ADVANTAGES AND DISADVANTAGES OF ONLINE BANKING

ONLINE BANKING – online bank is not different from a traditional bank. The only difference between both is online banking is virtual does not involve physical contact and rest all the procedure is the same. One can still deposit and withdraw money, etc. There are online-only banks also known as internet banks. Banks that mostly exist online net which have a handful of branches in the real world. One can choose between an online bank and an online credit union.

PROS OF ONLINE BANKING

1. EASY TO SET UP – for setting up the online bank, all one needs is the social security number if one is an American citizen or a tax id number if a permanent Indian resident. You must submit an Aadhar card and pan card for identification. One may have to submit a photo of the driver’s license. It is a simple way to open and operate.
2. EASY TO USE – it’s convenient because one can pay their bills and transfer their funds between accounts from nearly anywhere in the world. One can keep an eye on their banking transactions and account balance all the time. Many banks will show pending transactions as well. It is available all the time.
3. TRANSFERRING MONEY – one can easily transfer money between accounts by using an online banking facility. It is more convenient as one can transfer money at the time and can avoid to go the bank and stand in a long queue. If transferring money from the same bank account to another account, then that transaction is done on the same day. But if the other account is of a different bank then it may take up to three days.
4. BANK ON ONE’S PHONE WITH A MOBILE APP – banks allow their customer to take advantage of online banking on phone by providing mobile apps. Here one can quickly check their transactions, can easily transfer money, can do online shopping, can pay through these apps like pay-tm, google pay, etc. It makes sure the merchant hasn’t double charged and avoids overdrawing.

CONS OF ONLINE BANKING

1. TECHNOLOGY AND SERVICE INTERRUPTIONS – whenever one can use computers or internet services, we are at the mercy of the stability and efficiency of the system. The ability to access accounts online will naturally be affected if internet service is running slowly or completely out for a period. Similarly, if the bank’s servers go down or temporarily unavailable due to site low or maintenance, one can’t be able to gain online or mobile access to banking information.
2. SECURITY AND IDENTITY THEFT CONCERNS – online banking sites and mobile apps are designed to be secure and banks are continually putting update security. No system is completely foolproof and accounts to be hacked. Resulting in identity theft through stolen login credentials. While using online banking avoid using serves that are unsecured and careful to change passwords and protect your login information.
3. LACK OF PERSONAL BANKER RELATIONSHIP – when problems arise if you don’t have any personal relationship with a banker, it might be more difficult to your issues resolved. While online banking system provides customer care services often to solve issues. But on contrary, a local banker is motivated to serve issues of their customer and strengthen the personal relationship.

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being. Further, despite all efforts that have been made to ensure the accuracy and correctness of the information published, White Code Legal and Tax shall not be responsible for any errors caused due to human error or otherwise.