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Video banking is a term used for performing banking transactions or professional banking consultations via a remote video connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a videoconference enabled bank branch.
Video banking can be conducted in a traditional banking branch. [1] This form of video banking replaces or partially displaces the traditional banking tellers to a location outside of the main banking branch area. Via the video and audio link, the tellers are able to service the banking customer. The customer in the branch uses a purpose built machine to process viable medias such as cheques, cash, or coins.
Video banking can provide professional banking services to bank customers during nontraditional banking hours at convenient times such as in after hours banking branch vestibules that could be open up to 24 hours a day. [2] This gives banking customers the benefit of personal teller service during hours when bank branches are not typically open.
In addition, following Check 21, cutoff times are typically later for personal teller machines, as physical checks do not need to be gathered and collected to be delivered to a separate check processing location. Substitute checks, or digital images of the original check, can be utilized to process the transaction. This can result in the typical 3 p.m. business day cutoff for a branch being extended well into the evening.
Video banking can provide professional banking services in nontraditional banking locations such as after hours banking branch vestibules, grocery stores, office buildings, factories, or educational campuses. [3]
Video banking can enable banks to expand real-time availability of high-value banking consultative services in branches that might not otherwise have access to the banking expertise. [4]
Video banking has now[ when? ] been taken to another level of convenience. IndusInd Bank from India, has recently[ when? ] launched an innovative functionality called Video Branch. Video Branch empowers the customer to do a Virtual yet Face-to-Face banking with his bank branch manager or a central video branch. This concept has brought banking virtually into the hands of the customer. The customer can engage with the bank for services and financial transactions by meeting a bank representative anytime, anywhere. [5]
Customers can simply connect to the bank through an app on Android and Apple devices as well as through an application on the laptop or desktop. So whether the customer is at his home or office or even travelling he will be able to set up a video conference and experience instant banking services. [6]
Although termed "video banking", the video connection is always accompanied by an audio link which ensures the customer and bank representative can communicate clearly with one another. The communication link for that video and audio typically requires a high-speed data connection for applications where the tellers are not in the same physical location. Various technologies are employed by the vendors of video banking, but recent advances in audio and video compression make the use of these technologies much more affordable. [7] For an in-depth discussion on videoconferencing technologies, see wiki videoconferencing article.
Other than the deployment location, one of the major differences between video banking and videoconferencing is the ability to conduct banking transactions and exchange viable media such as checks, cash, and coins. Purpose-built machines, such as a personal teller machine, enable both the video / audio link to the customer plus the ability to accept and dispense viable media. [8] The system typically allows the bank teller to manipulate the machine to accept or dispense the cash and checks.
An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account information inquiries, at any time and without the need for direct interaction with bank staff.
Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.
A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account or bank account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of debit cards, cheques and electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds. In accounting terms, they are considered as cash.
A retail cashier or simply a cashier is a person who handles the cash register at various locations such as the point of sale in a retail store. The most common use of the title is in the retail industry, but this job title is also used in the context of accountancy for the person responsible for receiving and disbursing money or within branch banking in the United Kingdom for the job known in the United States as a bank teller.
Cheque fraud, or check fraud, refers to a category of criminal acts that involve making the unlawful use of cheques in order to illegally acquire or borrow funds that do not exist within the account balance or account-holder's legal ownership. Most methods involve taking advantage of the float to draw out these funds. Specific kinds of cheque fraud include cheque kiting, where funds are deposited before the end of the float period to cover the fraud, and paper hanging, where the float offers the opportunity to write fraudulent cheques but the account is never replenished.
Videotelephony is the two-way or multipoint reception and transmission of audio and video signals by people in different locations for real-time communication. A videophone is a telephone with a video camera and video display, capable of simultaneous video and audio communication. Videoconferencing implies the use of this technology for a group or organizational meeting rather than for individuals, in a videoconference. Telepresence may refer either to a high-quality videotelephony system or to meetup technology, which can go beyond video into robotics. Videoconferencing has also been called visual collaboration and is a type of groupware.
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic transfer with a payment terminal and access automated teller machines (ATMs). Such cards are known by a variety of names including bank cards, ATM cards, client cards, key cards or cash cards.
An ATM card is a dedicated payment card card issued by a financial institution which enables a customer to access their financial accounts via its and others' automated teller machines (ATMs) and, in some countries, to make approved point of purchase retail transactions. ATM cards are not credit cards or debit cards, however most credit and debit cards can also act as ATM cards and that is the most common way that banks issue cards since the 2010s.
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Mobile banking is dependent on the availability of an internet or data connection to the mobile device.
The term mobile commerce was originally coined in 1997 by Kevin Duffey at the launch of the Global Mobile Commerce Forum, to mean "the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology." Many choose to think of Mobile Commerce as meaning "a retail outlet in your customer’s pocket."
A bank teller is an employee of a bank whose responsibilities include the handling of customer cash and negotiable instruments. In some places, this employee is known as a cashier or customer representative. Tellers also deal with routine customer service at a branch.
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers.
Automated cash handling refers to the process of dispensing, counting, and tracking cash within various business environments such as banks, retail stores, check-cashing outlets, payday loan/advance providers, casinos, and more. This process is facilitated through the use of specially designed hardware and software, with the primary goals of preventing loss, deterring theft, and reducing the need for constant manual oversight of cash operations.
Core banking is a banking service provided by a group of networked bank branches where customers may access their bank account and perform basic transactions from any of the member branch offices.
IndusInd Bank Limited is an Indian financial services headquartered in Mumbai (Maharashtra). IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh.
A banking agent is a retail or postal outlet contracted by a financial institution or a mobile network operator to process clients’ transactions. Rather than a branch teller, it is the owner or an employee of the retail outlet who conducts the transaction and lets clients deposit, withdraw, transfer funds, pay their bills, inquire about an account balance, or receive government benefits or a direct deposit from their employer. Banking agents can be pharmacies, supermarkets, convenience stores, lottery outlets, post offices, and more.
Citibank Berhad is a licensed commercial bank operating in Malaysia with its headquarters in Jalan Ampang, Kuala Lumpur. Citibank Berhad operates as a subsidiary of Citigroup Holding (Singapore) Private Limited, commencing its banking operations in Malaysia since 1959. Citibank Berhad was locally incorporated in 1994. Citibank Berhad has 11 branches spread across Kuala Lumpur, Selangor, Penang, Kuantan, Malacca and Johor, offering a wide range of banking and financial services including retail banking, institutional banking, and investment products and services.
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Wizzit is a provider of basic banking services for the unbanked and underbanked in South Africa. Its services are based on the use of mobile phones for accessing bank accounts and conducting transactions, in addition to a Maestro debit card that is issued to all customers upon registration. Wizzit is a branchless banking business, meaning that its services are designed so that customers can generally conduct transactions without the need to visit bank branches.
Merrill Edge is an electronic trading platform and investment advisory service that provides self-directed and guided investment options for individuals and businesses. It is a subsidiary of Bank of America and was launched in 2010 after the merger between Merrill Lynch and Bank of America. Merrill Edge offers a wide range of investment products, including stocks, bonds, exchange-traded funds (ETFs), margin lending, mutual funds, and options.
