EFTPOS payment.
The earliest mobile banking services used SMS, a service known as SMS banking. With the introduction
of smart phones with WAP support enabling the use of the mobile web in 1999, the first European banks
started to offer mobile banking on this platform to their customers. [2]
Mobile banking has until recently (2010) most often been performed via SMS or the mobile
web. Apple's initial success with iPhone and the rapid growth of phones based onGoogle's Android
(operating system) have led to increasing use of special client programs, called apps, downloaded to the
mobile device. With that said, advancements in web technologies such
as HTML5, CSS3 and JavaScript have seen more banks launching mobile web based services to
complement native applications. A recent study (May 2012) by Mapa Research suggests that over a third
of banks[3] have mobile device detection upon visiting the banks' main website. A number of things can
happen on mobile detection such as redirecting to an app store, redirection to a mobile banking specific
website or providing a menu of mobile banking options for the user to choose from.

Advantages of Mobile Banking Anytime Banking:

Mobile Banking gives you the privilege of anytime and anywhere banking. One can do most of
the banking transaction after banking hours from anywhere, irrespective of whether you are
traveling in bus or auto. Whereas this ease will not be possible if you are connected to a PC or
Lap top, especially when traveling. Mobile Banking is Free: The service provided by bank is free
of charge, there is no limit for number of times you can access your account. Various banking
services provided include Account Balance Inquiry , Credit/Debit Alerts, Bill Payment Alerts,
Transaction History, Fund Transfer Facilities, Minimum Balance Alerts etc. can be accessed
from your mobile. You can transfer money instantly to another account in the same bank using
mobile banking. Secure Banking: Some banks assure that, by downloading the app directly from
the server, the data wont be stored in your mobile as well as SIM card. The app comes with
advanced encryption technologies making it safe and secure as Internet Banking.

Disadvantages of Mobile Banking

To make maximum benefit of mobile banking one should have smart phone. Some banks have
specific software for specific mobile such as iphone and Blackberry people should download
different apps based on the smart phone they own. Many experts believe that mobile banking is

more secure then internet banking as very few virus or Trojans can exist in phone. However,
that does not mean that they are immune to any kind of threats. As phishing exist for internet
banking users, there is "Smishing" for mobile banking users. When a mobile banking user
receives a fake text message asking for bank account details from a hacker. There are also very
limited anti -virus software options for mobile devices. People are less careful with their mobile
compared to laptop. You must also update your anti-virus on the mobile if you are a frequent
user of mobile banking. Conclusion As is the case always comfort and ease will come with some
risk. You need to be careful on the mobile as well, though it brings lesser risk.