Internet banking has become a more common exercise to be adopted by everyone. It seems easy but actually internet banking is difficult for both new and old victims of it. Going without internet has become very trendy which undoubtedly encourages online banking to become part of people’s life. Frequent trips to banks, receiving and sending of paper checks, walking around banks in and out to confirm conduction of correct transactions, reconfirmation of balance repeatedly and the list goes on and on. People used to deal with certain dilemmas before the invention of internet banking. Today, internet banking has instantly taken over all such struggles with the replacements of few clicks done online. Online banking is quick and advantageous but we shouldn’t forget the fact, every advantageous activity does hold disadvantage on the other hand. Let’s have a quick look upon pros & cons of internet banking.
(a) Paying bills – you are paying your bills through a money account, home equity line of credit, checking or saving account etc. whatever billing term you use, it is acceptable. Internet banking also provides an automated recurring of payments, so the customers won’t forget to pay their bills on time.
(b) Simple Set Up and Use – internet banking has made it so easy for anyone to interact and run their online bank accounts. Even an inexperienced person can make a use of few keystrokes and clicks to get the required job done. There are banks that are even providing online customer services 24 hours to benefit users.
(c) Mobile capability – now online banking is possible even through your smartphones. You don’t need to especially make use of your PC to make online transactions. Few banks are also providing their official apps for smartphones, to make online banking more convenient for its customers.
(a) Transaction issues – although internet banking has expanded its terms of conveniences, but yet there are some aspects which needs to be taken care of in person instead of online. International transactions, deposition of cash etc. requires attendance of a certain customer to meet face-to-face.
(b) There goes the budget – people who avoid impulse purchase and likes to keep a strict eye on their budget, for them going for instant online banking deduction could be a problem and sign of irresponsibility. It feels good to realize that you still have money in your account to spend than to know, all your deductions are reflecting directly on your account.
(c) Security – security is one of the major drawbacks of internet banking. If we look around, currently identity theft and computer hacking is spreading in America and all over the world like an unresolved disease. However, banks are putting their best effort to guarantee foolproof security of their customers account.
But yet there are open threats and insecurity that nothing online is profoundly secure. A person even won’t when hackers may get access to their accounts and steel sensitive information for illegal purposes. This one drawback makes the entire formulation of internet banking not trustworthy.