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Is internet banking suitable for your business?
There are several businesses that use
online banking because they feel it is
safer than traditional banking.
Following is a comparison between
traditional banking and internet banking
based on certain features:
Traditional method – In traditional
banking people are dealt with in a
physical environment and hence there are
chances that things could go wrong. For
instance, the teller may punch the
incorrect amount. In certain situations,
a person may fall short of cheques or
may even forget his/her chequebook at
the workplace when it is required most.
Once a cheque is written, one will have
to rely on the postal system for
delivering the mail on time and to the
right person. There are many instances
where the postal system gets such things
wrong. A person will have to wait for
statements in order to know the account
balance. Such things pose several
difficulties to businesses and simple
tasks such as knowing account details
could be time consuming.
Opening hours – With traditional
banking, one is forced to carry out
banking related transactions only during
the working hours of the bank. In
contrast to this, internet banking can
be accessed by a person 24/7 all round
the year. The only requirement is to
have internet connection.
With online banking, the work of middle
men is eliminated and funds can be
transferred directly to the bank account
of a supplier. Moreover, one can also
access bank statements at any time of
the day without waiting for banks to
process requests.
Speed – Usually, bank transfers are
quick with internet banking when
compared to traditional banking. In
addition to this, customers can access
all their accounts from a single secure
site. Also, bank statements can be
checked periodically.
Offers – These days, many banks provide
special offers to their online
consumers. Moreover, online consumers
get loans at cheaper rates with lesser
set-up costs. Also, consumers can get
credit cards with lesser transaction
fees. Applying for loans over the
internet is far quicker.
Security – It is advisable to customers
to take precautions with their login
details. It is best not to note down the
password where it is easily accessible
by others. Always remember to log-out
after completing your work and to run
software such as anti-spyware regularly.
Spywares try to monitor a person’s
computer usage and later collect vital
information so that it can be used
against that particular person. In the
past, there were a few instances of
security breach, but internet banking
technology is far more secure and
sophisticated these days.
Suitability – Online banking may not be
suitable to those who would like to know
who you are dealing with. Moreover,
there are certain people who prefer the
traditional method of banking due to
fear of security breach. If such issues
affect you, then internet banking is
certainly not the best choice for you.
On the contrary, if you want 24/7 access
to your access account and are happy
with the convenience it provides, there
is nothing better than internet banking.
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