It’s a trend to be online every day, every moment. We capture so many memories and put it online so that others can also know what we are doing. Many of us do this and also feel proud about it. But there are many things that we do being online other than posting pictures and chatting on cross social media platforms.
We are living in an era of online and digitization. We learn, read, research, study courses and do much more by using online platforms. One more important which is trending these days is online banking. With the growing technology in every field, financial sector is no more lacking behind.
Every Bank/ NBFC (private or government) has explored and come up with the facility of Online banking to make our daily financial transactions easy, user friendly, convenient and hassle-free. Online banking is so convenient that whenever you open your laptop or smart phone, you’re Bank/ NBFC is already waiting for you. A user can perform various transactions using the bank’s website or the mobile applications. This platform not only provides you with ease of transactions and greater accessibility but also offers you a host of other advantages with simply being online such as speed and efficiency, 24/7 account and service access, online bill payments etc. Following are the advantages of Online Banking that you should know-
- The existing users or the new users can easily open an online bank account by visiting the website of the Bank. The websites are extremely simple to operate and can be used for multiple purposes including transfer of funds in various accounts, paying utility bills etc. this reduces your hassle of moving around and can be done in less time. Online Banking system also helps to view your previous transactions to keep a record.
- Online banking system is accessible to you 24/7, as long as you have an internet connection. Banks have moved a one step further by providing a chat box facility where the users have an access to real time service agents to get their queries solved. This facility is extremely helpful for those who are new to the system and need assistance at every step. The user can perform the required tasks from anywhere and at any time. The facility is available even in the night hours when the bank is closed or the banks have bank or public holidays. The only important thing you need to do this is to have an active internet connection, and you can easily transact 24*7, 365 days.
- The online banking system is fast and quite efficient. You can easily transfer your funds from one account to the other in a very short duration and without any hassle. Several other accounts can also be managed quite efficiently through internet banking. Other than money transfer online banking system can also be used for applying for a new loan. The user does not have to wait in line at a bricks – and – mortar banking premises. With online system there is no waiting. As you start accessing your account, you can do anything without driving to the bank or waiting in long queues.
Not every bank can be best in everything. In spite of providing many advantages, there are certain disadvantages as well while using online banking. Following are the drawbacks of working with online banking.
- Security Issues: This facility do helps keep your account safe because of the reputation and the well-established name of the Bank/ NBFC. You can also get to know about any fraudulent activity or threat to your account much before it can pose your account to severe damage, immediately, within a matter of minutes. But what to do when you feel uncomfortable due to rising cyber crimes like identity theft – if someone gets an unauthorized access to your account by hacking the password or log-in credentials.
- Technology Issues: There can be technology issues such as poor internet connection, power outage or the Bank’s server goes down you then will not have the access to your account. However, some banks provide a customer service number for your assistance but it will be an overwhelmed situation if the online access is down. With a real bank, you always have an option to find a right person to talk in the branch.
- Inconvenient for Deposits: It might be negative on the Bank’s side that the Bank whose purpose is to attract asset makes it hard for the customers to deposit, but yes, it’s true in case of online banking. For the deposit also you have to drop the cash at a local branch.
- Personal Banker Relationship: over a time, due to regular visit to branch, the customer develops a relationship with the personal banker. While dealing with online banking and chatting with a customer service agent you are handed to anonymously who is unlikely to know you as a next customer. If you are regular bound, financially speaking and continue to have a relationship with someone who not only helps but also knows you well is a major advantage over an online banking system.
However, there are lots of advantages of using online banking system over the negatives. Still you need to be sure of using it carefully. The user can stay updated about the bank’s newly launched financial products like loans, investment options, etc. As an added advantage, the user can avail a lot of offers on shopping and a range of other services that can help you get more by paying less.