~AN~
Electronic Funds Transfer EFT
Payment by Chip & PIN
Transferring money from one account to another
~AN~
Automated Teller Machine ATM
Special machines that release money and debit from
an account
Usually installed in public places
May also provide some basic banking facilities
and/or bill payment facilities
~AN~
Credit & Debit Cards
Used as an alternative to cash
Allows stores and organisations to debit money from
an account for goods or services
Customers have a card and a PIN number
When the card scanned, PIN entered correctly,
amount is deducted from customer’s account
~AN~
Modern Communication Methods &
Banking
Telephone Banking
Done via either a conversation with a banking call center or
an automated system that responds using voice recognition
software or telephone keypad choices.
Internet Banking
Account details are accessed through a secure webpage that
provides direct access.
Secure login and password must be setup before use.
~AN~
Modern Communication Methods &
Banking
Mobile Banking
Banking apps
No need for computer and browser
~AN~
Modern E-Banking Methods
Advantages
Disadvantages
Instant access without having to visit a
branch in person
Identity theft a concern as banks may
rarely see customers
Money can be transferred
instantaneously to anywhere
Mobile phone access requires a
reliable data connection
Transactions can be checked instantly
Users are constantly sent spam emails
asking them to give away their login
details, called phishing
Banks can spot fraudulent activity
more quickly by analysing patterns in
your spending.
Those without internet access often
miss out on latest deals and interest
rates.