Explain the working of online banking. What are the advantages and disadvantages of online banking ?
Answers
Banking online means accessing your bank account and carrying out financial transactions through the internet on your smartphone, tablet or computer.
It’s quick, usually free and allows you to carry out a number of tasks such as paying bills and transferring money, without having to visit or call your bank.
Many banks also have free apps which let you use these services from your smartphone or tablet.
Most banks let you use your online account to:
Check your bank balance at any time
Pay your bills and transfer money to other accounts
Check any linked mortgages, loans, savings accounts or ISAs
Check your bank statements and go paperless (stop getting paper bills sent to you)
Set up or cancel direct debits and standing orders
Check on any investments you might have that are linked to your account
Answer:
Online Banking is the financial transaction via the internet, other name:- net/web banking or internet banking. It allows people to deposits, transfers, and online bill payments.
Online banking is accessible via a computer/tablet or a mobile phone. Also known as internet banking or web banking.
Pros
Higher interest rate offers
Lower fees
Cashback and other rewards
Emphasis on mobile and online banking
Cons
No face-to-face customer service
Limited capabilities compared to retail banks
Difficult to conduct cash transactions
No physical locations
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