explain any four disadvantages of E-BANKING
Answers
Answer:
1.Security issues
Internet banking is completely insecure as there are many problems related to the website and data can be hacked by the hackers. It can leads to financial loss to the users. The financial information can also be stolen that can also create financial loss.
2.Lack of direct contact between customer and banking officer
Online banking requires effective customer service for handling issues faced by the user. But lack of customer support creates disappointment among the customers. There are some online payments which may not be reflected in the system due to technical issues. It also creates insecurity among the customers. Thus the lack of support from customer service executive is a barrier in online banking.
3.Transaction problem
During online banking there are various issues faced by the user such as transferred payment is not reflected, payment failed, and other issues due to technical support.
4.Long procedure to access e-banking
In some countries, government banks are providing internet banking by filling the internet banking form then after approval you can access
to log in. An individual need to download the App of specific banking then all credentials needs to be filled for login successfully (Sharma, 2016).
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e-banking is a service that has made life easier for people but has its own disadvantages.
Explanation:
e-banking is one of the most advanced and fastly developing service in India. However, a number of disadvantages associated with the e-banking are:
- e-banking can only be done on a mobile device or a desktop which is not actually handy for many people.
- For carrying out e-banking operations, people need to have a network connection which is again an added expense on their budgets.
- The chances of frauds or higher in case of e-banking if people are not aware enough.
- e-banking can also result in payment failures due to technical glitches and delay the payment processes.