Tele Banking 3o258

Telebanking Introduction Telebanking is a throwback to the days when people would call into a central number at their bank institution in order to get balance, check status and other -related information. Telephone banking times can be longer than branch opening times, and its offer the service on a 24 hour basis. From the bank's point of view, telephone banking reduces the cost of handling transactions by reducing the need for customers to visit a bank branch for non-cash withdrawal and deposit transactions. To use a telephone banking facility, a customer must first with the institution for the service, and set up some for customer verification. The for telephone banking is normally not the same as for online banking. In banks now routinely allocate customer numbers, whether or not customers intend to access their telephone or online banking facility. Customer numbers are normally not the same as numbers, because a number of s can be linked to the one customer number. The customer will link to the customer number any of those s which the customer controls, which may be cheque, savings, loan, credit card and other s. To access telephone banking, the customer would call the special phone number set up by the bank, and enter on the keypad the customer number and . Some banks have set up additional security steps for access, but there is no consistency to the approach adopted. Most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability. To ensure security, the customer must first authenticate through a numeric or verbal or through security questions asked by a live representative.

The types of banks which a customer may transact through telephone banking include obtaining balances and list of latest transactions, electronic bill payments, and funds 1

transfers between a customer's or another's s. Cash withdrawals and deposits require the customer to visit an automated teller machine or bank branch. Telephone banking is a service provided by a financial institution that enables customers of the financial institution to perform financial transactions over the telephone, without the need to visit a bank branch or automated teller machine. Telephone banking times can be longer than branch opening times, and some financial institutions offer the service on a 24 hour basis. From the bank's point of view, telephone banking reduces the cost of handling transactions by reducing the need for customers to visit a bank branch for non-cash withdrawal and deposit transactions. To use a financial institution's telephone banking facility, a customer must first with the institution for the service, and set up some (under various names) for customer verification. The for telephone banking is normally not the same as for online banking. Financial institutions now routinely allocate customer numbers (also under various names), whether or not customers intend to access their telephone or online banking facility. Customer numbers are normally not the same as numbers, because a number of s can be linked to the one customer number. The customer will link to the customer number any of those s which the customer controls, which may be cheque, savings, loan, credit card and other s. Some financial institutions have restrictions on which s may be access via telephone banking. To access telephone banking, the customer would call the special phone number set up by the financial institution, and enter on the keypad the customer number and . Some financial institutions have set up additional security steps for access, but there is no consistency to the approach adopted. Most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability. To ensure security, the customer must first authenticate through a numeric or verbal or through security questions asked by a live representative. The types of financial transactions which a customer may transact through telephone banking include obtaining balances and list of latest transactions, electronic bill payments, and funds transfers between a customer's or another's s. Cash withdrawals and deposits requires the customer to visit an automated teller machine or bank branch. 2

A customer may not be able to use telephone banking on particular bank s with a financial institution, such as loan s, but bank rules vary in this respect. The process involves using the keypad on a touch-tone telephone to perform a variety of banking functions. Along with traditional banks, phone banking is also utilized extensively by online banking institutions, including banks that conduct business primarily with the use of telephone technology. The concept of telephone banking has been around for several decades. Initially, the process required manual intervention by a bank employee. Customers would call into the bank, answer questions to their identities, and submit queries to the service representative. While somewhat labor intensive, this approach did make it possible to conduct a number of banking transactions from the comfort of home. With the advent of touch-tone services, the idea of telephone banking took on a new direction. Instead of connected with a live bank representative, customers could use the keypad on a touch-tone phone to enter an automated system and obtain information on bank s as of the latest posting day. One advantage of this newer approach is that bank customers could call any time of the day or night and check the status of their s. As technology continued to progress, the scope of functions that could be performed with the automated system expanded, making the service even more valuable to customers. Tele banking system is and interactive voice Response (IVR) application which uses a telephone to access information from a database. It is an easy to use, cost effective and innovative solution designed to meet needs for electronic banking application. It provides communication between information in IVRS system and off-site telephone caller/customer.

