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
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