The Rise of Mobile Banking: Pros and Cons

In a world where the internet is the only way to go out in the midst of the pandemic, people have been touting the benefits of online banking. The only thing that you need is a mobile device and a stable internet connection and your transactions will be as many as you can. But people need to be aware also of the disadvantages of online banking, the internet fails sometimes.

Here are the advantages and disadvantages of mobile banking:

Advantages of Online Banking

• Paying the bills.

You don’t have to wait in long lines to pay your bills. If you haven’t paid your bills and are about to reach the deadline, you just open an online banking or mobile wallet app and pay your bills, effective and efficient.

• No Physical Contact

Today, because of CoVid-19, we are encouraged by the WHO and government to have social distancing when communicating. But with online banking, we can avoid physical contact with other people when doing transactions. It is safe and cashless.

• No particular place and time needed

Before, if you need to transfer you have to go to the bank to make the transaction. But in online banking, just make sure you’re connected to the internet, you can transfer money using a mobile wallet app anytime, anywhere.

Disadvantages of Online Banking

• When not updated with the technology

Some people aren’t updated on the latest technology. This can be a little difficult to understand if you’re not updated. This can be discouraging and might not use online banking at all.

• Hackers 

This is one of the risks of online banking. Hackers are everywhere. You must be careful with your online banking password. Don’t give it to anyone, even your friends. 

• Scam

As an online banking user, no one is exempted from fake SMS and scams. These are very persuasive and eye-catching but don’t fall for them. Some scams ask for your personal information like name, address, e-mail, bank account no, etc. 

In our situation today, online transactions gave us a lot of help and convenience. But don’t be too relaxed or comfortable, be mindful every time you use the internet, because if it offers good things, it also offers bad things.