Pros and Cons to Online Banking

As someone living in the 2020s, you have most likely invested in online bank account creation Malaysia. And why shouldn’t you, right? It’s a no-brainer. Online banking makes things easier, faster and all around more convenient for the average working person. It goes without saying that there are countless benefits linked to doing your financial business on the Internet. But have you ever wondered about the negative traits attached to online banking? Even though there are few, customers should always take the initiative to be well-informed before making a decision to pay for a service.

Let’s take a look at some pros and cons of online bank account creation malaysia.

The Pros

• It’s more convenient

From online transactions to paying bills through the web, online banking has made life easier for millions of people. Most people have Internet accessible gadgets such as laptops, tablets and smartphones at the ready. By owning this technology, people hardly have to carry cash on their person anymore. Everything can be done (and paid for)  online.

• It’s more secure

In an age where plenty of cyber scammers roam free, you might think online banking poses more risk than traditional banking. However, this is not the case. Most banks nowadays have ironclad security in place in order to protect their customers’ assets from being hijacked or stolen. A great example would be the multi-factor authentication to your mobile app and online bank account which delivers messages of your account’s activity to you.

• It’s easier to keep track

Your online banking account keeps a history of your transactions. It also keeps you updated to the current activity of your bank account by sending notifications to your smartphone. Online banking has made it so much easier to keep track of past transactions by organizing it neatly into the app. It also makes it easier to detect any potential unauthorized transactions.

The Cons

• It requires the Internet

It’s in the name; online banking requires you to be online. If you don’t possess a stable internet connection that doesn’t ever waver no matter where you are, then doing your financial business through the web proves to be tricky. It might be frustrating when you’re trying to pay for your morning Starbucks through your e-wallet but you can’t because your internet is having problems. Guess you should still carry cash with you sometimes!

• It doesn’t allow cash deposit

With traditional banking, ATMs allow you to deposit cash directly into your account. Online banking does not have such a feature. This makes it difficult for you to place cash that you have on hand into your bank account. Plus, most banks make it difficult for cash deposits in general. Be sure to check the policy of your online bank beforehand if you often make cash deposits.

As you can see, the benefits of online banking far outweigh its drawbacks. It’s important to be able to do your financial business online nowadays. It’s safer, easier and just generally better. But make sure that it’s the right fit for you before committing to this invaluable service.