Question- Discuss the popular services covered under online banking.

Ans.

Services Covered Under Online Banking

These are as under -

1. Any Branch Banking : It is the service where an account is accessible from any branch of a particular bank.

2. Automated Teller Machine : It is a computerized machine. It permits bank customers to gain access to their accounts and permit them to conduct some limited scale banking transactions with a magnetically encoded plastic card and a code number.

3. Banking KIOSK : KIOSK Banking offers customers the flexibility to conduct their banking transactions via the KIOSK machine. The customer must have a Debit Card and a PIN. When one inserts the debit Card into the Kiosk, he will be prompted to enter the PIN.

4. SWIFT : The Society for Worldwide Interbank Financial Telecommunication operates a worldwide financial messaging network which exchanges messages between banks and other financial institutions.

5. Short Message Service Banking : It is the formal name for text messaging. SMS banking allows customers to make simple transactions to their bank accounts by sending and receiving messages.

6. EFT : Electronic Funds Transfer is a system of transferring money from one bank account to another without any direct paper money transaction.

7. Debit Cards : Debit cards are linked directly to the bank account. The holder of debit card can use it to buy goods or withdraw cash and the amount is taken from the bank account.

8. Credit Cards : It is a form of borrowing. Credit cards allow its holder to buy goods now and pay later.

9. Point of Sale : Point of Sale service is an innovative electronic money transferring system that allows the customers of banks to pay for their purchasers through their ATM and credit card at any POS enabled retailer.

...Prev | Next...