There are several ways that a telephone banking service may be configured. Some function off a validation process that includes voice recognition before access to the customer s is granted. Other systems make use of credentials such as names and codes that must be entered using the telephone keypad. Once the customers enters the

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correct data, the automated system makes it possible to perform a wide range of functions in relation to the s connected with the credentials. The typical bank telephone customer can access his or her s to perform a variety of functions. Balances can be checked and the latest activity can be reviewed. The customer can also transfer funds between s using telephone banking, as well as order more checks, make loan payments, or request information on other services the bank offers. In addition to use by traditional banks, telephone banking is also utilized by virtual banks that rely heavily on telephone and Internet access to process transactions and provide information to customers. Telephone banks generally function primarily by establishing access credentials that can be used on any telephone with touch-tone service. In addition, the transactions or queries can be conducted around the clock, an advantage that allows the telephone bank to seek clients in any area of the world where the bank is authorized to conduct business. While online banking access has become very popular today, most banking institutions continue to offer telephone banking services at no charge to their customers.

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Overview of Study With Telebanking you can manage your from the comfort of your home, from your office or from another location anywhere in the world. We are available from 7 a.m. to 10 p.m. daily. Telephone banking offers you:  broad functionality for domestic and foreign payment operations with the possibility to save templates for repeat payments  topping up of prepaid SIM cards (T-Mobile, Telefónica O2, Vodafone)  establishing, changing and cancelling of term deposits;  sending of SMS and email reports e.g.on balances and transactions  summary of s and balances and history of transactions  summary of debit and credit cards  summary and history of securities transactions Benefits of Telebanking  lower-cost and more effective service for your  wide range of banking services  make payments with the assistance of a telephone banker

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History of ATM & Telebanking 1972

(July) 14 Bankettes were installed in Toronto.

1980

(May) Royal Bank rolled out its automated banking machine network nationally with the

installation of its first Personal Touch Banking machine in Calgary. 1985

(November) Royal Bank's automated banking machine network was officially linked

with the Plus System Network, one of the largest shared automated banking machine networks in the United States. Royal Bank was Plus System Inc.'s first international partner. 1985

The Personal Touch Banking machine network increased to 900 machines, each

processing an average of 10,000 transactions per month. Consumer acceptance of banking machines sured the bank's most optimistic expectations. 1985

Royal Bank became a founding member of Interac, the shared banking machine network

in Canada that offered customers convenient access to their money at any participating financial institution's automated banking machine. 1986

(August) Royal Bank introduced two new types of specialized banking machines in

Ontario: the book Updater, allowing Royal Bank customers to update their books, and the Royal Bank Cash Counter, a cash dispensing automated banking machine small enough to be placed in off-bank premises. 1986

(October) An instruction kit designed to help visually impaired clients use Personal

Touch Banking machines was distributed to all Royal Bank branches. 1988

(October) Royal Bank piloted Personal Touch Payment in London, Ontario - a new debit

card service where clients could use their Royal Bank Client Cards to pay for purchases directly from their s at point-of-sale terminals.

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1990

(October) The Interac Association, representing all of Canada's major financial

institutions, piloted its debit card service, Interac Direct Payment Service, in the Ottawa/Hull region. 1992

Royal Bank had a total of 2,145 full-service Personal Touch Banking machines, 1,653

Cash Counters and 266 Updater machines across Canada. 1992

Royal Bank's discount brokerage service, Action Direct, launched TelAction.

1993

(March) Royal Bank launched CashTouch, a nationwide telephone banking service for

business clients, the first service of its kind in Canada. CashTouch gave clients remote access to information and transactional services through an interactive voice response system. 1994

(Fall) Royal Direct, offering customers telephone banking "at anytime, from anywhere",

was launched from its state of the art telecommunications centre in Mississauga, Ontario. 1994

(May) Royal Direct officially opened in high tech facilities in Moncton, New Brunswick

- its second national telephone banking centre. View Image 1995 (July) Royal Bank launched the "Phantom," a new Interac Direct Payment device that offered merchants the widest variety of functions of any Interac product available in Canada. 1995

(November) In London, Ontario, Royal Bank began a three-year project designed to

develop and test new automated banking machine functions including: deposit and VISA statements, transfers and withdrawals from Royal Credit Lines, lump sum payments on personal loans, and U.S. dollar and U.S. dollar travellers cheques dispensing. 1996

(December) Royal Mutual Funds launched Invest By Phone, enabling investors to buy,

sell or transfer RMF units by phone from anywhere in Canada or the continental United States.

