Which of the following is not a benefit of internet banking? (2024)

Which of the following is not a benefit of internet banking?

Explanation: One of the options listed, 'You can talk to a representative in person,' is not a benefit of digital banking. Digital banking refers to online and mobile banking services which allow users to access their accounts and conduct transactions remotely.

Which of the following is a benefit of internet banking?

Online banking customers enjoy instant access from their computer or mobile device to a full range of services, allowing you to: Check balances on accounts and view records of your transactions. Pay bills automatically each month with easy-to-set-up auto payment. Transfer funds between accounts.

Which is not the benefit of digital banking?

Expert-Verified Answer. Option b)Provides a competitive advantage to the bank is not the benefit of e- banking to the customers. Electronic banking, Use of computers and telecommunications to enable banking transactions to be done by telephone or computer rather than through human interaction.

What are the benefits of online banking?

One of the most compelling advantages of online banking is the access to high-yield savings accounts. Unlike traditional brick-and-mortar banks, online banks have lower overhead costs, allowing them to offer higher interest rates on savings accounts. Take, for example, high-yield savings accounts.

What are the advantages and disadvantages of internet banking?

Features include checking account statements, transferring funds, and paying bills. Advantages include availability, convenience, and time efficiency, while disadvantages include the need for internet connection, transaction security issues, and complexity for beginners.

What is internet banking advantages and disadvantages of internet banking?

Internet banking have some advantages over traditional banking because there is less extra costs. This means they can offer accounts with lower fees and higher APYs. However, internet banking might not have personal connections, their own ATMs, and may provide fewer services.

Which transaction cannot be done through net banking?

It can thus be concluded that cash withdrawal is not supported through internet banking.

What are four benefits of electronic banking?

E-Banking offers discounts, convenience, speed, transferring services and the management of the funds, 24*7 facilities and the liquidity of the funds to its customers. Answer. It provides quick services because individuals do not have to wait in lines to pay their bills or transfer payments.

What are the disadvantages of digital transactions?

What are three disadvantages of electronic banking?

Online banking does have some potential disadvantages. These include a lack of face-to-face customer support, cash deposit services and a risk of technology failures or security breaches.

What are the 5 disadvantages of electronic banking?

What is an example of internet banking?

Scope of Online Banking Services:

Customers can perform financial transactions like transferring funds online, pay bills, apply for loans and open a Savings Account among various other debit card transactions.

Which of the following is not used in banking?

The term Zero hour is NOT used in the banking field.

Which of the following is not a best practice for safe internet banking?

Avoid logging in to your bank account at common computers in cyber cafes or libraries. These are crowded places, and there are more chances of your password being traced or seen by others.

Which of the following is not concerned with banking?

the fiscal deficit is not concerned with the banking organization because the fiscal deficit is related to a country's economy not to the banking organization.

Are there any disadvantages to online or mobile banking?

What are some downsides of using in-person banking?

Cons of brick-and-mortar banks

They charge higher fees and often have high minimum balance requirements. Loans and other products may cost more.

What is the disadvantage of computers in banking?

In general, online banking sites and mobile apps are designed to be secure and banks are continually putting updated security protocols in place. However, no system is completely foolproof and accounts can be hacked, resulting in identity theft via stolen login credentials.

What is the main disadvantage of a Digital system?

Disadvantages to using digital signals, including digital signal processing (DSP) and communication systems, include the following: A higher bandwidth is required for digital communication when compared to analog transmission of the same information.

Which of the following is not a Digital transaction?

The correct answer is a Cash transaction. Digital transactions can be broadly defined as online or automated transactions that take place between people and organizations without the use of paper.

What is the disadvantage of Digital electronic?

Disadvantages of Digital System

This energy is consumed in calculations and signal processing, resulting in heat generation. These systems are expensive. The digital systems are fragile.

What is a main problem in e-banking?

Security and fraud instances

Security and protection against fraud and hacking are some of the most significant problems for banks promoting online banking.

What are two advantages of internet banking to a customer?

Online banking offers the following benefits: Access your money anywhere. Convenience - all your banking services are all in one place. Lower fees.

What is one main benefit of online only banks?

Final answer: Access to fee-free ATMs, viewing statements online, and higher interest rates are key benefits of online-only banks.

What are the benefits of online banking vs traditional banking?

Online banks are better than traditional banks when it comes to minimizing fees and securing the most competitive rates. These banks also tend to offer superior websites and mobile apps with more features. When it comes to finding a full range of financial services all in one place, traditional banks tend to win out.