Internet Banking – Pros and Cons with an emphasis on Customer’s Perspective

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Prof. Savitri Kulkarni and Mrs. Farzana M Pathan

Economic development of nations largely depends on the growth of infrastructure facilities such as telecommunication, banking, transport, etc. Banking sector plays crucial role in the economic development as it facilitates trade. It is one of the many institutions that impinges on the economy and affect its growth and development. Economists have expressed a variety of opinions on the effectiveness of the banking system in promoting economic development. As an economic agent, the bank is expected to be more directly and more positively related to the performance of the economy than most non-economic agents. Therefore, banks are considered to be the mart of the world, and the root to economies and finance of a nation and the barometer of its economic view. This very banking sector has evolved gradually over years. It further underwent a pragmatic shift after the technological revolution that lead to the digitalization. It not just effected the operations of the bank but also the services provided by them, one of the important offspring of this was internet banking which allows the users to conduct financial transactions through the Internet.

This paper was tries to analyses the pros and cons of internet banking from the point of view of a customer, who is offered these banking services. Few of the advantages of internet banking are 24 Hours banking, no long ques, Online bill payment, ease in transfer of money, it reduces the burden of carrying cash, helps mobility, Environment Friendly. On the other hand, few of its disadvantages are loss of connectivity due to technology disruptions, Lack of a personal relationship with the bank officials and security at times could be a concern. Even with the disadvantages the internet banking today has become a necessity. It is inevitable aspect of banking. Today every single person owns a smart phone and hence internet banking has become a habit.

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