Before going to advantages and disadvantages for Internet banking I would like to discuss about what is Internet Banking.
Internet Banking: Internet banking also called as Online Banking. It allows customers to conduct financial transactions on highly secure websites operated by government services. In today’s technology Internet banking assumes a special significance. Before internet banking came in to existence, funds transactions felt a bit difficult. We have to go bank and have to write demand draft or cheque in favor of customer and we have to drop in cheque box. After internet banking came into digital world money transactions became much simpler and faster. Not only funds transfer the use of Internet has revolutionized the way people deal with so many things around the world, like shopping, chatting with friends, currency exchange, selling products etc. Totally everything is online now. Even we can pay current bills, telephone bills; order food and many more we can do online. We can handle each and everything just by sitting before net.
Advantages disadvantages for internet banking:
First let us talk about some advantages of Internet banking.
1) As we know banks will not be open for 24 hours. We cannot withdraw money if the bank has closed. But ATM’s are always open for 24hours. This is the greatest advantage of Internet banking. We can withdraw money any time using this service. Our government has provided extraordinary facility that we can find number of ATM centers around our residential areas. One doesn’t have to go to the bank to request account statement. Everything is provided online by bank officials.
2) Internet banking reduces man power. Few years back we have seen many clerks and cashiers helping clients. But internet banking has
Internet Banking: Internet banking also called as Online Banking. It allows customers to conduct financial transactions on highly secure websites operated by government services. In today’s technology Internet banking assumes a special significance. Before internet banking came in to existence, funds transactions felt a bit difficult. We have to go bank and have to write demand draft or cheque in favor of customer and we have to drop in cheque box. After internet banking came into digital world money transactions became much simpler and faster. Not only funds transfer the use of Internet has revolutionized the way people deal with so many things around the world, like shopping, chatting with friends, currency exchange, selling products etc. Totally everything is online now. Even we can pay current bills, telephone bills; order food and many more we can do online. We can handle each and everything just by sitting before net.
Advantages disadvantages for internet banking:
First let us talk about some advantages of Internet banking.
1) As we know banks will not be open for 24 hours. We cannot withdraw money if the bank has closed. But ATM’s are always open for 24hours. This is the greatest advantage of Internet banking. We can withdraw money any time using this service. Our government has provided extraordinary facility that we can find number of ATM centers around our residential areas. One doesn’t have to go to the bank to request account statement. Everything is provided online by bank officials.
2) Internet banking reduces man power. Few years back we have seen many clerks and cashiers helping clients. But internet banking has
become so useful that it can deal with 1000’s of customers at a time and it is cost effective. There is no need to have many workers in banks .Higher officials made everything online and reduced the work of man power drastically with Internet Banking.
3) Great expenditure on paper slips, cheque books, stationary, electricity and man power has got down and profit margin of the banks has grown up.
4) We can buy any product through online using credit facility. This is also great advantage of Internet banking.
5) We can easily transfer funds from one bank to another bank with zero percent interest. This facility helps when we are away from our station. For example if you are in some Y station and you don’t find your bank in Y station. What will you do? You just transfer your money from your bank to any bank which presents in Y station. Everything happens in seconds.
6) You can also trade using Internet banking and you can also apply for loan without visiting bank. Internet banking has made life much easier and simpler. It is more pleasant for bankers as well as for customers.
Disadvantages using Internet Banking:
Really I don’t find much disadvantages using internet banking. But we have to be much careful about our credit cards. We should not have to buy any products from unlicensed websites. There may be chances of loosing our money from those kinds of website. Don’t install any softwares in your pc which doesn’t have any license. Why because many softwares comes with viruses. Those viruses cannot be found even if we scan our complete PC. Whenever we login our online bank account these virus export our passwords to their emails. This is how passwords are being hacked without knowingly. Thus the activities of Internet banking has became more benefits to its disadvantages.
These are the few Advantages and disadvantages for Internet banking
3) Great expenditure on paper slips, cheque books, stationary, electricity and man power has got down and profit margin of the banks has grown up.
4) We can buy any product through online using credit facility. This is also great advantage of Internet banking.
5) We can easily transfer funds from one bank to another bank with zero percent interest. This facility helps when we are away from our station. For example if you are in some Y station and you don’t find your bank in Y station. What will you do? You just transfer your money from your bank to any bank which presents in Y station. Everything happens in seconds.
6) You can also trade using Internet banking and you can also apply for loan without visiting bank. Internet banking has made life much easier and simpler. It is more pleasant for bankers as well as for customers.
Disadvantages using Internet Banking:
Really I don’t find much disadvantages using internet banking. But we have to be much careful about our credit cards. We should not have to buy any products from unlicensed websites. There may be chances of loosing our money from those kinds of website. Don’t install any softwares in your pc which doesn’t have any license. Why because many softwares comes with viruses. Those viruses cannot be found even if we scan our complete PC. Whenever we login our online bank account these virus export our passwords to their emails. This is how passwords are being hacked without knowingly. Thus the activities of Internet banking has became more benefits to its disadvantages.
These are the few Advantages and disadvantages for Internet banking
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