Internet banking
or online banking through a PC, mobile device or PDA has become integral to the lives of millions of busy Americans. An easy and paperless way of shopping, paying bills, conducting frequent transactions through Internet banking is now taken for granted. Broadband Internet connectivity, greater functionality , user-friendly access and navigation and enhanced security features have further raised the popularity and widespread acceptance of Internet banking.
Pros
Convenience, time saving, 24/7 availability of banking services and flexibility are the biggest advantages of Internet banking. Also, the ability to monitor account activity in real-time empowers users to take control of their own security.
One Convenient Financial Portfolio Place
Many banks also offer a single place to manage your entire financial and investment portfolio, credit accounts and mortgages, consolidating all your debts and assets in one convenient interface.
More Financial Products and Special Rates
Almost all banks offer special offerings for opening accounts online apart from a whole host of innovative and new financial products and online-only incentives. Many others offer better interest rates on CDs and savings accounts that are opened online.
Cons
In word, identity theft is the biggest peril and threat of Internet banking. The loss of bank user IDs, passwords, other private information shared with banks are a constant worry for Internet banking users, despite having the latest anti-virus and Internet security programs installed. Phishing, online fraud, spyware programs related threats make daily headlines. Loss of community engagement with fellow neighbors or friends at physical branches of banks is another drawback for some.
Other Threats
Casual surfing and online browsing habits can also be dangerous. Free anti-virus and PC security packages might not be enough to protect your online privacy and other vital bank-related information stored on your computer.
Tags: Internet banking