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Banking Channels Banking Channels: S.P.Mohanty S.P.Mohanty

Banking channels provide various methods for customers to access their financial accounts. Some key channels discussed include ATMs, which allow customers to withdraw cash and check balances using a card and PIN. Point of sale (POS) terminals are used at retail locations to manage sales and print receipts. Internet banking allows customers to access services online anywhere at any time through a bank's website using login credentials. Telebanking uses an automated phone system or live representatives to perform transactions over the telephone, offering many of the same services as ATMs. Security features across channels include passwords, encryption, firewalls and monitoring to protect customer information and accounts.

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97 views

Banking Channels Banking Channels: S.P.Mohanty S.P.Mohanty

Banking channels provide various methods for customers to access their financial accounts. Some key channels discussed include ATMs, which allow customers to withdraw cash and check balances using a card and PIN. Point of sale (POS) terminals are used at retail locations to manage sales and print receipts. Internet banking allows customers to access services online anywhere at any time through a bank's website using login credentials. Telebanking uses an automated phone system or live representatives to perform transactions over the telephone, offering many of the same services as ATMs. Security features across channels include passwords, encryption, firewalls and monitoring to protect customer information and accounts.

Uploaded by

SsRath
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Banking channels

S.P.Mohanty

ATM
An automated teller machine (ATM) or ATM) the automatic banking machine (ABM) is a computerised ABM) telecommunications device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. teller.

On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip, that contains a unique chip, card number and some security information such as an expiration date or CVVC (CVV). Authentication is provided by the customer entering a personal identification number (PIN).

Using an ATM, customers can access their bank accounts in order to make cash withdrawals (or credit card cash advances) and check their account balances as well as purchase cellphone prepaid credit. If the currency being withdrawn from the ATM is different from that which the bank account is denominated in (eg: Withdrawing Japanese Yen from a bank account containing US Dollars), the money will be converted at a wholesale exchange rate. Thus, ATMs often provide the best possible exchange rate for foreign travelers and are heavily used for this purpose as well.

Onsite ATMs Offsite ATMs

First ATM in India was installed in 1987 by HSBC No of ATMs in India around 1% of total ATMs in world It can perform both cash and non-cash nontransactions

Point of Sales (POS)


It is the location where a transaction occurs. A POS terminal manages the selling process by a salesperson accessible interface. The same system allows the creation and printing of the voucher. voucher. The retailing industry is one of the predominant users of POS terminals.

Internet banking
It is an additional delivery channel with internet as the medium of operation. It can utilise services from anywhere anytime. User connects to the banks website through internet and login to service via user id and password

Internet banking security


Secured information flow through security features like firewalls, content filtering and intrusion detection systems

Application software in-built security infeatures Unique user id and password Separate password for login and transaction Mandatory change of password at the time of first login Periodic alerts / compelled changing of password

Telebanking
A service provided by a financial institution which allows its customers to perform transactions over the telephone. Most telephone banking use an automated phone answering system with phone keypad response or voice recognition capability.

To guarantee security, the customer must first authenticate through a numeric or verbal password or through security questions asked by a live representative. With the obvious exception of cash withdrawals and deposits, it offers virtually all the features of an automated teller machine: machine: account balance information and list of latest transactions, electronic bill payments, payments, funds transfers between a customer's accounts, etc. accounts,

Usually, customers can also speak to a live representative located in a call centre or a branch, branch, although this feature is not guaranteed to be offered 24/7. In addition to the self-service transactions listed selfearlier, 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. Banks which operate mostly or exclusively by telephone are known as phone banks. banks.

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