Phone banking generally refers to two distinct concepts depending on the context:
- Telephone Banking (Financial Context):
Telephone banking is a service provided by banks or financial institutions that allows customers to perform various financial transactions and access their account information over the phone without visiting a branch or ATM. Common features of telephone banking include checking account balances, transferring funds between accounts, paying bills, checking transaction history, and making credit card payments. Customers usually register for this service, receive a customer number, and authenticate themselves with a password when calling the bank's dedicated phone number. The service may be automated or assisted by live customer representatives and is available 24/7 for convenience. This service became common in the 1980s but has declined somewhat due to the rise of internet and mobile banking.
- Political Phone Banking:
In political campaigns, phone banking is a method used by campaigns and advocacy groups to reach voters or supporters over the phone. Volunteers or organizers call people to disseminate information about a campaign, encourage voter turnout, recruit volunteers, fundraise, or gather data about voter preferences. Modern phone banking often uses software to manage call lists, scripts, and data collection. It is valued for its ability to create personal communication and reach people who may not have reliable access to digital communication like email or texts.
In summary, phone banking can either mean a banking service accessed via phone for financial transactions or a campaign strategy involving calling people for political or advocacy purposes. The specific meaning depends on the context in which it is used.
