Advantage and Disadvantage of Online Banking

Advantage and Disadvantage of Online Banking
Online banking enables bank customers to handle account management and perform account transactions directly with the bank through the internet. This is also known as internet banking.

It is an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as a retail bank, virtual bank, credit union or building society. Online banking is also reffred as Internet banking, e- banking, virtual banking and by other terms.

 

Customers are able to access to all of their accounts through an internet connection using the banks own website or a commercial software package. Online banking allows customers to monitor accounts, download transactions, transfer funds between accounts including checking, saving and money market/ CD accounts, management investments and handle loan activity including applications and repayments.

Advantages

Convenience is a major advantage of online banking.

Basic banking transactions such as paying bills and transferring funds between accounts can easily be performed at times convenient  to consumers.

Consumers can perform banking transactions 24 hours a day, seven days a week. Online banking is fast and efficient.Funds can be transferred between accounts almost instantly, especially if the two accounts are held at the same banking institution.

Banking accounts can be monitored more closely thanks to online banking. This allows consumers to keep their accounts safe.

Online banking allows for the opening and closing of fixed deposit and recurring deposit accounts that typically offer higher rates of interest.

Disadvantages

Online banking security is continually improving, such accounts are still vulnerable when it comes to hacking.
Consumers are advised to use their data plans, rather than public Wi-Fi networks when using online banking, to prevent unauthorised access.

Connectivity issues from time-to-time may make it difficult to determine if banking transactions have been successfully processed.

On occasion, consumers may prefer face-to-face interactions for more complex banking issues.


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