Internet banking advantages and disadvantages
Answers
Answered by
5
Advantages of Internet Banking
Internet Banking has several advantages over traditional one which makes operating an account simple and convenient. It allows you to conduct various transactions using the bank's website and offers several advantages. Some of the advantages of internet banking are:
Online account is simple to open and easy to operate.
It is quite convenient 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 all the time, can perform your tasks from anywhere and at any time; even in night when the bank is closed or on holidays. 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.
Through Internet banking, you can keep an eye on your transactions and account balance all the time. This facility also keeps your account safe . This means that by the ease of monitoring your account at anytime, you can get to know about any fraudulent activity or threat to your account before it can pose your account to severe damage.
It also acts as a great medium for the banks to endorse their products and services. The services include loans, investment options, and many others.
Disadvantages of Internet Banking
Though there are many advantages of internet banking, but nothing comes without disadvantages and everything has its pros and cons; same is with internet banking. It also has some disadvantages which must be taken care of. The disadvantages of online banking include the following:
Understanding the usage of internet banking might be difficult for a beginner at the first go. Though there are some sites which offer a demo on how to access online accounts, but not all banks offer this facility. So, a person who is new, 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, do change it and memorize it otherwise your account may be misused by someone who gets to know your password inadvertently.
You cannot use it, in case, the bank’s server is down.
Another issue is that sometimes it becomes difficult to note whether your transaction was successful or not. It may be due to the loss of net connectivity in between, or due to a slow connection, or the bank’s server is down.
Internet Banking has definitely made the life easy for users by providing online access to various banking services.
Internet Banking has several advantages over traditional one which makes operating an account simple and convenient. It allows you to conduct various transactions using the bank's website and offers several advantages. Some of the advantages of internet banking are:
Online account is simple to open and easy to operate.
It is quite convenient 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 all the time, can perform your tasks from anywhere and at any time; even in night when the bank is closed or on holidays. 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.
Through Internet banking, you can keep an eye on your transactions and account balance all the time. This facility also keeps your account safe . This means that by the ease of monitoring your account at anytime, you can get to know about any fraudulent activity or threat to your account before it can pose your account to severe damage.
It also acts as a great medium for the banks to endorse their products and services. The services include loans, investment options, and many others.
Disadvantages of Internet Banking
Though there are many advantages of internet banking, but nothing comes without disadvantages and everything has its pros and cons; same is with internet banking. It also has some disadvantages which must be taken care of. The disadvantages of online banking include the following:
Understanding the usage of internet banking might be difficult for a beginner at the first go. Though there are some sites which offer a demo on how to access online accounts, but not all banks offer this facility. So, a person who is new, 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, do change it and memorize it otherwise your account may be misused by someone who gets to know your password inadvertently.
You cannot use it, in case, the bank’s server is down.
Another issue is that sometimes it becomes difficult to note whether your transaction was successful or not. It may be due to the loss of net connectivity in between, or due to a slow connection, or the bank’s server is down.
Internet Banking has definitely made the life easy for users by providing online access to various banking services.
Answered by
1
Answer:Five Advantages of Online Banking. Most banks offer online banking, and you can pay your bills, transfer money, and access a record of your checking account transactions, all from your web browser. Banking from the comfort of your sofa makes everything you do with your finances a bit easier.
Explanation:
Similar questions