Pros and Cons of Mobile Internet Banking and eBanking

Pros of Internet Banking:

Convenience – Save yourself the trip to the bank.

Access – 24/7 access to your account.

Economical – Internet banking fees and rates are lower (or even free) compared to regular banks.

Stay Informed – Online banking websites offer up-to-the-minute financial new and alerts so that you never miss an opportunity.

Low Risk – Online banking is generally considered safe because of the high security measures and authentication processes of electronic transactions. You can keep your mobile banking safe by frequently changing your passwords; keeping devices secure; never replying to suspicions emails and installing antivirus software on your computer.

Cons of Internet Banking:

Necessary Computer Savvy -You have to be comfortable with modern technology and know your way around a computer or mobile device. If you encounter a technical issue you may have a frustrating time trying to figure it out without face-to-face service.

No Personal Touch – Lack of a face-to-face relationship with your personal banker. Sometimes you want to use your charms and powers of persuasion to get your bank to back a project or extend your credit. This is best done in person.

Support Issues – Support can be difficult as you are usually not faced with a “real” human being when making online transactions but rather a FAQ page or a support service that gets back to you later.

Risk Factor – There is risk if your mobile device is stolen or your online account hacked. Net banking makes you vulnerable to online fraud, errors or identity theft.

Limited Bank Services – There are some services that only a traditional bank can offer you like a safety deposit box; notary services; instantly issuing of money orders and access to cash money.

Trips to the Bank – If you’re under 18; have questionable credit history; encounter a problem online or want to open a specific type of account you may have to make a trip to the bank branch anyway.