Advantages
- Convenience - banking when it suits them, 24 hours a day, 365 days a year from any computer with an Internet connection.
- Higher interest rates - savings banks make through reduced staffing, fewer premises and increased automation mean they can offer higher interest rates.
- Increased market awareness - visit all the banks and find out what interest rates they offer online.
- Efficient and saves time from going to the bank.
Disadvantages
- Transaction problems – face to face meeting is better in handling complex transactions and problems. Customary banks may call for meetings and seek expert advice to solve issues.
- You cannot withdraw money.
- Servers can crash like if a customer was transferring money online and an error happened and the cash was lost within the system then this will put off the customer.
- Trust- Many clients are afraid of online saving money as they may not think that it simple to utilize the site, numerous individuals feel good with really heading off to the bank and talking somebody face to face and feeling sheltered of it.
- Convenience - banking when it suits them, 24 hours a day, 365 days a year from any computer with an Internet connection.
- Higher interest rates - savings banks make through reduced staffing, fewer premises and increased automation mean they can offer higher interest rates.
- Increased market awareness - visit all the banks and find out what interest rates they offer online.
- Efficient and saves time from going to the bank.
Disadvantages
- Transaction problems – face to face meeting is better in handling complex transactions and problems. Customary banks may call for meetings and seek expert advice to solve issues.
- You cannot withdraw money.
- Servers can crash like if a customer was transferring money online and an error happened and the cash was lost within the system then this will put off the customer.
- Trust- Many clients are afraid of online saving money as they may not think that it simple to utilize the site, numerous individuals feel good with really heading off to the bank and talking somebody face to face and feeling sheltered of it.