Disadvantages of online banking

is online banking all its cracked up to be?

As i have already mentioned on this site i am pro online banking, however i am well aware that there are some disadvantages to doing out banking online. I will do my best to outline them here and at some point in the future i would like to study them in more detail.

Ok the biggest disadvantage of online banking is security, ok well its might not be a disadvantage, but its one of the main reasons that some people will never use it. People just either don't trust the banks, or have such a fear of people hacking into their back account and stealing their savings that they refuse to even try online banking.

To my knowledge online banking seems to be very very secure, and seems to become more secure as time goes on, some banks are now sending out devices that will generate a unique code when you login. This means that even if someone knows your login details, they cant login without this bit of kit, and with some of the devices you even need a pin number to use that. Now that might put your mind at rest it might not, but to be honest if you fear using online banking that much then my advice is dont. Its good, but its not worth using if you are going to spend all day worrying that people are going to steal your money while your at work or in bed. I would like to also mention that i have not heard of any major problems with the security of online banking.

I wont dwell on the security here as i plan to develop a whole section on online banking security and peoples fear of using technology. But i think its worth highlighting it as one of the major downfalls of online banking, but there is not much we can do about it really (other than not use it)

Ok so you have decided you are ok with using online banking and you are happy its secure so what are the other disadvantages? Well most of the disadvantages are not with the online banking itself, but with us as humans using a system which puts us in direct control of something as scary as our finances and our bank accounts. What do i mean by this, well lets say you have to send some money to someone for someone you have bought, you have their bank details, you enter the details, you enter the amount and click pay. Now its all done, or is it? Your mind starts asking did i enter the right account details, did i put in the right amount or did i put 1 zero too many on. So i would suppose that the disadvantage here is the fear of pressing the wrong button or entering the wrong information, again this is not a problem with the actual online banking, but with our use of it.

One major disadvantage is that some of the online banking systems are really badly designed, i used one last year which was really complex to use. And i have been using the internet for nearly 15 years and i still got stuck, to the point i had to call a helpline. Now i was going to name the bank here and now, however a friend of mine has assured me they have got their act together, so i will give them a new review before i post anything.

OK so the major problem with online banking seem to be seems to be human fear, fear of the site not being secure, fear of doing the wrong thing. Some banks handle this fear well, with having online banking systems that are well designed and easy to use (like Barclays Bank). Others don't handle this fear well and as a result will have fewer of their customers taking up their online banking.

OK so i have highlighted what i see Disadvantages of online banking are, i will soon be reviewing the security of online banking as this is what most people seem to fear, in the meantime you can Read about the benefits of online banking.

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