Phone banking is a service provided by the banks, which allows customers to perform bank transactions over the telephone.
Phone banking services use an automated phone answering
system with phone keypad response or voice recognition capability. To
guarantee security, the customer must first prove his/hers identity through a numeric or verbal code (password) or through security questions asked by a live representative. With the exception of cash withdrawals and deposits, it
offers virtually all the features: account balance information and list of latest transactions, e-bill payments, fund transfers between accounts, e.t.c.
Customers can also speak to a live representative located in a bank's call center or branch
. 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.
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