What Are The Advantages And Disadvantages Of Online Banking

The threats and opportunities in the e-banking line are increased due to the introduction of internet. The threat of e-banks and the point of equality concept are very highly used by the current competitors. There are rivals such as CIMB clicks, Hong Leong online banking and many more which cause Maybank2u.com unable to monopolize the market. As a consequence, the customers can exchange brands easily. Moreover, the customer of Maybank are likely to concern with the safety matter of online banking. They prefers to do transaction in the classic ways more than online banking due to their lacking of confidence toward security and safety matter of online banking. They are scared of hacker that might intercept their information. But other than that, the bank may significantly affected by the present macroeconomic situation across the global and adjustment in economic policies in South East Asian countries. This happened because Maybank’s goal is to widen Islamic business in markets such as Singapore and Indonesia as part of their target on the ASEAN

We can do our banking at home through the internet. For example we can set up and cancel standing orders through our online banking account. Transfer funds to other people, not just on a computer but now on our smartphones too. This technology has replaced the need for us to visit our bank and deal with a teller.

As their name suggests, they only execute their operations online. Customers can only be in contact with their money over the internet since they do not have any physical branches. Because online-only banks require lower overhead costs, they have the capability to offer more free services and higher interest rates compared to a traditional bank. Online banking provides many customers the convenience of handling their business at any physical location as long as they have access to internet. This is possible because of the variety of services that online banks provide despite limiting interaction to only the internet. Some of their services include applying for loans online, transferring funds and paying bills online. While the convenience of being able to access banking through the internet is worthwhile, there are limits to it. For example, making large deposits to the bank is limited and can only be made through the mail, they don’t service cashier checks for transactions, and withdrawing money from the account is very inconvenient. Luckily, the role of the internet in financial transactions is becoming increasingly prominent so that spending money online is more accessible, but it is important to understand both the benefits as well as restraints of online banking. Nowadays, many large brick-and-mortar banks have caught on and provide some online services in attempts to

Banks that offer financial products and services through the Internet must be able to meet their customers’ expectations. Banks must also ensure they have the right product mix and capacity to deliver accurate, timely, and reliable services to develop a high level of confidence in the customers. Customers who do business over the Internet are likely to have little tolerance for errors or omissions from financial institutions that do not have sophisticated internal controls to manage their Internet banking business. Likewise, customers will expect continuous availability of the product and Web pages that are easy to navigate.

Banking online is a recently developed convenience. How often do you forget to pay your bills? With online banking your bills are paid on time. You also have immediate access to your bank statements updated by the minute.

We found out due to a fast pace life style, online banking has become more of an essential tool of life. It is easier to maneuver as well as fast when in rush to check your bank statement. The old fashion way of banking is a time of the past, less and less interaction with the bank teller.

With the advance technology, banking has become a 24 hours a day and seven days a week ability. Not too long ago banks were only open from 9:00am to 3:00pm, workers and businesses rushing to get to the bank before they close. Paychecks were handed out personally not direct deposit, cashing or depositing a paycheck entailed a trip to the bank. Now most companies have direct deposit and the printed paycheck is becoming a thing of the past, this is only one example of how technology in banking has changed in society. The electronic banking (e-banking) can be described as the automated method of new and traditional banking services which reduce cost, and simplify front and backend process satisfying customers.

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

Internet Banking (Internet banking): Computerized service that allows a bank’s customers to get Internet with the bank via internet or telephone lines to view the status of their account(s) and transaction history. It usually also allows them to transfer funds, pay bills, request check books and so on (Business dictionary., 2011)

Lymperopoulos and Chaniotakis (2004) define internet banking as the provision of financial services and information by a bank to individuals through Information and Communications Technology channels (cited in Shanmugam et al., 2015).

This means that they would not have to enter their card number, name or security code, but would choose which click on a link to the website of the bank that they use, where they will be redirected to their banks website and able to pay via the site. The advantages of net banking include the safety compared to giving personal details to websites, which sometimes can seem untrustworthy. Advantages of mobile banking as a whole include again security, but also the ability to access the bank at any time and generally most apps or websites include all the functions that you would expect in a bank, except the human advice and the ability to bank cheques, and this means you should need to physically go to the bank less. However, there are some downsides to online banking, these include security, which is normally seen as an advantage but information can be stolen be identity thieves and this can take months or even years to rectify, and you may lose money that has been spent by the thieves. Obviously, you would not receive the same customer service that you would do if you walked into a bank, this means that you could lose money by not have advice when investing or transferring

Online Banking, refers to the use of internet banking technology to provide accounts, cancel the account, query, reconciliation, online transfer, bank transfer, credit, online securities, investment banking and other traditional services to customers via internet, so customers can take

Is online banking a good thing or a bad thing? Online banking is now a part of almost all the banks in the developed world, and even banks in developing countries, and in tax haven countries, are getting online. They are reacting to market demand, and since demand is so high, it is fair to say that online banking is currently a good thing and that it is probably here to stay unless there is a large security breach that shatters people’s confidence in online banking. Here are the pros and cons of online banking.

“Internet banking” refers to systems that enable bank customers to access accounts and general information on bank products and services through a personal computer (PC) or other intelligent device.

Electronic banking is an automatic delivery of the new and old banking system of products and services to the customers.They give the service by the electronic and interactive communication channels. Financial institution customers, individuals or businesses are included by the E-Banking system which allows the system to access the account and also transact the business to obtain information about financial products through a network which is public or private by including the internet.[1].