In recent years, we are seeing a huge growth when it comes to the online space. People are more commonly choosing services that can be done online as opposed to going to these services in person, such as online shopping, video conferences and in this case, online banking.
Today we are going over the pros and con of online banking and weather or not this is the right solution for you
Pros of Online Banking
Bill Payments
Gone are the days of having to rush to the bank in order to make your utility or even credit card bill on time. Banks now have the ability to make these payments on their online banking services and this is a huge advantage for those looking to avoid the line at the bank just to make a simple bill payment.
Money Transfers
Transferring money to people is now more convenient than ever. E Transfers have been the common mode of money transfers here in Canada and offer a quick and fast solution for sending money over to either pay someone back or purchase a product.
This solution is great as you don't need to even take out any physical bills to finish the money transfer as you would have needed to do 10-15 years ago. This not only makes it more convenient and fast, but also allows for you to skip the line at the bank.
Deposit Cheques
Previously, you would have needed to goto a bank to even deposit a cheque you received from a friend or even for your pay at work. Now banks are offering mobile deposits and this speeds up the process immensely when it comes to depositing the funds you have earned.
Cons of Online Banking
Service Disruptions
Of course with all good things comes its cons and service interruptions happen occasionally in the world of web. While the internet offers a fast and convenient way for those to online bank, sometimes you may be faced with maintenance on servers or even disruptions which causes some services to be unusable for a period of time. The duration varies on the complexity of the issue but there could be times where you need the service and it may be down.
Privacy and Security Issues
While passwords offer a safe way for you to secure your account, these are not perfect solutions as computer hacks and threats are something that does occur every now and then. Passwords can be easily confiscated here, but bear in mind this does not happen as often so you should still have a peace of mind for using online banking. Just know that there's always the risk of this happening whenever you choose to use the internet.
No Human Interactions
Depending on who you are, you may see this as either a pro or con but for the sake of this article, we will go ahead and say it's a con. As great as it is being able to skip the line and avoid and interactions with humans, you gotta admit that every now and then, a little human interaction isn't always a bad idea. This also helps take away any targetted offers being brought up to your attention much easier or even getting some quick banking expertise on your account.