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1996

(December) After two years in operation, enrolment in Royal Direct Telephone Banking

sured 900,000 clients - expanding daily by 2,000 clients - making it the fastest growing telephone banking service in the world. 1997

(February) Two new automated banking machines that dispensed U.S. dollars and Royal

Bank VISA travellers cheques in U.S. dollars (a first for a Canadian financial institution) were piloted in London and Toronto. 1997

(July) Royal Bank introduced the Royal Business OperatingLine group of self-managed

financing products. The service allowed business clients to manage their own operating line of funds with round-the-clock electronic access via banking machines, telephone banking, or online banking. 1997

(October) Royal Bank launched Canada's first Audio Banking Machine.

1998

(Spring) Royal Bank began pilot testing innovative Business Banking kiosks in six

Ontario locations. The kiosks provide Royal Bank Business Banking clients with access to an automated banking machine, night depository, automated rolled-coin dispenser, individual mailboxes, and a dedicated phone link to a 24-hour help desk. 1999

(May) Royal Bank and Microcell Solutions Inc., the national provider of Fido PCS

Service, announced plans to pilot wireless banking services that give Microcell customers access to Royal Bank financial services directly from their Fido handset display. 2000

(September) Royal Bank introduced Mobile Banking. Offered in partnership with

Microcell Solutions Inc., national provider of Fido® Personal Communications Services (PCS), the service provides wireless transactional banking services through Fido's Access Finances feature. Customers use their Fido handsets to check balances, transfer funds, and pay bills.

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Overview of Telebanking Tele-Banking system developed by Webyfy is for demonstrating the feasibility of creating a very large IVR system using the WTalk application Frame work. The system can manage both inbound and out bound calls and can integrate with Internet, SMS, Fax, email, customer enterprise and Core banking systems. The components which constitutes the system are The processes (Types of services that are provided through the system) 

Voice files



External system communication parameters



Methods of communicating with external systems like SMS, email, Fax etc



Rules for Out Bound calls

Functionalities The TeleBanking system has two modes of operation namely; Inbound and Outbound. Both modes can be operated simultaneously through different or same infrastructure. Inbound mode receives calls and the caller is navigated through a predefined menu; primarily intended for an existing customer. Out bound system helps in carrying out telemarketing activities or intimating the existing customers about specific warnings like a cheque bounce or lack of balance in an etc.

Inbound Functions Following features are provided to the customers of the Bank for IVR (interactive voice response) based self service. The customers calls and logs in using a id and to access the TeleBanking system. In order to ensure security, the customers can be asked to change the PIN number on the first .

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The following are some of the services that can be provided 1. Accept request from a customer for facilitating TeleBanking. 2. Change compulsorily on first time use of Phone Banking services. 3. Check your balance 4. Request to send the last five transactions by SMS And / Or email to the customer

5. Check balances in various s like savings , current , or loan 6. Enquire on the status of cheques issued 7. Enquire on the cheques deposited 8. Order a Cheque Book / Statement 9. Stop Payment for a cheque or a series of cheques 10. Loan related queries like placing request, checking on the approval status 11. Request to Bank Executives for certain services 12. Enquire on your Fixed deposits / TDs 13. Transfer Funds between s in different branches if they are under the same customer ID 14. Request a Demand Draft / Manager's Cheque 15. Pay Bills  Telephone bills,  Insurance  Electricity Bills  Water and other services bills etc 16. Report loss of your ATM / Debit Card / ForexPlus Card Outbound Functions The Out Bound system can be used for primarily for two purposes. Telemarketing and for issuing messages to customers. The telemarketing efforts can be for new prospect acquisition or for getting s from a market segment. These calls can also gather information from the called persons. 10

Under the following situations, the system can initiate an out bound call and get acknowledgement from the customer. 1. Loan payment default 2. No minimum balance 3. Bounced cheques 4. Loan approvals 5. Submission of documents for loan approval 6. Approval of loans Hierarchy of services in a Banking Tele portal

Architecture For data exchange, WTalk can connect to systems within an Enterprise LAN or connected through the Internet. DCOM (Distributed Component Object Model) is used for the former and SOAP (Simple Object Access Protocol) is used for the later.

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The TeleBanking system has significant interaction with Core Banking system and hence it is recommended that it is hosted with in the enterprise Framework. However various methods are shown in the diagram given below. DCOM will be faster than SOAP in fetching the data. Process Execution Modules in a typical Tele-Banking system.

Process Flow To make the processes IVR (interactive voice response) enabled, the flow need to be plotted. Simple flow charts may be created to represent the processes. These charts can be analyzed for its purpose and integrity. The flow chart aids creation of execution scripts and Voice Interface (VUI). The following process flows are representative flow charts for a TeleBanking system.  Process Flow of the Initial Customer Interaction  Process Flow of Transactions with Savings /Current

Script Creation 12

The business process flows can be converted into IVR Execution Script using WTalk Script Generation Engine. The actions can be defined along with required resources. The script traverse paths can be automatically tested.

