Advantages of Telephone Banking – Telephone Banking Dead?

You might be surprised to see us discussing the advantages of telephone banking when online services have become the norm.

But, we actually receive a surprising number of questions about telephone banking from prospective and current members.

So, we decided to share some thoughts on the state of telephone banking, advantages, disadvantages, and whether or not it’s a dead service.

In particular, we’re going to look at the availability of telephone banking for anyone looking to open a European bank account for non-residents remotely.

Feel free to jump ahead to the areas most relevant to you by using the table of contents below.

Table of Contents

  1. Telephone Banking 101
  2. Advantages of Telephone Banking
  3. Frequently Asked Questions
  4. Ready to Explore Your Options

Telephone Banking 101

Okay, we’ll keep this short:

Telephone banking refers to executing bank transactions and account related activities over the telephone.

That’s it…

The specific activities that can be executed via telephone banking can vary slightly depending on the bank or financial institution that you’re dealing with.

That said, the following activities can typically be executed when telephone banking is available.

Telephone Banking Activities

  • Scheduling upcoming transaction
  • Confirming current account balance
  • Requesting information about recent transactions
  • Setting up automatic bill payments
  • Opening additional or sub-accounts
  • Reporting lost or stolen debit or credit cards
  • Arrange emergency cash when cards are lost or stollen
  • Updating client profile information (e.g. address)
  • Requesting information on other bank products
  • Order check books and stop check payments

Now, all of these services are useful. However, in almost all cases, they have been completely replaced by online banking.

That said, certain people still prefer interacting directly with an individual when it comes to managing their finances, confirming transactions, and especially when reporting lost or stolen debit or credit cards.

So, for certain individuals, telephone banking may still offer value. With this in mind, let’s take a look at the potential advantages of telephone banking.

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Advantages of Telephone Banking

Like most products and services, the advantages of telephone banking will ultimately come down to the individual that is considering using them.

For example, most people prefer online banking because of the extra security it offers and don’t want to interact with an individual when completing transactions.

On the other hand, other people are accustomed to receiving direct support when preparing and completing transactions and receiving immediate confirmation about account details and transaction related enquiries.

So, the advantages of telephone banking vs online banking will ultimately come down to the prospective customer and their personal preferences. This is probably why so many banks continue to offer telephone banking today.

Benefits of Telephone Banking

  • Direct one-on-one support
  • Immediate confirmation on account status
  • Personalized answers to your questions
  • Help navigating confusing transaction details
  • Frequently Asked Questions

Frequently Asked Questions

Below are two common questions that we receive from people looking for telephone banking services. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

What Types of Services Are Offered With Tele-Banking?

Telephone banking provides customers with access to account updates, recent transaction details, setting up and stopping automatic payments, opening and closing subaccounts, sending transactions, and much more.

Are There Any Disadvantages of Telephone Banking?

The disadvantages of telephone banking include challenges navigating the system, delayed support depending on availability, weaker security than online and in person banking, dependence on the competency of the person helping you.

Ready to Explore Your Options?

If you would like assistance navigating your banking options at home or abroad, we can help.

You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.

But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.

Of course, if you have any questions, please contact us directly.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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