Internet Banking can be defined as the online banking activity carried on between the bank and the client. Thus, it is also known as online banking. This method speeds the activities of banking ans gives you an opportunity to use banking services from your home, or even when you are away from your place of business. There is efficiency in banking services online.
When you want to use online banking, you are given a distinct user name and a password, to enable you to log on the website of the bank and get access to your account. Now you can conduct online transactions. Many important banks extend this facility to clients, these days. In spite of the popularity of this banking, it is also hazardous, as there are still some security matters which can be dangerous for people who are fresh to this method of banking. Suppose you forget logging out after your transactions, or use insecure lines to access your account, you may be leaving room for unauthorized people to access your account and misuse it. Therefore, you should keep on changing the password, quite often.
In spite of this system being popular, many people are still cautious about using it. Such people might have used online services for loans, but when it is about transacting money through internet, they still feel uncomfortable. Thus they would like to adopt the banking methods which their grandfathers pursued. Though this system has failed to revolutionize our banking methods, it has certainly reduced queues and time consuming processes.
Banks keep on trying, to attract more people to online banking, by offering many functional secured systems. But it is only when people forget the smile of the bank manager and the tellers windows; they will be able to come over to this side, which virtually exist only on the web. It will take time for this banking to become our sought after system.
Many banks save overhead expenses through online banking systems, but it passed on to customers in the form of interest rates or reduced service fees. As regards ATMs which virtual banks cannot provide, they are certainly at a great disadvantage. The following are some of the pros and cons of online banking.
As far as advantages are concerned, there is convenience, banking is accessible twenty four seven, you can transact from thousands of miles away, services are speedy, there is efficiency and effectiveness. Also they provide services like trading stocks, alerts for stock rates ad stock quotes, portfolio management, etc.
The disadvantages include start-up difficulties, as you have to fill in forms, sign them, show proof of your identity, and more. Sometimes navigating on these websites is cumbersome. The greatest disadvantage is lack of trust. People who transacted online, continue to wonder whether their transaction was effective, whether they pushed the button twice, and things like this. Such doubts are eliminated by taking a print out.
Internet Banking will continue to capture the imagination of people, and will live with us. On our part, we should use this efficiently, save effort and time.
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