The Pros and Cons of Shifting Banking to the internet
Thanks to all the technological advancements that have taken place, the Internet has taken the entire world by storm. The Internet is a dominant presence in all of our lives, no matter our age, profession or identity in general. Several aspects of the Internet are duly lauded by people as the Internet has surely made life easier.
The Internet has made daily life simpler in more ways than one. Thanks to the Internet, education did not have to suffer hard in the grasp of the Covid-19 pandemic. Thanks to the Internet, medical help has become more accessible to people that earlier found it difficult to access healthcare facilities. Thanks to the Internet, people can now easily work even from the confines of their homes, without having to leave their homes and fall prey to the Covid-19 pandemic. Thanks to the Internet, life seems to have taken a much stress-free course of a turn.
Amongst all the aspects that the Internet has revolutionized, banking is one of the most important ones. For any adult, banks and banking-related activities are a crucial part of life. However, just a few years back, banking was a tiring and sometimes much frustrating activity. For many people, spending a day at the bank meant spending long hours waiting in queues, only to be met with unpleasant results. Even depositing and taking out money from one’s bank account took long hours, let alone filling up forms to create or merge accounts.
But with the advent of the Internet, banking too, gradually shifted online. The first use of Internet banking was through telephone banking, back in the 1980s. However, as Internet connections gradually started to become common in households, the advent of Internet banking was properly established. As Internet banking first started, it went to be referred to as home banking by different banking and financial companies around Europe and the United States.
The Internet has surely revolutionized the arena of banking. After all, like many other aspects of the Internet, Internet banking also made life a lot easier. Here is a list of some of the most lauded pros of Internet banking.
- No More Long Queues: Thanks to Internet banking, people no longer have to spend hours standing in queues to get work done at a bank. People can now easily deposit, transfer or directly spend money without just a few clicks of the thumb. Plus, all the work gets done in just a few minutes.
- Creation of Accounts: Gone are the days when people had to visit a bank for days on end to open a bank account. With Internet banking, many banks now allow the easy creation of bank accounts. These accounts can easily be created, with valid documents of course, and accounts can easily be opened in less than a day.
- Use of Mobile Banking: Mobile banking has enabled people to truly go cashless and payments and transactions can now be made in a jiffy and that too from the comfort of your homes. UPI IDs and MPINS are a new addition that makes mobile banking a very safe option in the world of Internet banking.
The shift of banking to the Internet surely made a lot of things easier. However, remember that there are always two sides to a coin. The idea of Internet banking sure has many advantages, but it also comes with certain disadvantages. Here is a look at some of the cons of Internet banking.
- Security Concerns: Despite all the security measures, there are often cases reported where people fall prey to malicious calls and messages that rob off their bank accounts. There are also cases of identity thefts that get reported often. In addition to the adoption of appropriate measures by the banks, people too, need to be very cautious in this regard.
- Sharing Devices: Internet banking has made it possible for us to carry out banking activities on smartphones, laptops, desktops, tablets, etc. However, accessing Internet banking through many different devices increases your security threat. Also, always be extra cautious if you are using public devices or devices that are used by a large number of people.
- Internet Issues: The Internet sure helps in a lot of ways, but what if the Internet doesn’t work? Sometimes, it so happens that the Internet speed has been affected by numerous reasons, making it difficult to carry out Internet banking. Even though such cases get solved easily, there is always some anxiousness involved in the process of Internet banking.
The many benefits of Internet banking have been acknowledged on a large scale owing to the pandemic. As people were confined to their homes and could not go out to carry out their daily activities, Internet banking helped in many ways. People, especially the older generation, were finally able to witness and even acknowledge the many benefits of the Internet, including Internet banking, finally able to see that the Internet was not just some sort of time pass that they blamed their kids for indulging in.
Internet banking, though it has some flaws, is now used by a large portion of the population. The use of Internet banking has specifically risen among people that live far from their families, like students, young adults living away from jobs and even elderly parents that live alone. With such an increased and widespread use of Internet banking, it is safe to assume that Internet banking will soon become a norm, even in developing countries like India.