Traditionally banking was carried out face to face but modern technology has allowed banking services to be carried out across the internet via smart phone or PC. 

Branch

A physical place where customers visit to carry out banking related tasks face to face. Often referred to as over the counter transactions. Most branches consist of multiple bankers, Automatic Teller Machines (ATMs) and advice can be obtained if necessary.

Advantages

Build personal relationship with bank manager

Additional services available

Advice available

No technology or IT skills required

Some products exclusivley available in branch

Face to face communications might be preferred

Less stress particularly with high value transactions

Disadvantages

Involves travel

Waiting time in branch particularly when busy

Privacy may be affected

Online Banking

The use of the internet to carry out banking transactions.

Advantages:

Availabe 24/7

Privacy of transactions

Convenient

Disadvantages

Setup Time

Can't withdraw physical cash

Cybercrimes can be an issue

Facilities may be limited

Telephone Banking

Banking transactions carried out over the phone.

Advantages

Convenient

No additional charges

Disadvantages

Limited access between certain hours

Automated answer services often frustrating

Risk of fraud and identity theft

Mobile Banking

The use of mobile devices such as Smart Phones and tablets to conduct financial transactions.

Advantages

Convenient

Accesible 24/7

No additional Charges

Disadvantages

Require technology and reliable internet

Apps often required

Security compromised if device lost

Cybercrimes can be a problem

Postal Banking

The use of postal services to carry out paper-based financial transactions.

Advantages

Simple system

No technology involved

Disadvantages

Can be slow due to postal system

Post can be lost