Hi Deepak,Everyone today is switching to e banking due to the convenience it provides. I have personally witnessed this transition in my parents especially during the pandemic. My parents were skeptical of adopting e banking methods of payments and transfers since they were unaware of what are the advantages of e banking. But with the advent of digitization things have changed and people are now more open to e banking since it offers safe and secure transactions at the convenience of their one’s homes.Not only the people at the consumer end but even businesses and vendors are more inclined towards e banking now. But e banking has some disadvantages too. Let’s understand both the pros and cons of e banking ahead.What is e banking advantages and disadvantages?The advantages are as follows:
You can transact at your own ease anywhere and anytime.
Pay bills without going to the bank or any other authority to pay their respective bills. All the bills can be paid online by simply linking your bank account to various digital payment apps or by internet banking.
Similarly you can transfer money to anyone through e banking. It is completely safe and secure and can be done in an instant.
You can also deposit cheques online through e banking in just a few minutes.
E banking also reduces the overhead charges of businesses that bank online as there is no need for upkeeping branches.
The disadvantages of e banking are as follows:
If there is some sort of internet disruption due to a power outage or server issue, the transactions can be severely hampered.
There is no personal relationship between the customer and the bank since people transact from home and there is no need to visit the banks in person.
There are still some privacy and security concerns when it comes to e banking. It is important to keep a strong password for all digital payment apps and follow all the protocols diligently to avoid any online scams.
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What are the Advantages of E Banking?
Deepak Mehra
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April 19, 2022
2022-04-19T20:44:23+00:00 2022-04-19T20:44:25+00:00Comment
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Banking
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