Friends, most of us belong to tech savvy generation who is always looking at newer ways to use technology in his/her daily life. Netbanking is one such innovation of technology in banking space which has revolutionised the whole experience of banking for us.The speed of growth in netbanking has been impressive over last few years ,to say the least.While there is little argument over the fact that use of netbanking has increased and it has made life easier and better for most of us , it is also true that this medium has its own shortcomings as well. Lets examine the various pros and cons of the medium:
PROS OF NETBANKING -Why should you accept it.
1. CONVENIENCE - Among the benefits of netbanking, the first thing that stands out head and shoulders above the others is the element of convenience that it brings to our lives.Netbanking allows you to carry out your normal banking transactions at your own time at your own convenience without any restrictions of banking hours as is the case in offline banking. Unlike offline banking, here you dont even need to travel to the bank branch, thereby , saving huge time and energy on that count as well.
2.EFFICIENCY - Netbanking also has brought in huge efficiencies in operation for both the banks and the customers. Banks dont have to attend to the customers walkin in to their branches during banking hours thereby saving on precious man hours, and the customers save time and money thereby utilising same in a more productive manner. It also helps them complete the transaction faster as money etc is transferred online without the usual lag of few hours as is the case in offline transactions thereby resulting in huge efficiency for both the bank and its customers.
CONS OF NETBANKING - Why should you not accept it .
Netbanking , though, is a novel concept , it too has its limitations. Some of these are as under
1.SECURITY THREAT - Since net banking involves Internet as medium for carrying out ones transactions , it exposes its users to the dangers /security threats involved in any ecommerce transaction like password hacking etc. So one has to be very careful with his password etc while carrying out transactions through netbanking.
2.LOOSES PERSONAL TOUCH -When we start carrying out our banking transactions through netbanking,we loose the "personal touch" of the bank since this medium is very impersonal. This is something which even the banks dont want coz they always prefer to "know" their customers face to face. It helps them build relationships fro a longer period. it also serves them to hold a customer to their bank through personalised services. Netbanking does not offer you any such scope.
In the end , you would agree that the benefits of netbanking far outweigh its shortcomings and if used properly it can make every ones life much easier. With technology changing everyday , I am sure these shortcomings too will be addressed to make it even better in times ahead.