What are the Different Ways to Bank?
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Introduction
The development of technology, together with the demand for more efficient banking, has allowed banks to deliver their services using a range of mediums that stretch further than the traditional “walk in” method.
Important:
It should be noted that all banks may or may not integrate all of the methods outlined in this article. In addition, the number of services* that can be accessed by each method will vary between banks.
* i.e. loan applications, bill payments, creating/cancelling standing orders, etc.
The ‘walk in’ service is becoming the less attractive way of banking although many customers will still choose this method due to their sceptical attitude to the other methods. In addition, customers will also prefer this method for the guaranteed security and peace of mind that may not be as easily integrated into the other methods. Advantages:
- Bank on a personal basis (face-to-face)
- You will have access to all of the services on offer
- Guaranteed security
- Peace of mind that any transactions/deposits have been completed and recorded
- It does not incur any additional costs to simply walk into the bank
Disadvantages*:
- Queuing at the bank
- Bank may not be located close to the customer
- Opening times may not correspond to the customer’s availability (particularly businesses whose trading hours usually reflect those of the bank)
* The nature of the disadvantages is largely focused on ‘time’ issues. This is particularly damaging to businesses that use staff to visit the bank: their time is paid for.
ATM
All major banks have a network of ATM machines nationwide (global in some case). They are commonly situated outside banks, in supermarkets, at train stations/airports and within shopping centres. These ATM machines can allow you to view and print your balance, print your recent transactions, withdraw money from your account and transfer money between accounts.
ATM m achines will require you to h ave a debit card with a PIN number to use the facility. If you do not receive a debit card from your b ank when opening an account, contact your bank.
Advantages:
- 24 hour, 7 day a week access
- Security is integrated (PIN numbers)
Disadvantages:
- Limited amount of functionality
- Queuing may be likely
- ATM machines shut down when they are empty of money (require regular re-filling)
- Security is not at a high level
This method is very effective and allows you to access your account via phone and use some of the services that you can when personally visiting the bank (i.e. pay bills, obtain a balance, apply for a loan, cancel standing orders, etc). The system is usually completely automated: however operators are available (at certain times i.e. 8am to 10pm) to deal with you personally when required. You will navigate the automated area of telephone banking by pressing the touch-tone buttons on your phone when prompted. You will have to register before you use telephone banking for the first time to set up personal security details (this is usually a number 6-10 digits long and a few personal questions that only you would know the answer to). Security numbers will have to be entered at the start of each call.
Advantages:
- 24 hour, 7 day a week access
- Many of the banks have a free phone number
- Can use telephone banking anywhere (if there is a phone)
- Security is integrated
- No need to queue as you would at a bank
Disadvantages:
- Some services cannot be accessed via the phone
- Level of security may not be trusting to some customers
- You cannot deposit physical cash using telephone banking i.e. cheques, cash in hand. This would require a personal visit to the bank
On the next page, we look at TV banking, Internet banking and PC banking…
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