BANKING AFFAIRS

Detailed explanation-1: -The function of telebanking services is based on the voice processing facility available with the bank computers. Most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability.

Detailed explanation-2: -Telephone banking is a service provided by a bank or other financial institution, that enables customers to perform over the telephone a range of financial transactions which do not involve cash or Financial instruments (such as cheques), without the need to visit a bank branch or ATM.

Detailed explanation-3: -Telebanking uses Interactive Voice Response (IVR) system to perform the banking transaction. Initially, the service involves manual intervention by an executive, in which the customers make a call to the bank’s specified toll-free number through the landline or mobile device from anywhere.

Detailed explanation-4: -It includes such functions as to orally report a missing account, change telephone banking password, check account balance, check transaction details, check the No. of a certificate of deposit, check accumulated points in a debit card, and fax a bank statement.

Detailed explanation-5: -telebanking. Examples are ordinary telephone conversations, teleshopping, telebanking or video conferencing services, all of which are communications of an essentially private kind.