Internet Banking- Myths vs Reality

by John Judge Writer

Online banking has made it easier for banks to provide a host of services. Customers can access their accounts and use banking services at any time and from anywhere. But some of you may still be hesitant to use these services as you may have heard that it's not safe or that it's inconvenient. Let's take a look at some such misbeliefs.

Myth#1: Online Banking is not Secure

Reality:

Online banking sites and mobile apps come with multiple security options, such as:

● Username and password

● Personal Identification Number or PIN

● Fingerprint authentication

● Security questions

This prevents your account(s) from any unauthorized entry, and even if your device gets stolen, your money will remain safe. Apart from this, all your account details and data are encrypted, and banks have firewalls to prevent hackers from getting access.

Myth#2: Online Banking is Complicated and Has Limited Functionality

Reality:

Contrary to this belief, banks constantly try to improve their site for easier navigation. They try to offer almost all the services and facilities they normally provide, through their websites and mobile apps.

Some of the facilities provided online are:

● Instant updates about your account, including balance and transaction details.

● Easier fund transfers.

● Placing a request for a cheque book.

To prevent users from making mistakes, online transactions usually involve a 2- step authentication. Even in case of an unintended transaction, banks provide the facility to cancel or revert the same within a short period of time.

Myth#3: Customer Support isn't prompt

Reality:

Most banks provide 24/7 support to customers who opt for online banking. You can contact a customer care agent through:

● Calls

● Text messages

● Live chat

● E-mails

Nowadays, banking sites and apps also come with support for virtual assistants which can help you with basic queries and information.

Myth#4: Online Banking is time-consuming and expensive

Reality:

Internet banking gives you access to banking services with just a few clicks and your login credentials. This saves the time you would otherwise have to spend by physically visiting an office and standing in a queue. While banks do charge fees to avail internet banking facilities, it is very minimal.

Myth#5: Transactions can fail or take long

Banks try to accept and process online transactions at the same speed they process a request from an ATM ( Automated Teller Machine). In rare circumstances, a transaction can fail even though the amount may be debited from the user's account. The same is resolved by the bank as soon as possible by crediting the amount back to the user's account or forwarding the amount to the receiver's account.

Net banking sure is convenient and fast. However, you should try to avoid accessing your accounts on public Wi-Fi networks. It is easier to access your sensitive information on a public network than say when you're on cellular data. You should avoid inputting login credentials when you're in public, say while on a bus or train. As much as banks ensure your accounts stay safe, you should try to do the same too.