For this post, I will be sharing the advantages and disadvantages of online banking.
Advantages and disadvantages of online banking
When I first learned about Online Banking or E-Banking in the year 2000, I totally cannot accept the idea of putting my bank details over the internet. I doubt the security level and am so worried that when I log in to the E-banking website, my bank account becomes ‘0.00’.
In the year 2004, I started to familiarize myself with the E-banking facilities. I am surprised that E-banking makes my life so much smoother and more stress-free.
I share below, some of the benefits of online banking.
Advantages of online banking
Some of the advantages of online banking are as below:
1. Save your time and money
If you are the one who pays your household and utility bills such as phone bills, electric bills, water bills and Astro invoices, you will know how much time you wasted in performing each of the tasks.
You waste your valuable time and petrol going to those bank locations and waiting for your number to be called to settle your bills.
With E-Banking, you can pay most of the bills at your own comfort at home. There is no need to rush to different places just to settle your bills.
2. Conveniece
You can perform your banking transaction almost anytime (for Public banks, except from 12 am-6 am), even on weekend and public holiday.
You can check your account transactions below whenever you wish without the need to go to the ATM/bank:
- whether your cheque is cleared
- payment received from the customer
- your salary has been banked-in
3. Manage your finances
Online banking also provide facilities where you can link all your financial products under the same account name.
Among them:
- fixed deposit
- current or saving accounts
- online fixed deposit
- credit cards
- stock investment
- gold investment
So, it is easier to monitor your financial transactions online. You can check your credit card balance with just a few clicks. With this, you can better control your spending.
Disadvantages of online banking
On the other side, the disadvantages of online banking are ‘phishing’ scam and fraudulent or hoax emails by identity theft.
These internet crimes mislead users to a similar E-banking website where sensitive information such as username, passwords and credit card details are captured. And later to be used by them to log in to E-banking and perform unauthorised transactions.
There is also the possibility that hackers gaining access to your accounts.
To avoid these, the E-banking site always takes precautions by advising the customer to clear the internet cache after each internet transaction. Users must also connect to the E-banking through a secured connection.
And must always remember, the bank does not send emails and requests for personal information through the internet. So, never reveals your sensitive information to anyone.
Final thoughts
With the advancement of online banking, there are both advantages and disadvantages to end-users.
To overcome the disadvantages of online banking, we must learn to be smart E-banking users. Always be cautious and take precautions.
Enjoy your E-banking sessions!
There are many advantages to using online banking rather than a traditional bank account. Many of the benefits include favourable rates or the savings associated with using an internet-based bank. Other enhancements include improved convenience and superior control over your banking activities.