While net banking is a boon to several, it can be a bit overwhelming for users who are not tech-savvy.
They face challenges while doing online banking. Hence, become aware and use online banking the smart way:
Safety
One of the major fears that customers have about net banking is safety, and this is one of the prime reasons that they prefer not to use internet banking. The cases of cyber-crimes and hacking are on a rise every day. The most obvious threat to modern banking is hacking of the bank accounts. Even with the banking sector constantly working on these safety issues, hacking is not stopped completely. The hackers are able to find technological loopholes. Most banks in India have introduced anti-phishing processes to safeguard their customers and security systems from getting hacked. However, loss of data and identity theft instances stop the users digital banking. Hence, use a secure data connection and avoid using WiFi in public, if you do banking through mobile banking apps.
User-friendly apps
There are times that due to technical glitch, money does not get transferred due during an online transaction. On the other hand, even if the transaction gets processed, customers get no updates about the transaction status and which causes panic. These incidents make customers uncomfortable and anxious. The good part is today most of banks have user-friendly apps and web portal. Every bank also sends alerts and notifications concerning not to share debit/credit cards details with bank officials themselves.
Customer service support
Since customers are not actually present in banks in net banking, there is a gap in the relationship between them and the bank. It could have unfavorable effects. This has got resolved as well thanks to 24*7 chatbot to solve your queries.
Restricted services
Internet banking is appropriate for services like making fund transfers, paying utility bills and to check account balances. A customer can start an application to open a new account or apply for a loan, but he or she must visit the bank branch to submit identity documents and sign bank forms. In this online-only bank era, there are some who send representatives to collect documents or there is easy upload of them.
Transactions
Online banking works well when transactions are easy and do not need any face to face conversations. However, there are some heavy transactions which do require the assistance of manager or consent of the bank, especially after demonetisation. Hence, get them resolved before doing internet or mobile banking.
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. The ideal thing to do would be maintaining both traditional and net banking practices as per the convenience. The best thing is to take adequate precaution to avoid falling for unethical activities on the internet.
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