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Advantages and Disadvantages of Online Banking 2


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Banking

Bankruptcy and banking have been in a fierce competition for people and companies. Bankruptcy is a legal procedure that one can go through to eliminate debts. The process of bankruptcy is very long and can take many months before the entire process is completed. There are also many disadvantages associated with bankruptcy. This is why people are opting for better ways to eliminate their debts. If you want to know more about bankruptcy and its disadvantages here are some things you should know.

 

Virtual banking has altered the banking sector totally that has resulted to convenient online banking system. High savings for customers. Convenience. Faster transaction services.

 

No face-to-face interaction is another advantage that is associated with most of the banks. There is no need for a customer service representative to visit the customer in person to do any transactions. For example, transactions for adding a new employee to the company payroll or adding new equipment to a factory or to a farm are all done by means of using the internet. Moreover, all the data that is processed is transmitted to the central database, thus eliminating the need for a personal meeting with the customer.

 

Convenience is the major advantage when it comes to using the internet for transactions. It allows the people to do banking in their own time and at their own place. It also saves time and money in the long run. In the traditional banking system, a person would need to make several transactions to complete a certain transaction. The need for making several transactions would result in higher operating expenses.

 

Another advantage of internet connection is mobile banking. Mobile phones are becoming the first choice of most customers when it comes to banking transactions. However, mobile banking has its disadvantages as well. The biggest disadvantage is that there is no proper interface or screen for viewing or entering information into the computer. There is also the problem of poor reception and signal strength.

 

In addition, there is a general trend of moving towards online banking and mobile apps. This trend has made it easier for identity theft to happen. However, with the introduction of biometric technology, bank accounts can be accessed by authorized personnel only. This further reduces the possibility of any kind of identity theft.

 

Internet has made it possible for individuals to pay their bills and maintain multiple bank accounts through one payment. Some banks provide their customers with the option of paying their bills through PayPal and money transfer methods such as Western Union. Most banks provide customer accounts with the latest security measures such as fraud alerts and deposit guarantees. All these factors make it difficult for identity theft to happen.

 

Though online banking has many advantages, it does have some disadvantages too. One of these disadvantages is that the user needs to have a broadband internet connection. If the connection is not reliable, there is a chance that he might miss a few payments. There is also the threat of data theft from stolen bank account and mobile apps. However, most of these problems are temporary and do not last for very long.

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