Advantages and Disadvantages of Internet Banking

Especially due to the epidemic, transactions made on the internet have become more important. The most important of these is online banking services. As you know, we can access many banking services online. Internet banking can be roughly called the purchase of services or products made by connecting to bank servers using a computer system and internet connection. We can say that the large amount of actions taken are invoice payment, forex transactions or money transfers. Basically, a device with a Wi-Fi or 3G connection is sufficient for internet banking. You can make your transactions wherever you are in the world. Of course, even though internet banking seems like an easy service, it is a service model with various pros and cons.

Advantages of Internet Banking

We can list some advantages for internet banking as follows:

• It is very easy to open an account for online banking use. Anyone who can read and write can easily open an account,

• Especially useful for applications. With a few clicks, you can pay bills or transfer money to someone far away. Moreover, with the latest innovations, you can make 7 × 24 transfers and send an email, phone number or T.C. you can use the number,

• When you pay your bills, you usually keep the receipt. Since online transactions are already recorded, you do not have such a problem,

• You do not have to wait for the opening time for the bank. You have the freedom to trade wherever you want at any time,

• You have the opportunity to see the breakdown of your transactions and thus monitor your incoming and outgoing money,

• You can instantly get information about their products or services from the live support of banks,

• You can go to the bank and ask for all the services to be explained to you, but thanks to internet banking, all of them are within your reach,

Disadvantages of Internet Banking

Even if the use of online banking is seen as quite beneficial, there are some downsides. We can list the known disadvantages as follows:

• The interfaces of some banks can be quite complex. If you are entering internet banking for the first time, it may be difficult for you,

• For online banking, an internet-enabled device and internet connection are required,

• Even if internet banking is said to be safe enough, it is a fact that there are pirate attacks from time to time. Therefore, it cannot be called 100% safe,

• You must memorize your password and not share it with anyone. If your memorization is not good, you should write it down. This situation may invite malicious people,

• Your banking information can be shared with more than one device without realizing it. This situation can put you at risk,

• Access to your account is possible with the bank’s server open. If the server is shut down for some reason, your transaction may be interrupted or your information may be deleted,

• It is possible for them to steal your accounts by imitating your bank via e-mail,

• You will be asked for confirmation for each transaction or you may be asked to complete the transaction by sending a password. Even if it is said to be for safety, it can drive you mad at times.

Worldwide Online Banking Usage Rates

The use of online banking services worldwide is highly variable. The reason for this change can be evaluated as both infrastructure and geographical structure. Of course, it is necessary to consider the amount of money individuals have. To sort out, the rates of internet banking usage worldwide according to the countries are as follows.

  • Norway 92%
  • Denmark 90%
  • Finland 87%
  • Sweden 86%
  • England 68%
  • USA. 67%
  • India 51%
  • China 42%
  • Greece 25%
  • Turkey 17%
  • Bulgaria 5%

As can be seen, our country is located towards the end. Of course, this rate may increase during the pandemic period. However, we can say that our place will probably not change, as the rate of use will increase worldwide.


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