An increasing number of people are moving towards non-branch banking — where an individual’s banking needs are met without him or her physically entering a bank’s branch.
This kind of banking helps financial institutions to save on the costs associated with servicing a customer at a branch. Customers should be aware of the ways in which different types of non-branch banking can benefit them.
One of the major routes being adopted by banks for their customers is the Automated Teller Machine (ATM).
A wide range of transactions can be done at an ATM, right from making a cheque deposit to withdrawals and even paying various bills through the machine. This helps customers because they can transact at any machine in an area convenient to them even when they are travelling.
Mobile banking is another route that is gaining popularity. Here, the mobile phone is used as an instrument to give instructions to the bank for the execution of several transactions.
This involves payment to third parties and making several expenses, all at the press of a button. This is a slightly difficult route for those who are not very comfortable with this mode of banking and can be risky too.
Internet or online banking is a very popular method of banking for busy professionals.
Simple things like looking at the balance in the account or getting an account statement are easy through this method. Several payments and other transfers can also be done by using Internet banking. Various other transactions like issuing a new chequebook can also be made using this route. Once again, the customer has convenience because they can operate the account from the comfort of their home or office.