The statistics demonstrates the development of digital banking over the years, along with its high praises digital banking have significant advantages and disadvantages concerning the user groups.
Advantages:
Convenience: digital banking provides online banking. Online banking allows bank customers to access their account 24/7. Online banking is more convenient than traditional bank branches due to the restricted bank opening and closing hours. For customers, there are no personal and physical concerns depending on how far they live from the bank or whatever the weather. Therefore reducing expenses such as travel costs.
Safety: this factor is essential for both the bank and their customers. If banks implement online banking services, the security of their customers information must be protected as they can lose customers and money if not security is breached. The advantage of online banking for customers, is that they can monitor their account for any suspicious activities such as money being taken out with no acknowledgement.
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| More quicker and more convenient |
Online banking services: The services provided by banks online services are the greatest purposes for online banking. Barclays online banking services allows customers the service to pay bills, and transfer money to personal/ other accounts along with checking their balances. Lloyds Bank allows their customers to manage their direct debits and if any serious problems that cannot be solved online, Lloyds online banking includes store located which allows customers to find the nearest store.
Disadvantages:
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| Online banking does have its' bad side |
Security: Online banking is generally secure with banks offering guarantee security to secure web pages that involve customers transactions. However in recent events, major flaws within online banking have potentially been exposed the security of online banking. A customer account of Halifax has been compromised with over £7000 been emptied from his account.
Accessibility: Depending on the location or area a user is located, the internet options may be restricted. The most relevant factor of this can be internet options such as the connection. This can be a implication as certain areas such as rural areas have no/minimal internet connection. For customers travelling either business/pleasure to these areas can result to difficulty accessing their online banking services.
Acknowledgement: Previous studies showed that Digital Divide was an issue for digital banking as customers may vary between age range. Elderly people may not have the sufficient knowledge on how to use online banking. Therefore for certain customers of banks, the consideration of bank branches must be taken into account.
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