Phone banking is a term that refers to the use of telephone banking or a telephonic banking system. It's an efficient way of banking that allows customers to carry out a range of transactions without having to visit a bank branch. There are various synonyms for phone banking, including telephone banking, mobile banking, virtual banking, digital banking, and online banking. These terms reflect the modernization of the banking industry as more people seek convenient and accessible ways to manage their finances. With the advent of technology, phone banking has evolved into various forms, making it possible for customers to access their accounts, transfer funds, and receive alerts through their mobile devices.