The bank distribution channel is the physical or virtual means by which a financial entity offers its services.
In its beginnings in the Middle Ages, banks only had the face-to-face channel to trade with their clients. However, today operations can be carried out remotely and electronically.
An example of a bank distribution channel is ATMs from which you can transfer money , pay for services, withdraw cash, among others.
Most representative bank distribution channels
The most representative banking distribution channels are:
- Face-to-face channel:It is the most traditional way to assist the public. It refers to the service provided at the window of all bank offices.
- Agent:They are points of attention installed in different businesses that do not belong to the financial institution, for example, a supermarket. Thus, clients do not need to move to the bank office. Instead, they go to the nearest agent to perform various operations.
- ATMs:They are self-service machines from which several transactions can be made, mainly bank transfers and cash withdrawals. There are even some ATMs that receive deposits. One of its main advantages is that they work 24 hours continuously.
- Telephone banking: The bank makes a customer service number available to the public. Usually, he answers a voice mailbox that gives options according to the desired operation or query. If necessary, the user is contacted with an advisor. This channel is usually useful, for example, in case of loss or theft of the debit or credit card , since the call can be initiated from any place and the hours of operation normally cover 24 hours a day.
- Onlineor online banking : Financial institutions have designed virtual platforms to perform a wide variety of transactions. This, from the computer and anywhere with an Internet connection. To enter online banking, more security filters are usually required compared to other channels. For example, you can request the use of an additional password that the customer has already assigned to your card. In that way, it seeks to avoid fraud.
- Mobile applications:They are like an extension of online banking. In this case, we refer to programs to download on the smartphone, from where the user can make financial operations.
It is worth mentioning that telephone banking includes the use of text messages. These serve, for example, for the financial institution to offer the client extensions in its line of credit .