Like every other thing, Internet Banking also has its advantages and disadvantages. Below are mentioned the most popular advantages of using Internet Banking along with some unavoidable disadvantages.
The advantages include Convenience – online banking sites never close; they’re available 24 hours a day, seven days a week, and they’re only a mouse click away; Portability – you now have access to money whenever there is an emergency, whether or not you are in the country; Transaction speed – online bank sites generally execute and confirm transactions at the same rate or quicker than, ATM processing speeds; Effectiveness – they offer sophisticated tools, including account aggregation, stock quotes and rate alerts to help you manage all of your assets more effectively.
The disadvantages include Lack of ATM’s – which relates to virtual banks, revolves around the lack of ATMs; Start-up may take time – In order to register for your bank’s online program, you will probably have to provide ID and sign a form at a bank branch which can be time consuming; Learning curve – Banking sites can be difficult to navigate at first; Distrust of the User – the possibility of frauds, making errors etc.