When it comes to internet, people expect convenience, efficiency and pace, the same goes with online banking. As people are becoming more and more inclined towards online banking, banking service provider’s work restlessly to meet expectations.They adopt the latest solutions and work on the every possible aspect to enhance the quality of service. Of course, there are both advantages and disadvantages of online banking that every user must be aware of. Especially if you are new to the online banking, you must be knowing these pros and cons before getting started.
Getting to know about the pros and cons, you can utilize online banking facility to the fullest while avoiding pitfalls.
List of Pros and Cons of Online Banking
Comfort and Convenience
Do you want to send or receive money? Or you are looking forward to check the available balance in your account? Everything today is on your fingertips and just a few clicks away. Online banking has increased in popularity over the past few years due to this big reason. Now, people don’t need to walk down to the banks to get the transactions done. They can manage almost everything right from their computers, laptops or smart phones.
All you need is an internet enabled device to perform most of the banking activities. Moreover, internet technology never sleeps, your bank may have fixed working hours, but internet works 24×7.
Banking form Anywhere!
Joining the list of pros of online banking, it can be used anywhere. No matter where you are in the whole world, if you have an internet connection, you can!
Another prime advantage of having online banking is that your location doesn’t matter. Whether you are out of city or even out of country, your transactions will take place the way you want. All it takes is an internet connection and very little time to get things done.
Gone are the days when visiting the bank was the only option to make transactions. Now, time and technology has changed and you have best-in-class banking solutions.
banking service providers offer amazing tools with the help of which you can manage your assets with ease. From your individual retirement account to securities and alerts, everything can be managed in an easier way.
Cost Effective Banking
Higher interest rates is what you can enjoy if you are using online banking. In addition to this, online banking saves great deal of money on fuel and also the headache of driving in traffic.
Moreover, you can save paper with having the facility of e-bills and everything that you can do online.
Saving your banking data and reports has become easier than ever before as you can save data in your PC and USB drive. Before online banking came into existence, organizing and keeping data secure was a cumbersome task.
Experience of standing in long queues in the bank used to make people tear their hair out. But, with the internet technology advancing and banking solutions becoming better, banking transactions are faster.
It takes just a few seconds, almost like a blink of eye, your transactions are processed. Now, you need to enter amounts instead of waiting until the cash counting machine counts your money.
Pay Bills and Do More!
Apart from banking transactions and asset management, online banking has more to offer. Now, with online banking, it has become easier to pay mobile and utility bills and various other activities.
Though there are various ways through which you can make payment for your bills, but online banking is most convenient.
Lacking Personal Contacts
Seemingly not a big disadvantage of online banking, but when you are a customer of any bank, they must know it! There are some benefits when a few people from your bank are in connection with you. They provide you with best suggestions to manage your finance.
In addition, it is difficult to make yourself aware of any new product launch. You keep yourself away from many things while being busy banking online.
Security is Concern
Online bakers are one of the most favorite (sometimes easiest) target of hackers. Bankers, in case of lacking internet connection can find themselves unable to transact.
Moreover, as compared to traditional banking method, online banking lacks security as your card details can be stolen.
Check out some online sources that can help you to understand the easiest and safest way to utilize online banking.
Credit Scores are Tighter
Only hand-picked customers get the benefits of having higher credit scores. Keeping yourself busy in online banking for long if you lack the credit score, problems will arise.
Credit score helps you to opt for loans and many other banking facilities that can benefit you in future. Keeping your credit score higher, you can enjoy these benefits for a long run.
Lacking Awareness? You are Easy Target!
Those who lack awareness about the safety measures of online banking are easy target for hackers and intruders.
You can get fraud calls from hackers saying they are calling from your bank and need your online banking details. These details they can use to make fraud transactions.
Get in-depth knowledge of online banking before you start.
To protect yourself from fraudulent activities, follow these tips:
- Your bank will never ask for it, so don’t disclose your banking passwords and/or PIN.
- Never transfer money to any unknown calls instructing you to do so.
- In case you get unexpected calls, never offer remote access to your computer.
- In any situation, neglect disclosing card reader codes over the phone.
Sometimes, Keeping Records is Important
Keeping records is a prime necessity in some circumstances. For instance, tax authorities can ask for a few years of banking transaction details.
In this case, you must have readily available documents to show them to the tax authorities.
When you transact through online banking, you may not have the physical copies of transactions you make.
Technology has both pros and cons, and online banking is no exception. Safer you make use of it, better and easier your life becomes.
Summing it up, there may be more pros and cons of online banking, but these are some important ones.
Of course, there are more pros than cons as online banking has completely changed the way people used to transact.