If you’re searching for “phone banking meaning” you’re in the right place.
In this article, we’re going to discuss telephone banking in a traditional sense, and compare it to modern mobile banking applications as well.
Importantly, these definitions will apply whether you’re looking at single-currency accounts in your home country or a multi-currency bank account in a foreign jurisdiction.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
Phone Banking 101
As technology has advanced, the meaning of phone banking has changed over the years. Digital security protocols, two-factor authentication, and a wide range of other advancements have made it possible for people to effectively manage their bank accounts from home via mobile apps.
But the traditional meaning of phone banking is something different. We’re not talking about logging into online banking or using mobile applications to send and receive funds. Instead, we’re talking about dialing the telephone banking number provided by your bank and using dial tone sequences to complete specific actions.
While this may seem antiquated for many bank customers, certain people are more comfortable with this approach. Additionally, not all countries have enjoyed the same level of technological advancement, and telephone banking through dial tone sequences may still offer a more efficient approach to banking than visiting a branch in person.
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Phone Banking Services
While phone banking is essentially obsolete in most countries, it can still offer services that certain customers may find useful, including the following:
- Transaction scheduling
- Balance confirmation
- Transaction information
- Automatic bill payment scheduling
- Sub-account opening
- Reporting lost or stolen cards
- Emergency access to cash
In addition to the services mentioned above, phone banking offers the following benefits to customers:
- Direct one-on-one support
- Immediate confirmation on account status
- Personalized answers to your questions
- Help to navigate confusing transaction details
- Updating client information
- Requesting information on other products
Mobile Banking Apps
Not to be confused with the meaning of phone banking, mobile banking apps offer customers a direct way to access their accounts and complete transactions from a mobile device like a phone or tablet.
Importantly, mobile banking offers a much broader range of capabilities than traditional phone banking. In fact, in most cases, customers can complete the full range of banking activities that they can complete at a branch.
On the other hand, when it comes to the traditional meaning of phone banking, customers are often restricted to monitoring their accounts, confirming the status of transactions and balances, and updating personal information. However, to complete transactions, they often have to visit a branch in person or use a mobile banking app.
Frequently Asked Questions
Below are three of the most common questions that we receive from people looking to understand the meaning of phone banking. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is Phone Banking vs Mobile Banking?
Phone banking refers to completing transactions via voice call or dial tone sequences whereas mobile banking refers to completing transactions through a mobile application. While mobile banking applications are widely used, certain banks still offer phone banking to their customers, this is especially true in foreign jurisdictions with technological limitations.
How Do I Set Up Phone Banking?
To set up phone banking, you may need to visit a branch in person to register a pin. This pin is often used for security verification purposes anytime you contact the bank. Additionally, banks may have you answer several security questions, which will also be used during phone banking. In most cases, customers will be asked to provide their pin, answer questions, and also confirm identifying information.
What Is a Phone Banking Example?
Phone banking includes the use of dial tone sequences. But it also includes the use of direct voice calls with bank representatives in order to complete bank transactions. Specific services that can be completed through phone banking include confirming account balances, confirming the status of transactions, canceling standing orders, and more.
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