Online banking allows customers to conduct financial transactions over the internet, offering convenience and accessibility, but it also comes with security concerns and technical challenges.
Online Banking:
Online banking, also known as e-banking or internet banking, enables customers to conduct financial transactions over the internet. Advantages include convenience, accessibility 24/7, and cost-effectiveness, while disadvantages may include security concerns, technical glitches, and the lack of personal interaction. Technologies used for online banking include encryption, secure sockets layer (SSL), and two-factor authentication.
Customers benefit from quick access to account information and the ability to transfer funds easily, while banks enjoy cost savings and wider customer reach. However, challenges such as cybersecurity threats, data breaches, and fraudulent activities are issues faced by both customers and banks. To enhance security, customers can use strong passwords, enable multi-factor authentication, and avoid public Wi-Fi for banking purposes.
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