Meaning | Advantages and Disadvantages of E-Banking
E-banking meaning advantages and disadvantages-Over the years banking has drastically changed and has affected the lives of millions of individuals around the globe. E-banking or virtual banking, or net banking or internet banking is an electronic payment system wherein customers of a given bank can perform all their banking transactions.
In other words, e-banking refers to all the financial transactions undertaken by any financial institution over the internet.
From paying bills and transferring money into accounts to applying for loans, you can take advantage of all the facilities that a traditional bank offers – without even having to get off your comfy couch!
Everything has its pros and cons and e-banking isn’t an exception. Let us look at the advantages and disadvantages of e-banking:
Advantages of e-banking
All the advantages of e-banking are closely related to each other; from convenience to efficiency, we list out 10 advantages of net banking.
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Benefits and Rewards
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Notifications and Alerts
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Faster Transactions
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Convenience
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Security
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Easy Access
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Speed and Efficiency
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Lesser Limitations
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More Features
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Better Customer Service
Disadvantages of e-banking
“Every bean has its black”
Everyone and everything has some shortcomings.
Similarly, there are some limitations of net banking; from security to technology issues, we list out 10 disadvantages of net banking.
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Difficult for Beginners
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Trust and Responsibility
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Inconvenience
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Inability to Handle Complex Transactions
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Financial Jargon
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Security Issues
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Technology Issues
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Virtual Assistance
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Complicated Websites
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Other Limitations
This content has been taken from - https://www.merrchant.com/blog/e-banking-meaning-advantages-and-disadvantages/
