Online banking in recent times has become a strong aspect of the whole banking process. A virtual face of actual direct banking, Internet banking has certainly found many buyers and that is not all it has also allowed the banking fraternity to add a whole new dimension to it.
Internet Banking is also called Online Banking. It has become an extension of PC Banking. Internet Banking can be explained as delivery system by which people can conduct banking activities for various purposes. It offers services like transferring funds between different banks, paying bills, viewing checking and savings account balances online and any time, paying mortgages, and purchasing financial instruments and making deposits online. Online banking (or Internet banking) allow customers to conduct financial transactions online in a secured manner on the bank's website set up by the bank itself as its extension.
Internet Banking has various advantages which consumers enjoy while conducting their banking activities online. The major advantages are as follow :-
Transaction speed is very fast, even faster than ATMs
One can manage and access all your bank accounts from one place which is a very efficient way to do things
Online banking being available 24/7 is very convenient to common people as direct banking branches close before 8 pm
Online banking makes banking services accessible anywhere in the world
It is very effective as many other additional services like portfolio management
It is also very advantageous for the banks as the banks can gain access to new markets and also can keep up with more sophisticated clientèle. A larger consumer base can be acquired and managed with ease. The major banking firms which are conducting online banking operations are SBI Internet banking which is the biggest bank in the country and axis bank Internet banking which has also established an Online Banking infrastructure.
But online banking can be tricky in certain ways as well and has its fair share of disadvantages both for the consumer and the banker.
SBI Internet banking has many safety precautions for this. But still Online banking does have some disadvantages which are as
follow :-
1) It is a bit of a pain in the beginning as many forms and proofs have to be submitted with the bank before a working online account can be acquired
2)Banking authorities in India have still not properly settled in this niche and still there is some room for improvement to make Internet banking more consumer friendly
3)The website has to be constantly updated and efforts are to be put in to make it user friendly but with each change in the website the consumer has to re-learn how to perform the same functions again and sometimes the consumer can get ticked off and close his/her account.
Axis Bank Internet banking always make it a point to inform or rather educate its customer before employing any significant changes
4)There is a very diminished banker to consumer interaction which increases the distance and thus such banking can be termed impersonal and insensitive
5)Online banking is difficult to trust and mistakes can be very easily committed online such clicking on the wrong link or twice or something else
Online Banking has its own share of dangers as there are frauds and mirror sites which very regularly steal your bank account details and wipe out your balance. One should always take precautions when banking online. Personal information should always be kept private and a well guarded secret. One should know his/her rights as a consumer. And also conform the procedures and steps to take when you have been wronged such as wrongful deductions etc. Also one should learn how to go about legally in case if a bank starts cheating on you or refuses to look into your complaints. Be alert and regularly check your account details and stay in touch with the bank officials as well to know of any new charges or schemes. Remember, it is your money and you are the one responsible for it.
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