Online banking is a banking which enables us conduct our financial transaction or other activities to perform banking management through the particular bank’s website ,through the computer or mobile we can assess our online account which is processed under the knowledge of bank.online banking also known as internet banking.Internet banking refers us running or latest products of bank,services ,paying online bills etc which is designed especially reduce our headache over be in bank to getting these services.
Various Online Services
Online banking account is easy to open and
operate. The online services offered might differ
from bank to bank, and from country to country.
To know about the various services, always go
through the welcome kit that you get at the time
of opening the account. You also get the
password to access your online account, which
you are supposed to keep with great care for
security reasons.
The common online services offered by banks
are:
Transactional activities like funds transfer,
bill pay, loan applications and transactions.
Non-transactional activities like request for
cheque book, stop payment, online statements,
updating your contact information.
ADVANTAGES OF INTERNET BANKING:
Internet Banking has several advantages over
traditional one which makes operating an account
simple and convenient. It allows you to conduct
various transactions using the bank’s website and
offers several advantages. Some of the
advantages of internet banking are:
Online account is simple to open and easy to
operate.
It is quite convenient as you can easily pay
your bills, can transfer funds between
accounts, etc. Now you do not have to stand in
a queue to pay off your bills; also you do not
have to keep receipts of all the bills as you can
now easily view your transactions.
It is available all the time, i.e. 24×7. You can
perform your tasks from anywhere and at any
time; even in night when the bank is closed or
on holidays. The only thing you need to have is
an active internet connection.
It is fast and efficient. Funds get transferred
from one account to the other very fast. You
can also manage several accounts easily
through internet banking.
Through Internet banking, you can keep an eye
on your transactions and account balance all
the time. This facility also keeps your account
safe. This means that by the ease of
monitoring your account at anytime, you can
get to know about any fraudulent activity or
threat to your account before it can pose your
account to severe damage.
It also acts as a great medium for the banks to
endorse their products and services. The
services include loans, investment options, and
many others.
DISADVANTAGES OF INTERNET BANKING:
Though there are many advantages of internet
banking, but nothing comes without
disadvantages and everything has its pros and
cons; same is with internet banking. It also has
some disadvantages which must be taken care of.
The disadvantages of online banking include the
following:
Understanding the usage of internet banking
might be difficult for a beginner at the first go.
Though there are some sites which offer a
demo on how to access online accounts, but
not all banks offer this facility. So, a person
who is new, might face some difficulty.
You cannot have access to online banking if
you don’t have an internet connection; thus
without the availability of internet access, it
may not be useful.
Security of transactions is a big issue. Your
account information might get hacked by
unauthorized people over the internet.
Password security is a must. After receiving
your password, do change it and memorize it
otherwise your account may be misused by
someone who gets to know your password
inadvertently.
You cannot use it, in case, the bank’s server is
down.
Another issue is that sometimes it becomes
difficult to note whether your transaction was
successful or not. It may be due to the loss of
net connectivity in between, or due to a slow
connection, or the bank’s server is down.
Internet Banking has definitely made the life easy
for users by providing online access to various
banking services.
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