The Pros And Cons Of Internet Banking

Few years ago the concept of online banking seemed like a doubtful one think about security and computer glitches were enough to put most people off. But after the ongoing success, now every one thinks about internet banking. Like any other technologies internet offers several advantages over traditional banking. But I say internet banking offers more benefits compare to traditional.

Convenience: Convenience is main advantage of internet banking means you can access your transactions anywhere and anytime. No queues and no bank holidays mean the customer has even more control over their finances. And you got clear bank statements.

Get higher interest: Because online banks don’t have the expenses of running branches, they can pass on the savings to the customer, and offer better rates of interest on your money. Not only do they offer substantially more interest on your current account but there are also loans available with very low APRs that will save you money in the long run.

Security: generally internet banking to be even more secured than traditional methods like you won’t have pieces of paper with sensitive information lying around, and there’s no danger of your business being overheard by other bank customers.

Disadvantages: In the past there have been a small number of cases of computer glitches revealing customers’ personal information, but these have been relatively minor and as internet banking becomes more popular, systems are likely to become more secure than ever. Some people may miss the face-to-face contact of their local branch, and most will choose a combination of online banking, phone banking and branch visits.

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