Requirements The system is designed to operate in Microsoft Windows platform. The system can CTI (Computer telephony integration) Hardware and TTS (The Transplantation Society) / ASR (Active Search Results) engines from multiple vendors. The hardware requirement depends on the traffic, mode of integration and method of data exchange with external systems. The requirements are 1. WTalk servers with CTI hardware 2. Database servers 3. Fire walls 4. DCOM servers / communication and control servers 5. Web sever in case SOAP connection through internet is required OR access is provided to customers for reports and/or alterations of process or data 6. Internet access 13

Customization The following methodology is recommended for creation script of an IVR (interactive voice response) system. 1. Identify the service that can be offered through a voice based system 2. Split the services into multi level actions 3. Plot the services and actions in a process map 4. WTalk script generator to convert the process map into an IVR (interactive

voice response) action script 5. Conduct multi mode automatic Testing of the system 6. Run the WTalk Real life Simulator and test the functionality and process flows. 7. Analyze the log files and take corrective actions 8. Identify the data input and outputs 9. Use the WTalk tools appropriately for exchanging the data with Enterprise system 10. Install the system along wit hardware 11. Test the installation with call flow paths created by WTalk

Telebanking The Telebanking is a six-digit number and represents one of the security details. You have received your Telebanking by post in a special ed mail. The same ed mail contains also the client number and the Telebanking . The Telebanking is used:  For verification in the SERVIS 24 Telebanking service,  In unblocking.

For these purposes it is always necessary to use the current Telebanking , i.e. the Telebanking , which is valid after its last change. 14

The Telebanking can be changed through the automatic voice service. With the telephone banker’s assistance you can also ask for the generation of a new for Telebanking which will be sent to you by post. The validity of the original Telebanking will be terminated as soon as the new security details are created. An example of the ed mail content with security details

Services: 

Balance enquiry - Deposit s and Loans.

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Fund transfer (linked s) Bill payment.

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TPIN (Tele banking personal Identification Number) Change.

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Cheque book request.

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Statement request.

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Fixed Deposit (FD) / Savings rate enquiry etc.,

Balance Review your financial transactions and activity with telebanking 1

Call (973) 17214444

2

Select 'Language'

3

Press 1 for ' Operations'

4

Enter 'Customer ID' followed by the # key

5

Enter 'ePIN' followed by the # key

6

Press 1 for ' Balance'

Mini Statement Review your financial transactions and activity with Telebanking 1

Call (973) 17214444 15

2

Select ‘Language’

3

Press 1 for ‘ Operations’

4

Enter ‘Customer ID’ followed by the # key

5

Enter ‘ePIN’ followed by the # key

6

Select 4 for ‘ Statement’

7

Select 1 for the last five transactions

Previous Statement Review your financial transactions and activity with Telebanking 1

Call (973)17214444

2

Select ‘Language’

3

Press 1 for ‘ Operations’

4

Enter ‘Customer ID’ followed by the # key

5

Enter ‘ePIN’ followed by the # key

6

Press 4 for ‘ Statement’

7

Press 2 for the ‘Previous Statement’

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Enter From Date : DDMMYYYY - Day (2 digits), Month (2 digits) and Year (4 digits)

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Enter To Date : DDMMYYYY - Day (2 digits), Month (2 digits) and Year (4 digits)

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Enter fax number followed by the # key

Current Statement Review your financial transactions and activity with Telebanking 1

Call (973) 17214444 16

2

Select ‘Language’

3

Press 1 for ‘ Operations’

4

Enter ‘Customer ID’ followed by the # key

5

Enter ‘ePIN’ followed by the # key

6

Press 4 for ‘ Statement’

7

Press 3 for the ‘Current Statement’

8

Press 1 to receive information by fax then enter fax number followed by the # key

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Press 2 to send information to ed mailing address

Fund Transfer Transfer between your s in real-time 1

Call (973)17214444

2

Select ‘Language’

3

Press 1 for ‘ Operations’

4

Enter ‘Customer ID’ followed by the # key

5

Enter ‘ePIN’ followed by the # key

6

Press 3 for Fund Transfer

7

Select ‘From ’ and ‘To ’

