Hello everyone I am so delighted to write again on this platform. We have been talking about online banking and today I will be summarising my post on Online Banking withThe disadvantages of online banking.
From the previous posts, Online Banking otherwise called Internet Banking is a system of banking through the internet without necessarily going to the local bank branch. These have alot of benefits attached to it but irrespective of the benefits derived from online banking system, there are some disadvantages which one who strictly depends on Online Banking may encounter and some of which am going to talk about.
Some of the disadvantages of online banking include the following:
- Inadequate personal relationship
- Fluctuations in Network service
- Security challenge
- Poor customer's service
- Difficulty in making deposits
- ATM challenge
In a local bank branch where people go to make banking transactions, both the customer and the banker interacts personally with each other. They can share views in common, talk about some challenges and even crack jokes together in fact, the relationship that exist between a customer and a banker is cordial.
Unlike online banking system it is not available because whatever banking transactions that you are making is online and you both might not even meet each other personal. This relationship is not obtainable as an online account holder and thus some of the benefits a customer can derive from the relationship is denied.
As we all know that online banking system basically depends on network. The issue of network instability is a major disadvantage of online banking system.
Accessing your account when you want to might be a big problem because the network is not steady. One cannot tell when there will be availability of network. These might pose a great set bank in making transactions. But if it is in a bank branch, there will always be alternatives.
When operating online banking, thee is always this fear of security. The customer is unsure of his/her security since the customer doesn't know the person he is working with.
Also, the customer is not free to deposit especially when it involves huge amount of money because there is no bank branch where he can make complains should in case something bad happens.
Sometimes, the accounts of online users are high jacked or hacked by criminals or theives. These makes online banking unsafe and unreliable for banking operations.
Customer service is the good relationship given to a customer. When you can't see someone you might not know how to relate best with the person. Most times, adequate attention are not given to customers, it can be as a result of poor power supply or network which can interrupt the flow and thereby denying the customer the attention and information needed at that particular time.
Money deposit is one of the basic function of a banking system. Money deposit is made easy with direct or branch banks with your deposit slip or check, the banker signs and deposit the cash.
Depositing this money via online banking system is very tidious in some of the online banks. Therefore, it is advisable to go through the internet banking policy of the bank you wish to operate and know them to ease off the stress that might be encountered.
Because there is unavailability of Bank Ng machines, online account users finds it difficult to use ATM machines.
Also there are limits of transactions an online account user can make with attachment of charges. But with direct bank, they offer some free rate ATM transactions and can even refund when the charges are made.
In conclusion, online banking system has alot of benefits but that not withstanding, the disadvantages should also be considered before venturing into online banking system. Reasons why one must know the benefits and disadvantages of online banking is so as to make a right choice which will help in securing your finance.
Special thanks to @xkool24 and @hisgeneral.
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