Answer to Question #153256 in Programming & Computer Science for Fletcher Madden

Question

Give one advantage and one disadvantage of online banking to the

a) Bank

b) Customer

Answer 1

For customers

advantage

1)It is available all the time, You can perform your tasks from anywhere and at any time, even in the night when the bank is closed or on holidays, The only thing you need to have is an active internet connection, It is fast and efficient, The funds get transferred from one account to the other very fast, and you can also manage several accounts easily through internet

Disadvantages :

Complex encryption software is used to protect the account information, There are no perfect systems, So, The accounts are prone to hacking attacks, phishing, malware & illegal activities, online banking is generally secure but it isn’t always secure, Identity theft is running rampant, and banks are by no means immune, and when your information is compromised, It can take months or even years to correct the damage, and it can cost you thousands of dollars

For banking

Advantages

1)quality service: E-Banking helps the bank to provide efficient, economic and quality service to the customers. It helps the bank to create new customer and retaining the old ones successfully.

Disadvantages

1)High startup cost:

E-banking requires high initial start up cost. It includes internet installation cost, cost of advanced hardware and software, modem, computers and cost of maintenance of all