The pros and cons of internet banking

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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.

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.
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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.
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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.

Internet Banking

Online banking services: A platform to make the most use of banking services

Have you noticed any changes with the banking services? Yes, a lot has been changed in fact the whole dimension of the banking service has changed since last 10-15 years. In the earlier days people used to stand in queue for hours together to get the necessary banking service. Thanks to the modern and innovative technology, which has made banking easier than never before?  You can make your necessary banking transaction from your own place ant at your own convenient time with a 24*7 access to your own bank.

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The whole process is called as online banking and it gives freedom to the customer in choosing their own place and time in making their necessary transaction. Here are few reasons why you should opt the online banking services.

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Complete access to your own account: With the online banking services the customer will have the freedom to access their own account irrespective of any barrier. The customer needs not to be depending upon the banker in order to know some information about their account. The customer can access his own account and can make the necessary transaction at any point of time. Similarly the customer can set the transaction limit for all banking transaction in his account.

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Complete fraud proof: Still many people have the conception that the online banking is most fraud prone. In reality the same does not exist at all. The entire bank has made their exercise to make their online banking service as fool proof. All you need to do is to follow the security guide lines of the bank and maintain a strong password for the online banking services. Keep changing the login and transaction password regularly so as to keep it safe. At the same time you can make payment to your utilities bill from the online services.

Eco friendly: A lot has been spoken about saving the environment and eco friendly. Each and every person is encouraged to make their role in saving the environment by opting the eco friendly way. Similarly by opting the online banking you can make your own contribution in saving the environment. In simple term the online banking is also called as paper less banking or green banking. By opting the online banking you can save a lot of paper with the every single transaction so that you can also save the environment. Similarly a lot of paper can be saved by taking the statement electronically instead of taking the print out.

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Saving time: Time is very precious and nobody wants to waste a bit of their own time. If you are opting for the traditional banking you have to go to the branch and a lot of time you have to spend their. At the same time you have to stand in the long queue and a tedious journey from your own home to branch.  The online banking gives freedom from all and you can make your own banking at your desire saving a lot of time for you.