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Electronic banking services

Module by: Siyavula Uploaders. E-mail the author

ECONOMIC AND MANAGEMENT SCIENCES

Grade 7

TELECOMMUNICATION SERVICES

Module 15

ELECTRONIC BANKING SERVICES

Introduction

What is telecommunication?

To send or transmit signals over long distances to make communication possible.

We listen to the radio, watch television, or speak to our friends on the telephone every day: either from a public telephone or via one of our most prized possessions – the cell phone!

Radio networks, telephone networks and television networks enable us to communicate over long distances.

Apart from that, computer networks are fast becoming the most important network in all areas of life. You only have to think of the Internet, e-mails and internet-faxes, to name but a few.

The Internet is a worldwide network of computers. The worldwide web (www.) is a global information space where people can write and read via computers linked to the Internet. Within seconds we can communicate with other people or institutions right across the world.

Also businessmen and -women and companies use these networks to run their companies and conduct their affairs.

Electronic banking services

1.Autobank Services

Business owners are busy people who cannot afford to spend too much time on banking matters. Fortunately banks now offer various time-saving electronic solutions.

All people can have access to electronic banking services. In each town or city the different banks provide electronic facilities for the benefit of their clients.

Even the bigger garages offer automatic banking facilities, called autobanks, where people can do their banking without queuing inside the bank. The following transactions can be done at an autobank:

  • draw cash
  • deposit money or cheques
  • get a balance enquiry
  • get mini-statements
  • make internal account transfers

2. Online Banking Services

This service makes it possible to conduct your banking from the comfort of your home or office.

  • Cell phone Internet Services

This system allows you to access the bank’s cell phone banking service via the Internet using your cellphone. The following transactions can be conducted:

  • Get balance enquiries
  • Make account payments
  • Make inter-account transfers
  • Get mini-statements of the last five transactions
  • Recharge MTN and Vodacom prepaid airtime
  • Increase or decrease your overdraft limit

3. Telephone Banking Services

Your telephone gives you access to your bank accounts 24 hours a day, seven days a week. You can do your banking from your home or office, from your car, and even the beach.

Once you have registered for telephone banking services, you can:

  • make payments
  • transfer money between your linked accounts
  • receive fax confirmation of transactions and copies of your statements
  • get balance enquiries on all your linked accounts
  • increase or decrease overdraft limit
  • recharge prepaid airtime on cell phones
  • confirm transactions per fax
  • receive statements per fax

4. Internet Banking

This facility gives you access to you personal and business accounts online, anytime, anywhere. The service is available seven days a week, 24 hours a day. The system gives you the freedom to choose your own banking hours, giving you greater control of your finances. It’s secure, fast and easy to use.

This system offers you the following:

  • get provisional statements
  • make account payments
  • make a once-off payment
  • set up future-dated payments
  • set up repeat payments
  • make inter-account transfers
  • stop debit orders and cheques
  • increase and decrease overdraft limits

Activity 1:

To indicate the different services offered by each type of banking service

[LO 3.4]

Use a tick or cross to indicate the service offered in each column.

Table 1
  InternetBanking TelephoneBanking Cell phoneBanking
Provides an up-to-date balance      
Provides mini-statements      
Provides provisional statements      
Make account payments      
Make inter-account transfers      
Increase or decrease overdraft limits      
Stop payments and debit orders      

Assessment

Table 2
Learning Outcomes(LOs)
LO 3
MANAGERIAL, CONSUMER AND FINANCIAL KNOWLEDGE AND SKILLSThe learner will be able to demonstrate knowledge and the ability to apply responsibly a range of managerial, consumer and financial skills.
Assessment Standards(ASs)
We know this when the learner:
3.3 describes the importance of administration in managing a business (record keeping, storing documentation);3.4 discusses the use of technology in telecommunication services (e.g. cell phones) and financial transactions (e.g. ATM, Internet) in improving administration, communication and access to information.

Memorandum

Electronic banking

  • Learners can get information brochures and pamphlets from different banks. They must study the information and report to the class.
  • The teacher then discusses the different banking solutions in the module.
  • Learners can also make posters from advertisements in newspapers and magazines that advertise banking services.

Activity 1

Table 3
  InternetBanking TelephoneBanking CellphoneBanking
Provides an up-to-date balance yes yes yes
Provides mini-statements no no yes
Provides provisional statements yes yes no
Make account payments yes yes yes
Make inter-account transfers yes yes yes
Increase or decrease overdraft limits yes yes yes
Stop payments and debit orders yes yes no

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