Banking channels provide both Financial and Non Financial services. The Financial Services rendered by banks are- Fund Transfer, Third party payments, Bill Payments, Opening Bank accounts, Closure of Loan accounts, Loan part payments, Issue of Demand Draft, ATM services, Mobile Services and the Non Financial Services can be termed as – Viewing of account information, Request for cheque book, Creating standing instructions.
There are different media through which Banks offer these channel services to cater to their banking needs. They are:
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- Automated Teller Machines wherein customers can use the services 24×7 through a Debit Card. This is the most popular mode of payment systems available today.
- Through a retail branch wherein customers can go personally and interact with the Bank personnel, and get solution to their queries. This is the conventional banking system.
- Call Centers are available these days across the banking industry 24×7, through which any of the customer queries are addressed immediately.
- Another important channel of banking is through Mail requests viz accepting cheque deposits and communicate through mail and send the statements along for cross verification by the customers.
- Mobile Banking through which all banking transactions are carried out. This is used widely across, these days, and is more useful in purchase outlets. HDFC Bank offers a new concept called Mobile Banking in association with Orange in Mumbai and Essar and AirTel in A revolutionary new service, it enables you to access your HDFC Bank account from your cellular phone. This service works on the SMS message (Text Message) function available on the mobile phone and is supported by their Net Banking infrastructure.
- Online banking or Internet banking is used for performing multiple transactions, payments, transfer of money, Generating online statement , Request for making Term Deposits etc.,
- Transactions through Relationship Managers, who visits customers at their home or business place.
- Telephone Banking is a service through which customers can conduct transactions over phone. Example are: requesting for a cheque book, Requesting for balance Statement, Account Balance inquiry, Loan related inquiries, Stop payment of cheques and so on.
- Video Banking is also another term used through banking transactions are performed or professional banking is conducted via purpose built banking transaction machines (which are similar to an ATM) or via a Video conference enabled banking branch activities.
- Other transaction mode is through DSAs (Direct Selling Agents) who work for the bank based on a contract through whom the bank’s customer base is increased.
- Banks also offer Remittance facilities through NEFT and RTGS. A request for such transfers can either be made through branches or through Internet or through Mobile. Funds are transferred immediately in a Real time.
- Transactions through a Core Banking Solution are another popular mode of payment system. Here, both the customers – the remitter and the receiver should have their accounts with the same bank, and the amount is transferred in a real time.
- Conventional Demand Draft or Payorder is another mode through which remittances can be made by the customers.
Door Step Banking:
Banking services are also extended to the High Net Worth customers, through the Relationship Managers
Banking channels are getting added day by day more in numbers and the future banking is going to be more challenging and rewarding.