Online banking provides consumers with a convenient method of conducting banking tasks from the comfort and security of their own home and personal computer or mobile app.
A customer with access to online banking may be able to:
Check their bank balance
View or print current and previous bank statements
Pay bills online, i.e. set up direct debits and standing orders
Set up new, separate accounts for specific purposes (e.g., savings)
Transfer money between their own accounts and to the accounts of other people
Pay for goods and services using NFCNear Field Communication. Short range (0 – 5 cm) radio communication protocol between two devices apps
Advantages of online banking
Customers can access their accounts 24 hours a day
Transactions are carried out quickly and very often immediately - you don't need to queue
Customers can access their account from virtually anywhere in the world
Staff numbers can be reduced as customers manage their own bank accounts
Disadvantages of online banking
Not all customers have access to internet banking or are computer literate. As high street branches close, these customers may miss out
Security concerns - what if someone hacks into your bank account?
No personal contact with staff - this may be off-putting or even stressful for some customers and can also prove difficult to sort problems regarding specific banking queries
If the website goes down or requires maintenance, customers cannot access their accounts
