Advantages and Disadvantages of On-Line Banking

Write down the Advantages and Disadvantages of On-Line Banking?

ADVANTAGES OF ONLINE BANKING
1. To draw money from bank you don’t have to line up in the long queues that cost time and labor. 

2. Transactions are processed at a fast-speed. 

3. For consumers and businessmen better and efficient financial management is facilitated. 

4. Utility bills are promptly paid without queuing and late payment is avoided. 

5. You can access your account round the clock over the week. 

6. Bank charges are saved, as cheques that have cost are not used in e-banking.

DISADVANTAGES OF ONLINE BANKING
1. Online transactions are exposed to frauds. 

2. Online bank charges are liable to come down if competition among banks increases. This fact is a disadvantage to the bank. 

3. If confidential information given to the bank is leaked out fraudulent transactions can be struck for which the consumer will be fully responsible. 

4. Credit card frauds and identity thefts are common. 

5. Customer information may be leaked to others causing fraudulent transactions