Advantages and Disadvantages
Online banking systems have certain perks and advantages. However, it also comes with certain disadvantages as well. Such advantages and disadvantages are discussed as follows:
Advantages:
It provides convenience to the customer for performing banking deeds. The customer is not required to visit the bank branch every time physically.
It is fast and is efficient.
Customers have the convenience of monitoring their accounts closely and regularly, at their comfort and convenience. It allows the customer to keep their accounts safe.
There’s no time restriction for online banking. It can be availed round the clock, anytime and anywhere.
It promotes early detection of any fraudulent activities.
It promotes fewer bank charges.
Disadvantages:
For a new customer unaware of digital systems, online banking can be a challenge to understand.
Online banking gets restrictive when a customer intends to access large amounts of cash. Cash limits are often restricted under the online banking system.
Even though online banking is secure and lets the customer know about any fraudulent act without taking any time, the accounts can still be vulnerable to hacking.
Online banking can be challenging to do in cases of weak internet connections.
Regulations and Compliance relating to Online Banking
Regulations regarding online banking can be different to an extent from regulations concerning the normal banking system. Banking regulations are primarily focused on the physical elements of banking, and therefore, those regulations do not apply to online banking. With time, various steps have been taken to frame appropriate regulations concerning online banking, considering its rising popularity.
Online banks are in digital form, but they are still banks, and therefore, they are required to comply with basic prescribed banking standards. The Uniform Money Services Act ensures that all the money, be it real or e-money, must be treated as same under the government regulations. There are also regulations in place, which have been made to protect online banking customers against any fraudulent activities by fraudsters.
Further, to ensure the legality of an online bank and that they fall under the legal purview of the prescribed laws, the bank must be a member of the Federal Deposit Insurance Corporation. Being a member of this corporation proves the validity of a bank, ensuring that the customers stay protected from any potential bank failure.
Privacy Protection
Under online banking, it is obvious that a customer’s information goes on the internet, where there can be security concerns concerning a customer’s personal information. Such information is always prone to get hacked by hackers, who can then access the customer’s account and cause financial harm to the customers. Therefore, efforts are being made with each passing day to enhance the security of online banking services concerning customer’s safety against the privacy breach.
It is to be noted here that if the banks make payments based on fraudulent authorizations, they might be held liable for the customer’s loss and injury. Therefore, banks try to implement stronger security measures for online banking services to protect themselves and their customers from any attempt of stealing customer’s information.
Many legal policies ensure that banks have the desire and the responsibility to protect their customers from any information theft. Some policies are created to be applied to online banking services with an intent to protect customer’s information and regulate the process of sharing such information with any federal agencies or external third parties for any reason whatsoever.
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