A bank is a storehouse of money. Traditional banking needs the customer to be physically present at the bank for various banking operations. With the changes taking place in society, economy and technology, it is becoming more and more difficult for the customers to be physically present at the bank for various banking operations during the normal banking hours. This has given way to alternative banking. It peculiarly implies banking through physical absenteeism. Alternative banking has many advantages over the traditional banking. This article discusses some aspects of alternative banking.

Nowadays, it is becoming really difficult to go to the bank for depositing or withdrawing money or for any other banking operation. Many factors have contributed to the shift of customers from traditional banking to the alternative banking, lack of time being the prime reason. Though banks tried to ease the situation by providing solutions like 8 to 8 Banking and Sunday Banking, real help arrived with the installation of Automated Teller Machines (ATMs), which provided the facility of cash withdrawal on 24 x 7 basis, besides performing several other functions. This proved a pioneering step towards alternative banking, though credit cards were introduced long ago. Real growth in alternative banking is taking place these days with computerization of various banking operations.

Traditional banking practices required the person seeking banking services to be physically present at the bank premises. Alternative banking, as the name suggests, is the newer method of carrying on banking operations. Alternative banking mechanism includes all non-traditional means of banking such as ATM, banking through phone, cell, fax and computer. A special feature of alternative banking is the physical absence of the person seeking banking services at the bank premises. Alternative banking is highly dependent on technology.

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