Digital Banking: Pros and Cons
Digital banking or online banking started way back 1990s when banks wanted to utilize the uprising internet. As the internet had become a part of the needs of a person, the internet banking made its way to become part of it too.
Digital banking made investments and trades easier than it has ever been. All you had to have is a mobile phone, internet, and an application to make it all work. Sign in to an account and everything you need to know about your record can be seen in just a few clicks. Possibilities with banking nowadays are endless, from cardless transactions to international banking.
This includes, but not limited to, online bankings and e-commerce.
Online banking has set a good record in the finance industry, but what are its pros and cons?
Pros:
It offers better rates and lower fees
Due to not having any physical infrastructure and overhead costs, you are faced with lesser to no charges. It may also yield to more savings if your banks allot it to more percentages for their customers. They offer the lowest APYs and almost no maintenance fees.
View and review transactions anytime, anywhere
Since all you need is a phone, the internet, and an app to access your account, you can view and review your transactions anytime you need to.
Quickly connect it with your financial applications
Your online account is capable of syncing with your other financial app. This enables you to manage your finance easily and at real-time.
Cons:
Lack of ATMs
Pure online banking tends to lack ATMs since they would focus on improving their online experience alone for the users. Accessing other ATMs may cause you fees that may sum up if not used wisely.
Limited capabilities
Although it had improved in time, some transactions can only be done through physical banking. Operations such as receiving or depositing cheques would cost you time since heavy security verifications are required.
Security threats
Despite having high security for their applications. Social engineerings and hackers post a threat to a rather safe banking experience.
Final thoughts:
Mobile banking is not all good and all bad. Knowing which things to do and which you should not, it would help in better the overall banking experience.…
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