Concept of Internet Banking
Internet Banking (also known as online or net banking) is a service provided by banks that allows customers to access their accounts and perform financial transactions through a secure website or mobile app.
Advantages
Internet banking offers a modern, efficient way to manage money:
- 24/7 Availability
- Extreme Convenience
- Real-Time Monitoring
- Lower Fees & Better Rates
- Efficient Bill Payments
- Instant Fund Transfers
Disadvantages
Despite its benefits, there are several limitations and risks:
- Security & Fraud Risks
- Internet Dependency
- No Cash Deposits
- Technical Learning Curve
- Lack of Personal Relationship
- Transaction Limits