what are some advantages and disadvantages of using online banking?

Expert Solution

Advantages of using online banking-

A. Online banking will be helping in access to the banking facilities 24*7 and throughout the year

B. It will also be reducing the time which is wasted visiting the bank and standing in the long queue.

C. It will be leading to efficient management of the transaction and they are done very quickly

D. online banking will also be helping us in order to pay to the third party in a very short amount of time

E. Online banking are providing for quick transfer of funds even across the domestic territory

Disadvantages related to online banking-

A. Online banking can be disastrous if there is lower level of security present

B. There has been a lower faith of people on online banking due to cyber crimes

C. online banking is not properly and completely encrypted and there is a the risk of passwords getting accessed by the third party

D. Lack of personal interaction with the bank.

E. it is also leading to increase in cost because there will be a banking charge involved.

jeff jeffy answered 1 year ago

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