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Online Internet Banking – Pros & Cons

The platform for the exchange of information created for this purpose would already have, according to the French Banking Federation, processed 1 million requests. What speeds up the movement to online banks, unbeatable rate offers, and already weighed 10% of the market in 2018.

Which Online Bank to Choose?

It goes without saying that the most important thing is to choose an online bank that meets your needs. In other words, if you want to save, this bank must offer interesting products. If you are often in the open, you must at all costs check that payment incident charges are not too high.

The problem remains, however, the same: to find which online bank to choose, it must first be able to dissect the rates and services of banks online. But when you are an individual, you do not, for all time, understand much.

So we analyzed the various existing online banks ourselves in order to compare them. It is also possible to directly consult our bank comparison to find which online bank to choose.

Criteria for Determining Which Online Bank to Choose

The first thing, before embarking on a search for an online bank, is to know your own profile and needs. Finding which online bank to choose requires an inventory of banking habits. Just answer the different questions we ask below:

  • What is your income?
  • Which socio-professional category do you belong to?
  • What savings do you have, and how much do you give to savings products?
  • Are you comfortable with the Internet and digital?
  • Would you like to open a joint account or a specific account?
  • Do you often travel outside Europe?
  • Are you often exposed?
  •  Does not having a dedicated bank advisor be a problem?

Depending on the answers to these questions, it will be necessary to pay more attention to the cost of certain services. For example, those who like to travel will prefer a high-end bank card (Gold MasterCard or Visa Premier) which will allow them to benefit from additional insurance, as well as withdrawal costs outside the eurozone. Knowing your needs is important in determining which online bank to choose.

Which Online Bank to Choose based on Your Profile?

It is now time to apply these different criteria to determine which online bank to choose. Indeed, the simplest is to cross its needs with the services of the bank. Easy as hello! We first created a summary table below and then selected a number of typical requirements. For each of them, we will propose the one that seems to be the best online bank.

Benefits of Internet Banking

Online banking is a tool that banking institutions make available to users in order to facilitate daily transactions. Online banking services help you get ahead of your personal finances with agility and ease.

Thanks to a secure and high tech platform, many users of financial services can perform operations such as the following:

  • Check balances and account statements
  • Pay for services such as electricity, telephone, taxes, etc.
  • transfer funds
  • Make investments
  • Deposit to different accounts, both own and third parties
  • Pay credit cards
  • Receive payroll deposits

The Internet has all the potential to safely carry out all types of financial operations at very comfortable times. Some banks offer several of their services, including twenty-four hours, three hundred and sixty-five days of the year, in new and convenient ways that increase the productivity of people and businesses in a very important way.

Some of the Most Tangible Benefits of Online Banking are

  • It allows for saving time.
  • It helps to perform operations faster.
  • Avoid making payments in branches or in windows of service providers, with the risk of carrying cash.
  • It offers convenience in transferring to investment accounts.
  • It allows monitoring the balance of the chequebook to avoid issuing checks without funds.

Strengthening User Security

  • To avoid possible fraud and Internet theft, banks have developed a series of security tools. Among them, we highlight:
  • Random access codes. They are small electronic devices that generate random security keys recognized by the bank as safe. According to the institution that issues them, they have different names like Token, a mobile access key or network key.
  • Anti-phishing tools Banks protect the security of their users by creating certificates that authenticate their sites and request the user to renew their access passwords periodically.
  • Firewalls Some banks offer links to free downloads of firewalls, which are programs that help protect your computer from intruders and prevent information leakage. When configured properly, it stops all unauthorized traffic to and from your computer.

Disadvantages of Online Banking

However, not all benefits. Banking also has some drawbacks, such as:

  • You need to have an Internet connection. Although this is less and less considered a problem, it is possible that for people who are not fully adapted to technology, or in rural areas, it is. 
  • There is no personal treatment with the client.  In the case of the online bank, contact with the people of the financial institution is lost, and the deal is depersonalized, something that for some people is very important.
  • Insecurity. For many, online banking offers insecurity that traditional banking does not have. This is because there is a certain fear of suffering cases of cybercrime in which they can take possession of our money, or the refusal to include personal and confidential data on the Internet.

What is Mobile App Banking?

Mobile app banking is one of the best ways to reduce online banking from mobile. These days most of the banks have their own app using which you can excess your bank account from your mobile itself. These apps are free of cost and can easily download on mobiles.

Different between traditional and online banking

In the case of mobile banking, you often have the possibility of requesting a personal loan from your user profile, either from your Smartphone, tablet or computer. Traditional banking bases its model on branches, paperwork, etc.

The traditional “pure” banking model is that in which customers consult the balance of their account and the history of bank movements through their bank booklet, while with mobile banking, they can consult at any time the latest movements with such just a couple of clicks, you can also download the broken down operations, separate income and expenses, etc.

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