If you are an adult, you must be pretty familiar with online banking. Online banking has many users all around the world. They have their own system of operating and handling. Have you ever wondered why and how online banking is operating? 

 

What Is The Definition of Online Banking

First and foremost let’s start with the definition of Internet Banking. Internet banking is a term used to describe the process by which customers execute banking transactions through electronic medium. Then, customers can also carry out which can be classified as transactions for transactions and not. Internet banking, of course has its own advantages and disadvantages. However, it is always up to the users of online banking on whether you know how to utilize online banking really well. 

 

What Bank Offers Online Banking

Most banks nowadays have offered online banking. The list of online banking services are Hong Leong Bank, Maybank, Public Bank and many more. There is endless choice and options if you are interested in E-banking online malaysia.

 

What Is The Pros of Online Banking

Here is the list of advantages when using internet banking as a medium. 

First pros on this list is convenience. Everyone loves convenience right. Banks offering work when internet banking are open for business transactions to any possible customer as long as there is an internet connection. Apart from the website maintenance period (usually 12 a.m. in Malaysia), the service is always available 24 hours a day and 365 days a year.

 

Second pros on this list is easy monitoring. A customer can monitor his / her expenses through a virtual wallet through certain banks and applications and enable payments. If you are a Hong Leong customer, there is an application for that. You can check real -time account balances and information of interest. This speeds up the banking process, thus increasing its efficiency and effectiveness.

 

Third pros on this list are easy! Yes, online Banking allows for easier updating. Time to change mailing addresses is reduced, additional check orders incur interest and real-time interest rates are charged. So you can update everything easier. 

 

Cons of Internet Banking 

Let’s take a look at the contrasting side Internet Banking of Transaction. 

First cons in this list is banking relationship – banking in the virtual world or internet banking makes it difficult for users to report problems encountered with accounts. It is hard for you to call and inform the staff personally rather than report. 

 

Second cons on this list is suspicious or dangerous activities might happen.  Your accounts or anyone are vulnerable to hacking attacks, phishing, malware and unauthorized activity. Yes, this could happen online and on the internet. If you watch movies from Western countries, you might be familiar with this intercept. 

 

Last but not least on the cons of internet banking are transaction problems – there is always the possibility of a transaction failing and making a mistake if you make a mistake in performing a transaction. It is hard to get your money back.