The inclination to use the convenience of internet banking is heavily influenced by a person’s age. For many elderly individuals, weekly excursions to the bank were part of their normal routine during their working years, and the idea of accessing a bank account through a computer is just unfathomable. Long lineups in a physical and mortar bank have been replaced by a wide range of online banking services, the reality remains. Since the introduction of the Internet, society has seen dramatic advancements in the banking sector.
A wider range of options
Each online banking user can choose which features are most useful to them and how much their bank accounts will be accessed via the internet. Despite the fact that banks provide the same services inside their branches, online banking has considerably reduced the number of clients that visit the bank.
Minimal access – With proper security access set up by the bank, bank balances can be accessed through an Internet browser window. Funds are transferred between the customer’s accounts, but shopping and bill payments are done with cash and cheques.
Bill payment – The requirement to write cheques and mail bills on time has been replaced by online bill payment. To reduce the amount of processing necessary for monthly payments, banks encourage the usage of online bill payment. Busy people who forget to pay their bills on time can benefit from automation.
Internet-only banking — If a consumer wants to take advantage of all of the capabilities available, online banking can replace all bank visits. Although cash can be obtained at an ATM, a debit card and online bill payment provide all of the convenience of a traditional chequebook. You may now deposit a check into your personal online banking account in Malaysia just by taking a picture of it, owing in part to the introduction of the Smartphone. Because direct deposits and online access provide all of the services required, some banking customers never visit a bank.
Convenience Around the Clock
Previously, trade was restricted to banking hours, and cash was the principal method of payment for goods and services. Unless a merchant accepted a written check, customers were limited to the amount of cash they had. Businesses nowadays use e-commerce to ensure that sales can be made on the company website even when the store is closed. Customers can now spend money while the owner of the business is sleeping.
Online access – Whether the bank is open or closed, the banking consumer has access to their funds. Customers can monitor their accounts and transfer funds whenever they want. The visibility of the accounts is no longer limited by banking hours.
Anywhere – Online banking allows frequent travellers to access funds from anywhere on the planet. Rather than carrying traveller’s checks or significant sums of money, the traveller opts for more convenient payment alternatives that provide better exchange rates.
Advanced features – Smartphones provide banks and clients with a plethora of alternatives. Using the phone’s camera, you can make an image that you may send to the bank. For customers, businesses, and banks, processing information from smartphones brings new levels of convenience.
New Threats to Security
Robbers create new techniques to circumvent security measures as quickly as banks can develop new online banking services. One layer of protection that avoids wireless signal interception is advanced encryption technology. Bank robberies continue to occur, but the greatest menace is in cyberspace.
Identity theft – Secure access to online financial services is required via a computer or smartphone. If the would-be robber knows the path to take, the device’s recorded history can be accessed. Customers who do online banking transactions on public computers should be aware of the risks involved.
Unauthorised access – When an individual’s account is hacked, their personal information is exposed to unauthorised activity. If the thief continues to act, the loss of this knowledge will be disastrous. The funds in the accounts are at risk, but the consumer is protected.
Casual attitude – Personal online banking information must be safeguarded in public areas. In terms of security, the client is the first line of defence. Each person will have a different level of tolerance for the hazards connected with online banking. To avoid unintended outcomes, convenient banking solutions necessitate stringent security measures.