8

Enter the amount including 3 decimals followed by the # key

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Press 1 to confirm the entered telephone number, amount and from or 2 to cancel

Cheque Book Request Request through Telebanking with a simple phone call! 1

Call (973) 17214444

2

Select ‘Language’

3

Press 1 for ‘ Operations’

4

Enter ‘Customer ID’ followed by the # key 17

5

Enter ‘ePIN’ followed by the # key

6

Press 7 for ‘Cheque Book Request’

7

Enter the number of books required followed by the # key

8

Enter number

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Press 1 to confirm the entered telephone number, amount and from or 2 to cancel

Bill Payment Perform real-time Zain bill payment from with a simple phone call! 1

Call (973) 17214444

2

Select ‘Language’

3

Press 1 for ‘ Operations’

4

Enter ‘Customer ID’ followed by the # key

5

Enter ‘ePIN’ followed by the # key

6

Press 2 for ‘Bill Payment’

7

Enter telephone number followed by the # key

8

Enter the amount including 3 decimals followed by the # key

9

Press 1 to confirm the entered telephone number, amount and from or 2 to cancel

Change ePIN Change your ePIN with a simple phone call anywhere and anytime! 1

Call (973) 17214444

2

Select ‘Language’

3

Press 2 to change ePIN

4

Enter ‘Customer ID’ followed by the # key

5

Enter current ePIN followed by the # key 18

6

Enter new ePIN followed by the # key

7

Enter new ePIN again followed by the # key

Cheque Book Request using IVR (interactive voice response) System

A person who has an - whether it is savings, current or any other - in a bank will naturally expect excellent services from their bank. They will compare the services provided with those that of other banks. It doesn't mean that a bank having a big list of value-added services would have the maximum number of customers. The customers will consider many other factors also like time, hospitality, consistency, punctuality etc. For example, if a bank having a big list of value-added services is not serving on time, then what is the use of having an there. In the present scenario, to request for and get a new cheque book, the customers have got only two options. Either walk down to the bank to request for a new cheque book and collect it or use Internet banking facility, if available, to send a request through e-mail for the cheque book and ask the bank to courier it. In this speed age, walking down to the bank to request for the cheque book and collecting it is a time consuming task. There is another main drawback for this option - it can be done only during the banking hours. Then they have to go for the other option - Internet banking. For this, they need computers, Internet connectivity and sufficient working knowledge. All customers need not have this infrastructure. Even if anybody has, they have to sit in front of the system to get the information. IVR (interactive voice response) system developed by Xtend Technologies Pvt. Ltd. can easily handle the Tele-banking enquiries, which will help the banks streamline their staffs to more manual-intensive jobs thus enhancing productivity and reducing paper environments. 19

Role of an IVR (interactive voice response) System Implementation of an interactive voice response (IVR) system to automate the provision of the cheque book request enquiry can easily replace the labour-intensive manual activities of the banks. The new system can streamline and standardise the process at a substantial cost savings. This like a normal telephone enquiry system facilitates enquiries in the form of a request for the issue of a new cheque book to the caller. IVR (interactive voice response ) based automated information systems using ordinary phones are becoming very popular and affordable these days. Instead of relying on word of mouth that is quickly out of date and expensive, automatic phone messaging lets you the right point and get the most accurate, reliable and latest information instantly from your seat! A -friendly automated service menu offers you convenient access to your coupled with security as all your transactions are protected by your PIN (Personal Identification Number). In general, the IVR (interactive voice response ) access mechanisms for Tele-banking are as follows. For deposits, the customer would need to key-in his ATM/Debit card number and its corresponding ATM PIN or the Bank Number and the corresponding PIN. For credit cards, the customer would need to key-in his 16-digit card number and its corresponding ATM PIN. For Demat holders, the customer would need to key-in his 14-digit demat number and its TPIN. For Bond holders, the customer would need to key in his bonds holder number only. In addition, instead of going for the automated service, if you need any assistance on your banking needs, you can speak to any of the friendly customer service officers. Using an IVR (interactive voice response ) system, a customer can get controlled access to his s information and can easily retrieve the latest information on the various Telebanking services provided by the bank such as cheque book request. When a person dials the 20

