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Basic Information about Online Banking System

Our world is getting modern day by day through the World Wide Web. People are now doing almost everything online. From shopping to banking, everything is now becoming online based. In this present scenario of web based development, banks and other financial institutions are also not lagging behind. Now, people can easily do their baking through online. It is known as “Online Banking” all over the world. People are using this feature with real comfort now-a-days.

Online banking is a process where you can easily do your banking through the Internet. It works through the web portal and the website of the bank. The website of the banks has all the options included from transaction to loan sanction in the website. People can now enjoy their banking experiences without having the hassles of long queue, slow service and many formalities. Now, all the banking processes are at your fingertip.

Here is a video from BankLiberty about online banking:

Almost all of the banks are now giving the facility of online banking to the users to make the whole service process more convenient. But since the process is so much convenient, it has also some disadvantages. So, before using the facility of this service, you should know about the advantages as well as disadvantages of online banking.

There are many advantages of online banking that you can enjoy. Among those advantages, 24 hour online service is the most important one. Since the bank is open up for 24 hours a day, you don’t need to worry about the time anymore. Besides that, you can also enjoy the privilege of online access from anywhere in this world. Now, you do not need to be physically present on the bank for your banking purpose. You can do your banking even when you are on the go. Although, online banking is faster than the traditional banking as it skips the boring processes like longer queue, formalities etc. Also it has lots of other features such as, loan applying corner, balance checking system and many more.

With these advantages, also there are some disadvantages of online banking. Among those security issues are the most dangerous from which you need to be very careful. Your bank may use the best security measures to protect your information, but once they are online, they are at risk from hackers and all other cyber criminals. Within a blink of your eye, you may loose all your valuables. So, be careful about the bank’s website whether it is secured or not before bank online. One of the most popular techniques to hack bank accounts is ‘Phishing’. It is a process in which the hacker sends people fake emails and links, so that people click on those links and give all of their information. When people click on those links, it takes them to a website that looks likes the bank accounts login page. And when people insert their information, it gets compromised. So, be careful if you get any of these emails.

At last, we can’t deny the necessity of online banking in this fast world. But we need to be very careful while using it as we can see that there are such dangerous disadvantages of online banking. Once we are careful, we can enjoy the fabulous service of online banking without any trouble.

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This entry was posted on May 9, 2013 by in Finance and tagged , .
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