10 years back, customers had to stand in long queues to know their bank account balance and to get their passbook updated. And thus, passbook was treasured by every family as documented proof of their transaction details.
However, after transitioning to high-end technologies, customers have now been empowered to access their bank details over the internet. Private sector banks majorly introduced this change.
Following this trend, even government sector banks are also joining the bandwagon. New ways of accessing the account have catalysed advancement in the banking sector and revolutionised how the banking sector used to work.
How Banking Sector Has Adapted Technological Revolution
Round the clock, customers are glued to their digital devices. Thus, banks identified mobile devices as a potential to attract public attention in less time. And with the increased digitisation, internet and card-based transactions, banks had to push their digital boundaries. And one such digital solution adopted by banks has been missed call service.
Banks have utilised this service in a variety of ways to provide prompt resolution to customer’s everyday banking queries. Let’s look at a few ways through which missed call service has proved to be beneficial for the banks.
1. Access to Bank Details
The missed call service lets clients instantly access their bank details by giving a missed call.
2. Balance Enquiry
The essential addition to this is checking the bank balance linked with the number. It allows the user to check their balance at any time by giving a missed call.
3. Multiple Accounts
Any customer having multiple accounts can easily get access to the balance of each account within no time with the missed call service.
Users can get an immediate log of last five transactions by placing the missed call to the bank’s phone number. The only requirement is that customers mobile number should be registered with the bank. The statement can be generated up to 6 months.
5. ATM Card Verifications & Activation
In case of new ATM Cards, customers can instantly verify the authentication of the cardholder by dropping a missed call at the asked bank’s phone number.
6. Generate OTP PIN
Increasingly, the service is extended to change PIN Number for your ATM cards in case you have forgotten or lost your PIN. By giving a missed call from their registered phone number, customer can generate OTPs to get their ATM pin changed.
7. Loan Details
Banks are using missed call service to filter interested leads for their loan schemes. Interested customers can simply send a missed call to receive information about the loans without getting stuck in the hassle of searching the information over the internet.
8. Certificate Statement
If you are currently paying for a loan or are planning for any other loan, you can get the certificate statements easily by sending a request for the same through missed call service.
9. Scheme Related Information
If an investor is looking for any scheme to invest, they can easily avail all the required information about the products and schemes by leaving a missed call to show their interest.
Why Are Missed Call Services Useful?
Missed call services prevent many fraudulent activities being witnessed by a large number of people every day. Through this medium, banks can make sure that customers are in control of their privacy and security.
Moreover, missed call service has also eased the overall process of banking for customers. Instant bank statement, bill records, account balance and more information can be easily fetched with the help of a missed call.
These services are free of cost and minimal charges can be levied based on the type of the bank and its policy structure. With the missed call, the bank can connect with the account holders.
All that is required is a pre-registration of the mobile number getting linked to the account in the bank. With these many facilities offered, RBI as well as the banks, take adequate measures to ensure security of every account.