While internet banking has touched many of our lives in some form, there are many people who are still very wary of using online banking facilities. There are many scare stories which persist with regards to online banking, some justified and some written from a biased view point. While internet banking is not perfect, neither is the traditional banking system in the UK.
So what are the pros and cons of internet banking?
Depending on which side of the fence you are, many people seem to focus on one area, i.e. good or bad, with many people failing to give or receive a balanced view point.
Some of the main factors to consider :-
Pros Of Internet Banking
?Ease of access. Internet banking is normally available 24 hours a day, 7 days a week and you can view your details from any computer around the world (there are safety aspects to consider when using 3rd party machines).
?No appointments required. Using the many internet banking facilities available, you have a large degree of flexibility in how you view, and analyse your finances. There are also many options to apply for loans, overdrafts and the like on line, with some services offering an immediate answer.
?Telephone support. While it is cheaper for customers to access their information via the internet, many financial institutions also have a telephone back up service for further questions / queries. Normally available 24 hours a day, 7 days a week, they can be priceless in some situations.
Cons Of Internet Banking
?Fully automated services. For those of the population who are not yet comfortable with the internet revolution, or maybe not fluent in computers there are large hurdles to over come. Simple errors when accessing via a PC may well put your personal data or accounts at risk.
?No personal contact. Many people (especially from the older generation) still prefer the personal contact which is available with traditional banking, even though it has become a little more impersonal over the last few years.
?Security issues. There are without doubt some security issues with internet banking, although there are many simple steps you can take to protect yourself, and your personal data. Is internet banking more dangerous that traditional banking? Some may beg to differ.
These are just a few of the issues which have arisen since the internet boom began to effect the financial services industry. While some consumers will always be sceptical of new technology and saving personal data on PCs, more and more people are using online services, and many have very few issues.