Internet banking had already gained popularity before the pandemic because of its cutting-edge web services and mobile applications. However, business owners now more than ever rely on modern technology to handle their banking needs in the comfort and safety of their homes. Let’s have a look at a few of the pros and cons of internet banking.
ADVANTAGES
You can pay your bills online
Consider this scenario, you are in the middle of a meeting and suddenly realise that you were supposed to pay your phone bill the day before. Now, you cannot leave the meeting and the phone company is trying to contact you about this outstanding bill. How much simpler would it be if your bill was automatically paid every month. This can be a reality with online banking. You can save the account number as a favourite and just pay the bill when you need to or you can take the even simpler route and automate the bill so that it’s paid every month without you having to lift a finger. How easy is that?
Transferring funds
What do you do if your spouse is stranded somewhere without any money to take a cab and you cannot get to them? Transferring money to their account could solve that problem for you. You can send money to anyone anywhere at any time. If things like grocery bills can be settled through the transfer of funds. It’s so easy that many places are now opting for cashless transactions instead of accepting cash from customers.
DISADVANTAGES
Technology issues
As great as online banking is, they do come with drawbacks. No matter how many accounts you have or how much money is in them, if you do not have a stable connection then you’re out of luck. Not having wifi means you cannot access your account no matter what you do. In addition to that, banks tend to have periods where they do system maintenance. During these periods you cannot transfer money to anyone. Normally, this happens during the night when most people do not use their accounts however, sometimes it happens during business hours too which can cause some really annoying inconveniences.
Security concerns
It is obvious that banking systems have among the strongest online security systems because they handle money from tens of thousands of their users. However, no matter how secure they claim it to be, there is no such thing as a completely impenetrable and foolproof system. Hackers can find any and all means to break through even the toughest security measures. That is why it is so important to be extra careful when using online banking systems. For starters, do not let just anyone see you inputting your password, make sure there is nobody watching you if you have to do it in public. Be mindful of the websites you access. Make sure they are safe and secure sites and not fake sites whose sole aim it is to steal your private information. Also, never give your banking information to anyone over the phone. This is not just to prevent other people from overhearing. No bank will ask for this information in a call or text, always face to face. If someone claiming to be from a bank calls and requests this information, it’s most likely a scam call.