Online Banking
Online banking is quick, fast and convenient! You’re able to do the things that a few years ago, you’d of only been able to do in person, however now you can go online and do what you need to do. To be able to do this online is a clear indicator that technology has progressed a lot in the past few years. Online banking allows you to, clearly, bank online. There are many advantages and a few disadvantages to online banking; the outstanding problem which is yet to be solved is the problem of customers simply not trusting the internet with their personal details over fear that someone will clone their identity.
Online banking is very good for a number of reasons, the most obvious would have to be that it is extremely convenient and saves people a lot of time to do it online. Online banking has proven to make many peoples lives easier, and instead of going to an ATM machine every time you wish to make a payment, or check your balance, you’re able to do this online without leaving the comfort of your home which a few years ago, was not an option. Another advantages of online banking is that by using the internet to look at this, you’re saving paper instead of going and getting a written statement about your current bank balance, which not only saves time but benefits the environment as well, online banking is a more environmentally friendly way to get the information you need.
Online banking is also convenient because you can access your accounts at anytime, whereas with actual premises you have opening and closing times, which for people who work long hours may not be able to conform to. It seems that many banks are going online, most banks such as Halifax, Lloyds TSB and Barclays accommodate for all their customers by using the brick and click concept, however some companies are purely online banks such as; new.egg.com. This is a company which does everything online, you’re able to sort out your finances online but you cannot go to an actual bank as they do not operate in that way, meaning this is for people who trust the internet a lot. They do not however offer banks so you can withdraw, or speak to someone which could be a problem for many users.
It is apparent that banks are trying to change the way they operate because they are trying to make so that internet users receive their statements online, instead of sending out copious amounts of paper which they are, by law, required to do. However it has been argued that this is simply not the answer, that using banks online is unsecure and you can be a victim of fraud.
Security is a huge problem for making online banks bigger, many people do not trust the internet because there are people who are capable of hacking into someone’s account. Security is necessary for any e-commerce site, or people will simply not use the website. Many banks have a long process to access their account online, you have to gather information and put it online, although it takes a long time which could be an annoyance; but it shows the security of the site is substantially high.
Fraud is a common worry for those choosing to use online banking, with many people being victims of fraud throughout the world, and the amount of money taken through fraud; this concern about banking online is only expected. With the figures, although going down, being worryingly high. There are many cases of groups of people working together to try and take money, and often they can gain a lot from customers and because it is online, it is sometimes harder to track them down.
I personally do use banking online, however I know people who do and they seem to get on with it fine, but they still have issues with security and often ensure that they remove their card details from the site after use.
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