4 Security Concerns
One of the biggest disadvantages of doing electronic banking is the question of security. With the prevalence of keyloggers, phishing emails, trojans and other online threats, it is natural for people to be concerned with the security of their identity, funds and electronic banking transactions.
Option b)Provides a competitive advantage to the bank is not the benefit of e- banking to the customers. Electronic banking, Use of computers and telecommunications to enable banking transactions to be done by telephone or computer rather than through human interaction.
Organizational barriers
Our research found three key aspects: management negative attitudes, lack of IT resources, and lack of knowledge to most effectively use Internet banking. Users seem to consider lack of management support as relatively unimportant.
The Bottom Line
Trading your brick-and-mortar bank for an online checking account has pros and cons. The pros include higher yields, lower fees, and high-tech features that help with account maintenance and budgeting. The cons include more difficult access to customer service, as well as online security concerns.
Internet banking has expanded opportunities for consumers and businesses to conduct financial activity. Flexibility, simplicity, time-savings and cost-savings are other advantages. Security concerns, inability to handle cash and transaction limitations are among its primary drawbacks.
Regular use of Mobile Banking may lead to extra charges levied by the bank for providing the service. Mobile banking users are at risk of getting fake SMS messages and scams. The loss of a mobile customer device often means that criminals can gain access to your mobile banking PIN and other sensitive information.
A pro tip: Avoid digital banking on smartphones that have modified operating systems, such as jailbroken devices for Apple phones and rooted devices in the case of Androids. These smartphones have intentionally sidestepped security to give people access to apps that haven't been approved by app stores, Glassberg says.
Bankrate.com says that online banking is less secure than a bank's mobile app. “Some banks that have multi-factor authentication on their mobile apps don't provide the same capability on their websites. Well-designed mobile apps don't store any data, and you're less likely to hear about a virus on a smartphone.”
Using a content analysis procedure, eight factors were identified which explain why consumers are not using internet banking. In order of frequency, the factors are: perceptions about risk; the need; lacking knowledge; inertia; inaccessibility; human touch; pricing and IT fatigue.
Many a time while using e-payment services we are liable to pay service fees or a convenience fee which adds to our expense. 2. Risk of Theft: There have been many incidents in which cybercriminals have manipulated people and money has been looted.
Mobile banking is performed on an app using a portable device, such as a smartphone or tablet. Online banking can be carried out on any device with an internet connection (e.g., desktop or laptop computer, smartphone, tablet) and doesn't require users to download an app.
With online and mobile banking, you can log in and check the details of your bank accounts at any time. Checking your accounts enables you to see your balance and pending transactions at a glance, so that you know for sure if you can pay for something without overdrawing your account.
The major difference between an online bank and a traditional bank is that online banks offer primarily mobile and online access. You won't meet a banker face to face, but with a mobile device or computer, you can access your account anytime.
And just like a physical bank, online banks are safe when they do their best to protect your money and when you do your best to stay alert and make smart decisions. When that happens, you can take advantage of the benefits of online banking, like the lower fees and higher interest.
Of people with bank accounts which have a mobile app or website, 75% said that they'd rate their online banking or app experience as very good or excellent. Just 5% rated their experience as poor or fair. Online banking is here to stay.