On The Other Hand, Banks Also Face Some Negative Aspects

On the other hand, banks also face some negative aspects to online banking. One disadvantage is that they lose the one on one interaction with their customers. If people no longer need to visit the bank to conduct their transactions, the banks lose that special connection that they once had with their customers and for some customers they value that personal connection. Additionally, from the banks perspective, they do not get the opportunity to develop personal relations with their customers. The more personable the banks are with their customers the more secure their customers’ accounts may be. The bank tellers will be more able to keep a better watch on their clients’ accounts and may be able to detect any abnormal account transactions†¦show more content†¦Conversely, customers also have negative views about online banking. One being the lack of personal relationships that are formed when carrying out all their transactions at the bank. People often find it easier to talk to another person about a problem they are having instead of trying to search online for the answer. Having a relationship with a professional at your bank that understands your personal needs often makes the customer feel special and help ease any worries that they may have when faced with any type of banking questions. Additionally, certain services such as notarization and bank signature guarantees are not available online. As previously mentioned, security is a major concern with online banking. Many customers are nervous about allowing a bank to have access and records of their sensitive and important financial information. Hacking and identity theft is a fairly common occurrence so for customers to be wary about turning over all their financial information to the internet is justifiable (Geoffrey). As technology becomes more and more advanced, the demand for new innovative technology grows as well. As a nation, we have been moving increasingly towards a more dig ital world and that is also true for our banking industry. The physical action of walking into a bank to execute our banking needs is becoming less common and online banking is taking its place. ATMs are also a version of online banking that has been aShow MoreRelatedProblems, Solutions and Prospects for the Development and Progress of the Banking Industry in Nigeria1209 Words   |  5 Pagesthat savings and investment must go hand in hand for sustained economic growth. The challenges solutions and prospects for the development growth and progress of the banking industry in Nigeria can be analyzed from eight dimensions. Political environment: The political instability in our country especially every electioneering year (1993, 1999, 2003, 2007 and 2011) contributed in no small way to the worsening of the financial situation of our banks and other financial institutions. These periodsRead MoreIt Has Been Argued That the Uk Banking System Is an Oligopoly1729 Words   |  7 PagesQuestion 1 It has been argued that the UK banking system is an oligopoly ( http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8266582/Big-banks-running-an-oligopoly-says-Virgin-Money-chief.html# ) . a) Using appropriate diagrams and economic research critically discuss the extent to which this is the case b) What are the likely implications for consumers? + http://economicsonline.co.uk/Business_economics/Oligopoly.html The UK banking system is an Oligopoly becauseRead MoreMoney Laundering Is One Of The Major Problems Being Faced By World Economy982 Words   |  4 Pagesobserved in many of economic aspects, simultaneously the techniques of committing crimes of money laundering have been developed as well. Money laundering is one of the main hazardous crimes that can obliterate the financial and economic systems. The most sig-nificant sectors where money laundering takes place are banks. Here are previous studies for this problem as follows: The economist magazine estimated that about 500 billion to 1.5 trillion USD is laundered through banks. Further, the Financial ActionRead MoreThe Problems Faced By The International Students Without A Social Security Number At Pittsburg State University1635 Words   |  7 Pages(Savage, 2007) The other types of difficulties international students face when they move to USA are finding a place to live, communicating with foreign citizens, adjusting to the teaching style and getting essential utilities for their daily needs. Finding new people to making friends with is also important for international students in order to build their social status. Discrimination is another issue that mainly international students have to overcome (Savage, 2007). Other tasks internationalRead MoreEssay on Dilehmas in the accounting Profession1045 Words   |  5 Pagesaudit team with one senior auditor Frankie Small. The audit they were to perform was on the top paying client of Viccio and Martin, Models Inc.. Jane had spent time working for the firm while finishing her academics, and had been present for many other audits. This left her excited to show her employer all she had learned during this first assignment. Jane was away at school when the yearend inventory count was made for Models Inc., so she decided to brush up before the audit began by studying theRead MoreImpact Of Technology On The Banking Industry1617 Words   |  7 Pagesthe introduction of the mobile banking, APP people rarely go to the banks. All their transactions get done simply by the stroke of a finger. Businesses face a challenge of adapting to changes in the technology sector. Mobile banking either through actual investing or any other means is on the rise. According to the most recent Federal Reserve study; most of us haven’t set foot in a banking hall in ages. It is a lost battle to banks that opt to use traditional methods to conduct their banking transactionsRead MoreInformation Problems Of The Canadian Economy966 Words   |  4 Pagesare an important aspect of the Canadian economy, its main function is to provide a direct link between lender and borrowers. The market affects an individual s personal wealth and the behaviors of business. The financial market has various problems related to information and the market channel that funds from the savers to investors would discourage economic efficiency. The lack of information is an issue that occurs within the financial market, but it is not the main problem at hand. The biggest problemRead MoreBlack, White, Yellow And Brown909 Words   |  4 PagesWe are now in an age of colors with brown and yellow, not only the ancient divisions of black and white. Even though there are d iverse people in the United States, it is totally absurd that if some people think America is a color-blind society. I used to think that colorblindness of black, white, yellow and brown was the only way to cut across the lines of racial equality issues. At that time, I was one of the supporters of color blind who think that â€Å"color blind† approach to the problems of racialRead MoreImpact Of The Convict Experience On The Life Of Mary Reibey1019 Words   |  5 Pagesconvict experience on the life of Mary Reibey. (800-1000 words). The impact of the convict experience would have had a harsh yet inspiring impact on the life of Mary Reibey. Although the experience can’t be straightforwardly analysed as positive or negative, the overall impact can be determined. Mary Reibey’s life began on the 12th of May 1777. At the age of 13, Mary was sentenced and order to be transported to Australia due to her actions the time. Mary was disguised as a boy by the name James BurrowRead MoreHsbc Case Study1316 Words   |  6 Pagesdid HSBC face in this case? What management, technology, and organization factors were responsible for the problem? Did HSBC management correctly identify the problem? HSBC Holding, with headquarters in London, is one of the worlds biggest and most successful banks. Like many others, the bank ran into problems during the global financial crisis of the late 2000s due in large part to its heavy exposure to the U.S. subprime mortgage market. HSBC not only originated mortgages, but was also buying subprime