You have been hearing online banking and might not know what it is, here you all learn about online banking advantages, benefits and disadvantages.
Online banking is one of the fastest method of banking in this modern world and anyone who isn’t making use of internet banking is not yet there.
Online banking, also known as internet banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website. The internet banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services.
Here in Nigeria, all the banks have adopted this method of banking which is safe and easy to use. To access a financial institution’s online banking facility, a customer with internet access will need to register with the Institution for the service, and set up a password and other credentials for customer verification.
The credentials for e-banking is normally not the same as for mobile banking. Financial institutions now routinely allocate customers numbers, whether or not customers have indicated an intention to access their online banking facility. Customer numbers are normally not the same as account numbers, because a number of customer accounts can be linked to the one customer number.
Internet Banking comes with lots of great features and benefits which you and i will benefit from it. The features and benefits are listed below.
One major disadvantage of internet banking is that you might experience network breakdown. If such occurs, you can’t do anything until the network gets back.
So that’s it on online banking, features, benefits, advantages and disadvantages.