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Online Banking Solution India
While net banking can be a boon to many, it might be a little overwhelming for users who are not tech-savvy. Other downsides make users apprehensive about online banking. Some of these are listed below:
Security One of the major fears that customers face is security, and this is one of the primary reasons that they avoid using internet banking. The cases of cyber-crimes and hacking are increasing every day. The most evident risk to online banking is breach of security. With the banking sector continually evolving, hacking has not stopped. Most banks in India have initiated anti-phishing procedures to protect their customers and systems from getting hacked. However, loss of data and identity theft instances keep many users away from the same. Operation Issues Most customers are concerned about online fraud and cybercrimes. However, at times due to technical hiccups, money does not get transferred in an online transaction. On the other hand, even if the transaction gets processed, customers are not updated about the transaction status. These occurrences make customers uneasy. Customer Service Support Since customers are not physically present in banks in net banking, there is a shortfall in the relationship between them and the bank. It could have adverse effects. Many customers, especially senior citizens, still prefer having human customer support than having virtual assistants. They do not prefer explaining a problem to a chatbot. Limited Services. Net banking apps are suitable for services like making fund transfers, payment of bills and to check balances. However, there is a limitation to the kinds of services that are accessible in case of net banking. A customer can initiate an application to open a new account or apply for a loan, but they must visit the bank branch to submit identity documents and sign forms. Also, to withdraw cash, the customer must visit the bank or a nearby ATM. Complex Transactions Net banking works well when transactions are simple and do not require any face to face discussions. However, there are few complex transactions which would need the bank manager to be involved. Sorting out the concerns require customers to visit the bank. Online communication may not sort it out. Services such as notarisation or obtaining bank signature guarantees require a visit to the bank. Both traditional and online banking have their pros and cons. While both have their own threats, the banking sector is always trying to bring them down. It is great to maintain both traditional and net banking practices as per the convenience. The best thing is to take adequate precaution by avoiding falling for unethical activities on the internet.
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October 2020
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