What Are The Advantages And Disadvantages Of Online Banking
INTERNET BANKING
Online banking, also known as internet banking, e-banking is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the bank’s website.
To access a bank’s online banking facility, anyone with internet access would need to register with the institution for the service, and set up a password and other credentials for customer verification.
Advantages of Internet Banking
• Online account is simple to open and easy to operate.
• It is quite very easy as you can easily pay your bills, can transfer funds between accounts, etc. Now you do not have to stand in a queue to pay off your bills; also you do not have to keep receipts of all the bills as you can now easily view your transactions.
• It is available 24x7. You can perform your
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Disadvantages of Internet Banking
• Understanding the usage of internet banking might be difficult for a beginner. So, a person who is new to the system might face some difficulty.
• An uneducated person who has a bank account but due to illiteracy he cannot avail the bank’s online facility.
• You cannot have access to online banking if you don’t have an internet connection; thus without the accessibility of internet access, it may not be useful.
• Security of transactions is a big problem. Your account information might get hacked by unauthorized people over the internet.
• Password security is a must. After receiving your password, do change it and memorize it otherwise your account may be misused by someone who discovers your password unintentionally.
• You cannot use when the bank’s server is down.
• Sometimes it becomes difficult to note whether your transaction was successful or not. It may be due to the loss of net connectivity, slow connection, or the bank’s server is down.
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