number from an ordinary telephone, he is automatically taken into the IVR (interactive voice response ) system because the telephone line is connected directly to it. After the welcome message, the system will first ask the caller to 'press 1' to get their latest balance status or 'press 2' to get their mini statement on the last five transactions or 'press 3' to go to the 'cheque book request' and so on. If the caller presses 3 on his phone keypad after the welcome message, he will be directed to the cheque book request module. The caller will then get a voice message to press 1 for Saving Bank or press 2 for Current , etc. When the caller presses the desired key, he/she will be asked to key-in his/her number. This part will identify the customer. Now, for authentication, again they will be asked to enter their PIN (Personal Identification Number). Once the customer is authenticated, he/she will be asked to 'press 1' for a cheque book request or 'press 2' to go to other services. When the caller presses 1, his request for a new cheque book will be ed in the bank's database. After processing, the bank will deliver the cheque book at the customer's doorstep. Anytime after opening an , the customer should with the bank to avail the Tele-banking services. When the caller exits from the system, he/she will be greeted with a 'thank you, visit again' message. The main advantage of an IVR (interactive voice response ) based system is that the caller can any time get the latest updated information on the various value-added services of the bank by just keying in the respective numbers on an ordinary telephone. Customising the IVR (interactive voice response ) system can also incorporate provision for many other features like logging of all the incoming calls, report on the list of customers who efficiently use a particular Tele-banking facility, etc. Adding the multi-lingual features can solve linguistic problems. Phone banking is a convenient way to bank 24 hours a day, 7 days a week subject to system availability and maintenance. With Phone banking you can manage your s in a fast, easy and simple manner and what's more, you can do it from the comfort of your home, workplace or anywhere where you have a telephone. There are no fees for using this service so not only can your banking be much easier, with careful planning it can also be fee free.

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Cheque Book Request System can now be accomplished quickly, efficiently and costeffectively using the latest and most modern IVR (interactive voice response ) technology from Xtend Technologies. Advantages of an IVR (interactive voice response ) System  Automatically handle every call from customers.  Answer calls on the first ring, 7 days a week, 24 hours a day.  Speak to callers in human tone of voice.  Optional multi-lingual prompts.  Provide accurate and reliable information, up to date.  Resources your present personnel for more productive work.  Smoothens the status information process. The Bottom Line  Expanded Customer Service Hours  Standardised Operational Procedures  Improved Customer Service  Enhanced Productivity  Streamlined Staffing  Lower Cost  Efficient Information Flow  Reduced Staffing Requirements  Reduced Paper Environment  Improved Customer Satisfaction

Features and Benefits:

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

Provides round-the-clock availability of information and conduct banking transactions over the telephone.

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Improves services levels to off-site customers with efficiency of information release.

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Replaces the physical operators.

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Crowds can be minimized at counters.

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Facility to access the any where any time.

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Solution comes with minimum of four PSTN analog telephone lines.+

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Fully secured.

The Pros and Cons of Telephone Banking There are numerous pros and cons associated with telephone banking, including ease of use and potential security threats presented through access to personal information. Banking over a telephone system can often be more convenient than banking in person, since some functions can be accessed even when a bank is closed. This type of banking also allows various issues to be more easily resolved for multiple customers at once, since some information and procedures are automated and do not require human interaction. There are some potential disadvantages with telephone banking, however, including difficulties that may be present in accessing an automated telephone system and security risks that can be created by providing bank access without human interaction. Telephone banking refers to the use of a system to allow customers of a bank to process various banking procedures over the telephone. Such services can include anything from applying for loans and altering the of an existing to ordering new checks and monitoring the balance in an . The ease of access for such services is one of the major advantages that telephone banking can provide for customers. Telephone services can be provided 24 hours a day, unlike most services provided at bank locations which are typically closed in the evenings, on weekends, and on many holidays.

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Since telephone banking can utilize an automated system, multiple customers can also be helped simultaneously. Simple questions regarding bank locations, branch hours, and even balances can all be handled by such systems. This allows those operators or associates who are available to help fewer customers and focus on providing more thorough customer service, without taking time to answer simple questions that do not require human assistance. Telephone banking is not without its potential negative aspects, however, and many of these problems depend on the type of system developed by a bank. Automated phone systems are somewhat notorious for difficulty in use, especially older systems that may not recognize voices or other forms of input. Newer telephone banking systems have improved upon many of these flaws, but the menus utilized by such systems may still be difficult to effectively navigate. There are also some potential security risks that arise through the use and development of telephone banking systems. Since customers are not actually present and face-to-face with a bank teller or manager, it may be easier for identify theft to occur and produce misrepresentation of customer needs over the telephone. This can be controlled through various security protocols incorporated into a phone banking system, but even these measures can be insufficient in some instances.

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