What Is Branchless Banking?

As opposed to conventional banking and due to the rapid technological developments, banking has evolved and has developed a more cost effective way of banking. In this branchless banking the bank may not have any physical branch and the banking is carried out through cell phones or retail agents etc. This type of banking is particularly effective in reaching areas that are not covered by physical bank branches. The accounts of the customers may be maintained through electronic transfers. The banks may have agents who provide these services on behalf of a bank. One possible way to carry this out is a joint venture between a bank and a telecom service provider where the service provider will provide his infrastructure to be used by the bank to carry out operations.