Nowadays, the use of information technology in the financial industry is of great importance, as the number of financial transactions performed by bank customers grows every year. In this regard, there is a need to move some part of customer service to remote interaction via the Internet. Therefore, the use of Internet banking systems should be studied and developed, creating more perfect systems. Foreign banks actively use Internet banking, thus reducing their costs and levelling the influence of territorial boundaries.
Internet banking is a convenient and modern service. But it has its advantages and disadvantages. A person is offered a lot of different services, of course, not for free. You can pay for them in cash on the spot, or as in the case of utility bills at the post office or bank branch. However, problems often arise with payments: you need to spend time and come to the branch, and there, as always, is a queue and a lot of documents. Because of this, you waste time and money. A service called Internet banking helps to avoid this. Its essence is that you can log on to the network and make payments for goods and services from your bank account. And each year there are more and more users of online banking. You can also go to a website specifically designed for your convenience to register with MyLabCorp Employee for more information. Here you will find very many benefits and learn detailed instructions on how to create your account.
Benefits of Internet Banking
The advantages of online banking are that you can make payments from anywhere in the world, even from outer space is possible if you have access to the Internet. Of course, this saves time. You don’t have to go to the bank, you don’t have to fill out paperwork and explain to the teller what you need. You simply go to the client program and the bank’s website with your login and password, fill in the form and make the payment. If necessary you can print out a payment and save the history of operations. Everything is simple and fast!
Internet banking allows:
- Exchange all types of financial documents with the bank;
- To obtain information and documents related to all bank accounts at any time and for any period;
- To track financial documents at all stages of processing and obtain information on the results;
- Timely notify customers of errors and other abnormal situations;
- To interact with any types of accounts of any banks in a single interface (in case of Internet banking system provided by a third-party company and not by one bank).
Disadvantages of Internet Banking
However, there are disadvantages of online banking as well. The biggest disadvantage of cooperating with an online bank service remains the additional risks. This relates to infiltration of the client’s channel of communication with the bank, as well as the intrusion of malefactors and making payments from the account holders. There are a lot of such cases. Attackers gain access to the account due to the carelessness of the client, throwing around passwords and visiting phishing sites that can pull out confidential information from the computer. Naturally, this evil is being fought. Perhaps the main tool is payment confirmation with a password that is automatically generated and sent to the account holder’s cell phone. Without such confirmation the payment will not be made. And, of course, you have to be extra cautious when using the Internet.
There is another problem with banking: not all bank customers use the system. The reason is banal psychology. The fact that people are used to trusting the money, which can be touched and taken to the person you see in front of you. Fortunately, bank customers are increasingly turning to online banking. Nevertheless, bankers pay attention to the security of the service and give clients recommendations to protect their data.
Risks
Despite the sea of advantages, there are still disadvantages to online banking. For example, for students who are abroad. They may not receive a one-time password to confirm the payment. As an option, you can temporarily change the method of confirmation, for this you should contact the contact center of the bank. By the way, the problems with SMS-notification happen not only abroad. Often SMS messages come with a delay.
It happens that online banking “quarrels” with various utilities or service providers, as a consequence, their services cannot be paid for weeks. But worst of all, if the payment does not reach the recipient, and the money simply hangs up. If the money is not credited to the recipient’s account, was written off, and at the same time accrued some penalties, the bank will reimburse the damage, if it was caused by his fault. In any case, if there are any problems with Internet banking you should immediately contact the bank’s hotline. And you should control the payments yourself if non-payment is fraught with sanctions.
Security at A Price
Banks use a variety of cryptocurrencies to protect customer accounts, i.e. instant password generators, electronic digital signatures, 3D-secure systems and so on. In addition, each bank has dedicated and secured lines of communication to protect these operations. For example, when you open the browser window, a green box with a “padlock” shows that the line is secure, the information is confidential, and the data transfer is secure.
Bankers are advised to change the login password every couple of months, as well as to make sure that the student works exactly on the site of Internet banking service, which is protected by a special security certificate. And, of course, the most elementary rules should be followed – do not leave your phone unattended, do not tell your password to anyone, and log out of Online Banking after all transactions.
Thus, today, when information technology has reached an unprecedented development, to perform any financial transaction, it is no longer necessary to visit a branch of a banking institution, spending a large amount of your time for this. You can pay for any service, send money to friends or relatives, exchange currency, and much more at any time of the day or night by using online banking. Especially for students, this feature has a huge number of advantages!
