Advantage & Disadvantages of Online Net Banking

Internet banking is also known as e-banking or net banking. It allows customers to access their banking services via the internet. To access all services, customers don’t need to visit the branch of their bank. Access to internet banking is not available for all account holders. You must register to access internet banking services when you open your account. To log in to your internet banking account, you will need to use the registered customer ID.

Online Banking: The Advantages

Online banking offers many benefits. Some are simply the convenience of being online. Others are the competitive advantages that online banks offer due to their cost structure. Online banking offers the following benefits:

Access to account and services 24 hours a day

Speed and efficiency
Online bill payment
Low overhead can translate into low fees
High-interest rates can be achieved with deposit accounts that have low overhead.

24/7 Access to Account and Services

Online banks can be accessed 24/7 as long as there is an internet connection. Online banks such as Ally Bank offer 24/7 access to real customer service agents. This is a great perk if you don’t have internet access or feel that you need to speak with a real person rather than a computer program.

Speed and efficiency

You will need to wait in line at a brick-and-mortar bank if you need to transfer money or apply for a loan. There is no waiting with an online bank. You can access your accounts and request a new card as long as you have internet access.

Online bill payment

Online bill payment is one of the many benefits of online banking. Online bill pay is much easier than writing checks or filling out forms to pay your bills. Once you have set up your accounts with your online bank, you will be able to make your payments in just a few clicks. Online bill payment makes it easy to manage all your accounts and track the payments.

Online Banking:

These are the disadvantages to internet banking:

Internet RequirementTo use internet banking services, you must have an uninterrupted internet connection. You cannot access any online services if you don’t have internet access. You can’t access net banking services if your bank server is down.

Transaction security

Online banking transactions can still be hacked, no matter how secure banks make their network. Despite the fact that advanced encryption techniques are used to protect user data, transactions can still be compromised. This could pose a serious threat, such as the hacker using the data illegally.

Many Indians have lived their entire lives without the internet. They might find it difficult to understand the basics of internet banking. Worse, they might not be able to understand how internet banking works or the flow of how it is done. Inexperienced beginners will find it difficult to understand.