Page 228 - DMGT303_BANKING_AND_INSURANCE

Unit 11: Innovations in Banking

Notes

Task Discuss various kinds of cards offered by Standard Chartered Bank.

Self Assessment

Fill in the blanks:

1. A .................. card is a plastic card which provides an alternative payment method to cash
when making purchases.
2. EFT may be initiated by a cardholder when a .......................card such as a credit card or
debit card is used.
3. ECS (Debit) is used for raising ........................... to a number of accounts of consumers/
account holders for crediting a particular institution.
4. With cyber-cafes and ................................. springing up in different cities access to the Net
has 'become easy.

5. Message Authentication Code (MAC) or ................................ may also be used to ensure
messages that have not been tampered with while in transit between the ATM and the
financial network.
11.9 Tele-Banking/Mobile Banking

Tele-banking services help customers to avail banking services right from their home. By dialing
the number allotted by the bank, customers can transact most of the banking transactions. Tele-
banking facility may be available throughout the day. This facility is available only for the
account holders. Tele-banking facilities are offered free of cost. Through tele-banking, customers
can make following kind of enquiries and can avail facilities like:
Figure 11.1: Tele-banking Services

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