Banking services has grown from being performed in the bank halls alone to online. Today, we can access many banking services online. Some of these services include paying bills, transferring funds, and viewing account statements. Banks also deliver their latest products and services over the internet.
Internet banking is performed through a computer system or similar devices that can connect to the banking site. Nowadays, you can also use internet banking on your mobile phones, using a Wi-Fi or 3G connection. You no longer need to visit the bank in person to deposit or withdraw money, request an account statement, or stop a payment. You can do all of these tasks, and many more, using the online services offered by the banks. You can also keep track of your account transactions and balance at all times. You no longer need to get passbooks updated to know your total account balance.
With the new swiftness and invention, it comes with its own disadvantages. While online banking has many positives, there are also a few cons. I will like to discuss the pros and cons of online banking.
The first con is the ability to Understanding the usage of internet banking might be difficult at first for newbie to the world of technology. So, a person who is new to technology might face some difficulty except if it is an online banking site with which offer a demo on how to access online accounts and not all banks do this. While the pro against this con is that It is convenient, because you can easily pay your bills and transfer your funds between accounts from nearly anywhere in the world.
Another con is the that you cannot have access to online banking if you do not have an internet connection, without the availability of internet access, internet banking is not useful, while the pro to this con is that 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.
This particular con is the major reason why some persons still find it difficult to accept online banking. Security of transactions is a big issue as 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.
In all of the operations of online banking, it’s pros is more evident that it con as 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. Your banking information may be spread out on several devices, making it more at risk. You can keep an eye on your transactions and account balance all the time. If the bank’s server is down, then you cannot access your accounts. You can get to know about any fraudulent activity or threat to your account before it can pose any severe damage.
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. It’s a great medium for the banks to endorse their products and services.