Online banking
When banking we know have the means we can access our accounts not only by a high-street branch but also by the banks online banking system. There are some companies that are solely internet based e.g. Amazon. Most major banking companies now operate online as well as having a branch on the local high street meaning we now have more control over our accounts than we did have ever had before.
Advantages of online banking
Rapid-online banking means that we can access our accounts and withdraw money, put in money and transfer money between accounts very quickly with just a few clicks. Being a rapid system online banking means that we can transfer money between accounts to pay upcoming bills and other expenditure quickly and effectively. Because online banking is now used widely amongst customers because we don’t have to go to the nearest banking branch to pay bills, cash in cheques, put in money or even withdraw money which ultimately saves us time and increases our leisure opportunities.
No queuing- because there is no queuing with online banking we have the ability to access our accounts without having to queue up in a branch. Because of this we don’t have to spend time to queue up at a branch which saves us time to carry on doing our day to day activities. Sometimes you may find that if you are shopping you have to pay to park. Because of this, when you queue you are wasting that time and will most likely find that you will have to pay for another ticket to avoid a parking fine.
This screenshot shows that accessing your account requires no queues and it constantly updates according to the funds you currently have in your bank. Because there are no queues the customer can bank as quickly and efficiently as possible without the wasted time of having to queue especially on busy days.
Storing of details- Sometimes you may find that your online banking system requires additional security measures to protect your account. For example Santander has introduced a new way of protecting your account by you having to type in a new phrase and a picture. This is stored on the bank’s database and every time you enter your details you are shown your phrase and your picture to ensure your account hasn’t been hacked in anyway. For some this method is annoying because you have to type in additional information; however it is an advantage to you as this ensures that your account has the best possible protection. My experiences of this when talking to people who have used online banking is positive, they all seem to agree that continuously having to type in their security details is annoying however the added security gives them reassurance that their account is safe.
This is a picture of Santander’s online security software which means when downloaded your account is more secure than ever ensuring your personal details are safe along with any money you have currently in your bank. This is also a beneficial offer for an online banker because the software is free to download and because of this they have added protection combined with their anti-virus to make their banking online experience as safe as possible.
Flexibility – With online banking we can access our personal accounts at any time including bank holidays /public holidays like Christmas for instant. Because we can access our accounts at anytime we can withdraw money even though that bank’s branch may be closed and set up direct debits and standing orders with just a few clicks without the time consumption of going to a branch or phoning up that company to set this up. I believe that this is a good advantage because online banking gives that 24/7 experience that no matter what the time we can access our accounts at anytime. For example you get paid around midnight one day and wish to transfer your income into an account where that money cannot be withdrawed by anyone but you. Having this feature allows us to us the service at time that is convenient to us instead of having to enter your nearest branch on a specific day.
Disadvantages of online banking
Typing in of information- If you have used online banking you have probably found that when asked for your details whether its card details/name of holder for example that you have to repeat the process of retyping in information to make sure your account is safe. For me that am a very annoying process because its time consuming when all I wish to do is access my account to pay a few bills for example. And yes you may argue that it is for added security measures for your benefit but if you are in a hurry to get to work or are shopping for example it’s annoying and frustrating when you’ve already typed in the relevant information. I personally think that having to type in information again is unnecessary and in my view I have to raise the question ‘how is this going to benefit the security of the bank user?
This screenshot is an example of the time consumption that is associated with online banking systems whereby we have to retype information we have previously typed in or even having to other tasks like saving our card details for example.
Mistakes- It’s very easy to make a mistake on the online banking system if you have no knowledge of what you are doing or just make the often silky mistake of typing in the wrong fund transferring information for example. Also often if you haven’t wrote down what your password is you are most likely going to forget it and with that are going to have to spend quite a long time resetting your security measures just to access your account. Overall what we can conclude from this is if a mistake is made it usually requires a lengthy process to re-amend the mistake.
This screenshot is an example of a classic mistake when doing online banking. The screenshot shows the typo error of an account number which emphasises my point about me feeling that having to re-type information is very irritating.
Customer service- With online banking now there is no relationship between the customer and the bank. When online banking wasn’t around you could ask the accountant what exactly could required and they could do it relatively quickly. You could feel as the customer that you have received good customer service unlike online banking where the assistance is very minute. However to counter-argument that there is a frequently asked questions section online for users to voice their opinions and issues with the service they are receiving. However the overall disadvantage is that this is encouraging an unsociable society by not having a good relationship with the bank. I think this is bad because how can we successfully work in a team for example in situations if we are receiving services where we aren’t using those social skills in society?
My experiences of online banking
I don’t actually use online banking but I know a wide population of the people do. Many people have stated the issues and pros of online banking most of what I have discussed above but overall giving off the impression that it was a very good system that encouraged more leisure time as the time you spend banking is decreased quite significantly despite if you make a mistake which is rare as a lot of users are fairly careful about what they type in and therefore proof read the information which the bank system allows you to do before you proceed.
I think online banking is great as you can access your account at any time on any day 24 hours a day 7 days a week. Because of this online banking can be seen as better than going to an actual branch where accessing your account on certain days isn’t yet available so that flexibility is great in my view. Many people argue about the security of their accounbts however mnay banks may offer an additional account where only you can access it by card so funds can't be taken from teh account unless you are that card holder. Inb addition tio that as many banks offer comprehensive added security it is probably more safer than accesing your account by card.
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