Internet Banking - Advantages and Disadvantage: Today the whole world is running back on internet. Nowadays almost all the business and transactions are done through online banking. But have you ever thought of how comfortable and secured you are conducting about your banking business through online? Let’s get into the Pros and Cons of Internet Banking.
Before getting into Benefits and Drawback of Internet Banking, let’s first see what exactly Internet Banking is?
Internet Banking / Online Banking:
Internet Banking or Online Banking refers to banking services provided by respective banks over the internet. These services many include paying bills, funds transfer, viewing account details, etc. These services are performed through a computer or similar devices and these are performed only when you have internet access. You can also keep track of your account transactions and can also get the updates staying at your home. This has become widely popular from past few years.
Advantages of Online Banking:
Compared to traditional banking, Internet Banking has several advantages which make your work simple and convenient. Some of the advantages are here for you:
- An online banking account is easy to open and also to operate.
- It is very easy to pay your bills and can also transfer your funds from your account to another account.
- You can access the account 24*7 through online and can perform your tasks wherever you are. You need not worry about receipts too, because you can view your transactions whenever you want to.
- The process is fast and efficient. Accounts can be managed very easily through your online banking.
- You can also keep an eye on your transactions and know the account balance all the time. Hence your account can be safe and secured all the time.
- You can also get to know about any fraudulent activity before your account gets damaged.
- You can also have unlimited transfers at no cost and many banks also accept direct deposits or withdrawals through online banking.
- Online banking are easy to set up and do not require much information to fill the online form just like traditional banking. If you have any issue with the banking statements, you can just either call or email the bank directly.
Disadvantages of Online Banking:
Though there are many advantages about online banking, we also need to discuss about the disadvantages about it, just like the coin has two sides. Let’s see what the things you have to worry about online banking.
- Understanding an online banking may be difficult initially and at the first go. Though there are few sites who offer the demo of how to use the site, few people may face difficulty with such things.
- You definitely require an internet to have access to online banking. Thus without an internet access, it might not be helpful to you.
- Hacking is a big issue. Because of hackers all over the world, you have to definitely think about the security transactions.
- You definitely have to remember the password and change it whenever required. If you do not, then there are other persons to misuse your account.
- If the bank server is down, then you cannot access your account.
- There are cases where your transaction is not successful because of poor internet or bank’s server down.
- The bottom line tells you to split your banking between both in store and online services. Thus you can enjoy the conveniences of internet banking all the time. Do you use internet banking? If so, let’s explore everyone feelings about the internet banking to the world.