Telephone banking is a service provided by a
financial institutionwhich allows its customers to perform transactions over the telephone.
Most telephone banking use an automated phone answering system with phone keypad response or voice recognition capability. To guarantee security, the customer must first authenticate through a numeric or verbal
passwordor through security questions asked by a live representative (see below). With the obvious exception of cash withdrawals and deposits, it offers virtually all the features of an automated teller machine: account balance information and list of latest transactions, electronic bill payments, funds transfers between a customer's accounts, etc.
Usually, customers can also speak to a live representative located in a
call centreor a branch, although this feature is not guaranteed to be offered 24/7. In addition to the self-service transactions listed earlier, telephone banking representatives are usually trained to do what was traditionally available only at the branch: loanapplications, investmentpurchases and redemptions, chequebook orders, debit cardreplacements, change of address, etc.
Banks which operate mostly or exclusively by telephone are known as
Current account (banking)
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