Though online banking is quick and easy, it has its own disadvantages. The following are some of the common disadvantages of online banking.
- In spite of tremendous efforts on the bank’s part and the users’ part, Netbanking is prone to hacking. Hackers can lay hands on your sensitive information and can figure out the password for your Netbanking account to hack it. These days, there are modern techniques employed by these hackers to cheat ignorant people and elderly people to get their login details and rob from their accounts.
- Netbanking requires basic computer knowledge, which is not very common with the current generation of elderly people and the less knowledgeable people. They might not be able to navigate the website with ease and would prefer branch banking.
- Though the world has no dearth of internet connectivity, not everyone would have access to a computer to use Netbanking. Also, most Netbanking transactions require continuous internet connectivity, which is still not available in most rural areas across the country. Using public internet cafes may put them at the risk of hacking.
- Unlike branch banking, the entire Netbanking process is performed by the user, which may give chance for errors while typing the beneficiary account number or biller details. This may result in the money being transferred to a wrong person or the bill being paid to an incorrect account. It then becomes a hassle to revert back the transaction, which might be impossible in certain cases resulting in loss to the account holder. This is another reason people prefer branch banking.