Speed and efficiency: the rise of online banking
A few years ago, it was totally necessary to go to a banking institution to carry out a transaction, whether it was a customer service or cash transaction. Globalization has eliminated these tedious problems by creating online banking. “Virtual banking, online banking, digital banking or generically electronic banking, is banking that can be accessed through the Internet. These can be entities with physical branches or that only operate remotely.” As mentioned in the title, its speed and efficiency has caused it to be a positive impact for society which is becoming more and more updated.
Advantages
Security: while moving our money to a virtual platform can generate insecurity, these online banks are created with maximum security to take care of your money.
Availability: it is 24/7, you can make payments and transfers at any time and moment of the day. They facilitate economic relations; you can talk to an agent instantly after using your online banking anywhere in the world.
Due to the current pandemic the innovation of online banking was a form of respite for financial institutions who were forewarned.
Disadvantages:
Not everyone finds it easy to use online banking, for whatever reason it is important that physical institutions always exist to avoid excluding those who do not have technological products. In addition, there are many individuals who still prefer face-to-face service, which is totally understandable. It is important to have a digitized financial education for seniors and seek inclusion in case they want to learn.
