advantages and disadvantages of internet banking
Answers
Answer:
Advantage
It is fast and efficient. Funds get transferred from one account to the other very fast. You can also manage several accounts easily through internet banking.
Disadvantage
Your banking information may be spread out on several devices, making it more at risk.
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advantages-
An online account is simple to open and easy to operate.
It's convenient, because you can easily pay your bills and transfer your funds between accounts from nearly anywhere in the world.
You do not have to stand in a queue to pay off your bills. Also you do not have to keep receipts of all of your bills, as you can now easily view your transactions.
It is available all the time. You can perform your tasks from anywhere and at any time, even at night or on holidays when the bank is closed. The only thing you need to have is an active internet connection.
It is fast and efficient. Funds get transferred from one account to the other very fast. You can also manage several accounts easily through internet banking.
You can keep an eye on your transactions and account balance all the time.
You can get to know about any fraudulent activity or threat to your account before it can pose any severe damage.
It's a great medium for the banks to endorse their products and services
More online services include loans and investment options.
disadvantages-
Understanding the usage of internet banking might be difficult at the first. That said, there are some sites which offer a demo on how to access online accounts (not all banks offer this). So, a person who is new to technology might face some difficulty
You cannot have access to online banking if you don’t have an internet connection; thus, without the availability of internet access, it may not be useful
Security of transactions is a big issue. Your account information might get hacked by unauthorized people over the internet.
Password security is a must. After receiving your password, change it and memorize it. Otherwise, your account may be misused.
Your banking information may be spread out on several devices, making it more at risk.
If the bank’s server is down, then you cannot access your accounts.
If the bank's server is down, due to the loss of net connectivity or a slow connection, then it might be hard to know if your transaction went through.
You might get overly marketed too and become annoyed by notifications. That said, these can easily be turned off.
You might become annoyed by constant emails and updates.
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Explanation: