MODEL ESSAY-IMPORTANCE OF ALTERNATE CHANNELS OF BANKING In the present era of Banking, state-of-the-art technology assumes strategic significance. It is precisely here that Alternate Channels of Banking are in prime focus. The importance of alternate channels arises from the fact that Banks are trying to shift from traditional ‘bricks-and mortar’ banking to ‘clicks and bricks’ banking. It is imperative that footfalls at Bank branches need to be drastically reduced to allow employees to focus on quality customer service, marketing of products, as well as to reduce costs. Banking transactions in a branch costs anything between Rs 35 and Rs 40/-, ATM transactions cost Rs 15/-and Rs 18/-, Internet Banking: Rs 10/- and Rs 12/- while mobile banking : Rs 2/- and Rs Rs 5/-. Recognising the market demand for technology, especially in the retail sector, SBI has very effectively catered to such challenge and has put all the modern channels of banking to optimum use. The various alternative modes of banking adopted by SBI are:  ATMs &Debit Cards,  Internet Banking  Mobile Banking.  Kiosk Banking  Customer Service Points  Banking through Business Correspondents and Business facilitators. The advantages of adopting these new modes of banking are manifold. For the consumer, it ensures  Freedom from the standing in the long queues;  Working from the comfort of their homes/workplace and  Round the clock accessibility. The benefits available to the Bank are:  Fast and secure delivery of the services;  Acquisition and retention of new customers;  Keeping customers highly satisfied on the services provided;  Lower operational cost;  Lower transaction processing cost;  Wider customer base irrespective of geographical barrier and  Higher profits. These channels are environment-friendly too- that’s why they are popularly referred to as “Green Banking”. The growth of