The definition of online banking is managing your bank accounts with a computer or mobile device. It can involve deposits, transfers of funds from one account to another, and electronic bill payments. Customers of traditional banks may usually access their accounts on the internet as well. Yet, mobile access is the primary benefit of online baking. You will not see a banker in person, but you can access your account at any time using a mobile device or computer. You can learn more about the pros and cons of online banking to understand it better.
Pros of online banking | Advantages
- Time and money savings.
- Lower fees and better interest rates.
- The transaction is convenient and faster.
- Easily compare rates of other banks.
- No paper trail for identity thrives.
- Transfer access for loans and investments.
- E-mail notice of due dates.
- Available 24 x 7 hours.
- Decreased cost of paper and postage.
- Storing all the statements online instead of keeping a paper copy.
Cons of online banking | Disadvantages
- Lack of personalized services.
- Prone to technological issues.
- Susceptible to online fraud.
- Not all transactions can be done online. There are limits to online transactions.
- The quality of online portals varies from bank to bank.
- Potential privacy and security violation might happen.
- Difficulty in depositing cheques.
- Not able to access without technology as well as the internet.
- Overspending due to easy access.
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