Online Banking Advantages and Disadvantages - Global Revo

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Online Banking Advantages and Disadvantages

Online Banking

India is a country where 135 million people live, because in every country's work, it is commonly known that there should be a good economic plan in the country. When it comes to the economy, the bank is a place where most transactions occur. The banking sector has had great success in India because there is a large population. India being one of the largest economies in the world has also availing the top most facility provided by banks i.e. online banking.

What is 'Online Banking'?

Online banking which is commonly termed as "internet banking" or "web banking." Online banking provides a facility through which the customer can execute financial transactions through internet. It is an electronic payment framework that empowers clients of a bank or other money-related foundation to direct a scope of money exchanges through the financial institution's site. The online 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.

Features of Online Banking

Online banking provides a wide range of facilities to the users. Rather than making a financial transaction you can also operate your account online and manage it.
An Online Banking user can perform non-transactional tasks through online banking, including:
·         View account balances
·         View recent transactions
·         Download bank statements in form of PDF files
·         View paid/bounced cheques
·         Order cheque books
·         Download account statements of specific time period
·         Download applications for Mobile banking, E-banking etc.
·         View Active Loan Details (Due EMI, Amount Left, etc)
Bank customers can transact banking tasks through online banking, including:
·         Transfer funds between the customer's linked accounts
·         Pay to third parties, including bill payments and third party fund transfers 
·         Investment purchase or sale
·         Loan applications and transactions, such as repayments of enrollments
·         Credit card applications
·         Register utility billers and make bill payments

Advantages of Online Banking

Here are some of the main advantages of using online banking for both banks and the customers:
·         If you are an online banking user than you can easily access to your account anywhere using mobile or computer
·         Convenience is a major advantage of online banking as it is Easy to use.
·         Basic banking transactions such as paying bills and transferring funds between accounts can easily be performed at times convenient to consumers.
·         One of the best and basic benefit for online banking users is that they can perform banking transactions at 24 *7 in 365 days.
·         Online banking is fast and efficient so it is less time consuming.
·         As it also helps to transfer the money immediately and accurately so funds can be transferred between accounts almost instantly, especially if the two accounts are held at the same banking institution.
·         As it is very safe and secure method online banking users can be monitored more closely thanks to online banking and that allows consumers to keep their accounts safe.
·         Online banking allows for the opening and closing of fixed deposit and recurring deposit accounts that typically offer higher rates of interest.

·         For a novice online banking customer, using systems for the first time may present challenges that prevent transactions from being processed.
·         Although security experts continuously try to improve online banking features safely, but such accounts are still vulnerable when it comes to hacking.
·         Consumers are advised to use their data plans, rather than public Wi-Fi networks when using online banking, to prevent unauthorized access.
·         Additionally, the features of online banking are all dependent on an internet connection that is reliable.
·         Connectivity issues from time-to-time may make it difficult to determine if banking transactions have been successfully processed.
·         Occasion, consumers may prefer face-to-face interactions for more complex banking issues. Nationalisation

Here is the list of Top Indian Banks providing Online Banking 2018

1. State Bank Of India

Founded:  2nd June 1956 (Nationalisation)
Headquarters: Mumbai, Maharashtra, India
Area Served: Worldwide
Key people: Rajnish Kumar (Chairperson)
Total assets: 
₹3,445,121 crore (US$510 billion) (2017)
Number of employees: 278,872 (2017)

2. HDFC Bank

Founded: August 1994
Headquarters: Mumbai, Maharashtra, India
Area Served: All Over India
Key people: Aditya Puri (M.D)
Total Asset: ₹863,840 crore (US$130 billion) (2017)
Number of employees: 84,325 (March 2017)

3. ICICI Bank

Founded: 1994
Headquarters: Mumbai, Maharashtra, India
Area Served: Worldwide
Key people: Mr M. K. Sharma (Chairman), Mrs Chanda Kochhar (MD & CEO)
Total assets: ₹737,546.29 crore (US$110 billion) (2017)
Number of employees: 84096 (2017)

4. Bank of Baroda

Founded: 20 July 1908 – 109 years ago
Founder: Maharaja H. H. Sir Sayajirao Gaekwad III
Headquarters: Vadodara, India
Area served: Worldwide
Key people: P. S. Jayakumar(CEO & MD), Ravi Venkatesan (Chairman), Bharat Dangar (Director)[2]
Total assets: 
₹694,875.42 crore (US$100 billion) (2017)
Number of employees: 52,420 (2017)

So friends, today I have told you about Online Banking Advantages and Disadvantages. I hope you guys liked this article and now you are well aware of pros and cons of Online Banking. And if you have any other information related to it, then please share it with us. Your valuable feedback shall be much appreciated. Stay tuned for information about such interesting topics and keep reading our articles. Subscribe our blog for getting updates directly in your inbox. 

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