Internet Banking

Technology has been booming in the last decades. People can move from places to places faster, people can connect with one another easier, also they can get a wider range of knowledge through the news and information that have been posted on the internet. Electric compliances are available everywhere, everybody has their own mobile phone and laptop which they can access their data to and complete works everywhere at any time. Taking the advantage of this, banking sector has advanced its technology by providing the internet banking service to its customer in order to make it more convenient than ever before. Come along with the benefits of the internet banking is its harm. But first, you have to know what internet banking is first.

Internet banking is the system that give the customer the ability to conduct the financial transactions from his net banking account provided by the registered bank (Frankenfield, 2019). The customer can access to his banking data through electronic device such as mobile phone, laptop, etc. Web banking, Online banking, virtual banking, e-banking are all refer to Internet banking. This new technology provides a lot of useful features such as checking the account statement, transferring funds to or receiving from another account, pay any sort of bills, recharge the phone balance, sell/buy on e-commerce platforms, and the lists go on.

Now let’s talk about the internet banking advantage. It provides a major convenience to the customer. Banking transaction as mentioned above can be done 24 hours a day, seven days a week from anywhere a person wishes to. The customers do not require to travel to the bank branch to complete the transactions. Customer can regularly check their account balance to keep track of their funds and more importantly to keep their account safe. Most of the activities are free. There are also some disadvantages of using the online banking system. First of all, it is very common for identity theft since all the transaction can be made without face-to-face meeting, all you need is some information which can be steal or copied. Moreover, you can process to a limited function, if you want to practice any other activities other than those listed you still have to go to a bank branch (Natter, 2019). In order to carry out the transaction, internet must be needed. If the internet is running slowing or lagging, the user will not be able to do anything. The deposits amount is also limited in internet banking. For example, if a large business want to deposits a large amount of money which exceed the limited amount, the customer will have to go to the bank branch and fill out a form. Those bad side effects of using the internet banking can be prevent by being careful, only proceed when the online shopping website is authorized and do not share your banking information with anyone other than yourself and your trusted person. Overall, internet banking is very convenient for the bank’s customers but it also comes with many disadvantages, but which can be avoided. I am writing this to share the awareness of the internet banking scam and to inform the people who plan or want to use the internet banking too, also to explained more about what internet banking is. The most important points in this tech talk are:

• Advantages of Internet Banking
• Disadvantages of Internet Banking
• Preventing Internet Banking scam