Internet banking represents the virtual face of the banking transaction, where you will do all sort of virtual transaction in the real world. The internet banking has given an opportunity to all the users to conduct banking activities allowed by traditional and local brick and mortar businesses. This is the reason why the numbers of internet banking users are accelerating with a fast rate. Have a look into the various advantages and disadvantages of the internet banking.
Advantages of the internet banking:
24*7 access to your account: The conventional banking system will allow you to operate your personal day only on the week days and during the banking hours. However the internet banking will give you the privilege of the 24*7 operations and access to your account. You can perform all your banking related stuff from your own place and at your convenient time.
Transaction made easy: Sometime you may have to make some payment on the schedule dates else you have to pay the penalty for it. In case of the traditional banking system, you have to put a reminder for all the future transaction and payments. However in real practice it is very difficult to memories al the future transaction. The internet banking will give you the freedom from it. The system will automatically remind you for all your future transaction. In addition to that if you will opt for the standing instruction option, the system will take care of the future transaction.
Settlement of transaction in no time: The internet banking has been developed with an aim to make it user friendly and the attempt has succeeded also. If you are making any financial transaction through the internet banking, the transaction will be settled in no time and you will receive your transaction status immediately.
Disadvantages of the internet banking:
Legal issue: All the internet banking transactions are settled by the users only as well as the authorization also. In case of any financial disturbance, it requires an authentication from the banking staff. In case of the internet banking the authorization can’t be obtained from the banking personal and it will invite the legal complaints.
Lack of human touch: Banking is all together a service industry. A service industry always has an upper hand, when there is a customer care with human touch. In case of the traditional banking system the banking staff will assist you in case of any difficulties. However the internet banking lacks this option. The user will not have a direct contact with the customer contact personal. Though there will be an option to talk over the phone to talk to the customer care personal, you don’t have the guarantee that you are talking to the best person available there.
The security aspects: All internet banking service providers are leaving no stone unturned to make their service a fool proof one. Still there exists a threat to the internet banking. To make your internet banking account a secure one, just follow the guidelines issued by the bank and do not share your login details with anyone.