Question

Describe three of the various channels for delivering bank products.

Answer 1

Banking today has different product and features. Starting from cash deposit and withdrawal, going through term deposit, loans, credit card and bill payment, and even the modern advanced services like bidding for IPO for a firm's equity can be easily done through the bank today. The bank has many channels to approach the customer and deliver its products, three of them are:

1. Bank branches: Banks set up physical branches for the customers to visit and transact as per their needs. In today's scenario, elderly customers who are not much tech savvy prefer to go in physical branches of banks where they meet the bank staff and can do banking easily. Bank branches serve customers for nearly all of their services.

2. Electronic media: Electronic media like online banking is growing today among the young customers. Using this, the customer need not go to a physical branch of the bank and can perform his transactions online through bank website only. All the services of the bank are available on its website. All a customer need to have a bank account, a valid login ID, and a secure password.

3. Phone & mail: Bank staff and tele-calling team also approach customers and offer their services through telephonic media. Customers frequently get calls from bank staff regarding the new products launched or the latest offers which the bank introduces for its customers. It is a faster method to approach a customer and costs less than setting up a branch.