When the line is busy or unavailable, the customer service representative may take a long time to respond to the email. The disadvantage is that customers may not receive the assistance they require at the appropriate time, which can be frustrating.
It is impossible to deposit money.
It is, as expected, impossible to deposit money directly on an online platform. We must go to the bank to make a cash deposit. We are unable to deposit funds automatically online. Traditional banks continue to play a role in this process. There are no ATMs for online banking.
Although it is possible to withdraw funds from an online bank using an ATM, most online banks do not have dedicated ATMs where users can withdraw or deposit funds. The only ATMs that traditional banks can use are those setups.
Why online banking institutions need cyber security
Protecting customer assets and transactions from fraudulent individuals and groups is an obvious benefit of cybersecurity. Because stolen PII can be used maliciously, even banks have difficulty recovering data.
When cyber attackers kidnap banking customers’ data, they are forced to pay hundreds of thousands of dollars to recover it. A cyber attack undermines customers’ trust in the bank’s security systems even if the data is released. Information theft is the fastest growing and most expensive type of cybercrime.
Conclusion
Online banking systems, like all clouds, have a silver lining. Although online banking has numerous advantages over traditional banking, it cannot be used in isolation.
The online banking system still relies on traditional banks in some areas, such as cash deposits and withdrawals. The good news is that we can use both banking systems simultaneously.