Operation
To use a financial institution's telephone banking facility, a customer must first register with the institution for the service, and set up some password (under various names) for customer verification.
To access telephone banking, the customer would call the special phone number set up by the financial institution. The service can be provided using an automated system, using speech recognition and DTMF technology or by live customer service representatives.
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. Cash withdrawals and deposits requires the customer to visit an automated teller machine or bank branch.
Read more about this topic: Telephone Banking
Famous quotes containing the word operation:
“Human knowledge and human power meet in one; for where the cause is not known the effect cannot be produced. Nature to be commanded must be obeyed; and that which in contemplation is as the cause is in operation as the rule.”
—Francis Bacon (1560–1626)
“An absolute can only be given in an intuition, while all the rest has to do with analysis. We call intuition here the sympathy by which one is transported into the interior of an object in order to coincide with what there is unique and consequently inexpressible in it. Analysis, on the contrary, is the operation which reduces the object to elements already known.”
—Henri Bergson (1859–1941)