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Pros and Cons of the Net Banking

Pros and Cons of the Net Banking

The internet is one of the prominent discoveries that have changed the world drastically in the late 20th century. Not only the e-commerce websites but the banking sector has also adopted the way of transactions based on internet, which is commonly known as net banking. Alike the whole world, net banking in Kuwait is also booming. However, there are always two sides of a coin, so the net banking has. Let’s tap on some pros and cons of the net banking.

Pros

  • Net banking has enabled multiple banking services at your ease. You can check your account balance or transfer the funds to another account from your mobile or laptop.
  • Another benefit is 24/7 availability. Traditionally, we all need to wait for the branch to open when we can perform the transactions. It is advantageous when you live far from the branch.
  • Internet Connection is the basic requirement for net banking and whatever the device you have if you get an internet connection on the electronic device with a screen, you can access your bank account virtually.
  • Online banking saves the paper, and which ultimately results in saving trees. Generating e-receipts and digital statements save a lot of paper.
  • Net banking saves a lot of time when compared with the traditional way of banking. It is not the case when you all the way to go to the branch and keep your regular activities aside for the banking.
  • Not on a large scale, but net banking saves your money; be it in terms of travelling or any other mode of contact. Furthermore, several overheads are also minimised in net banking.

Cons

  • The mobility and easy availability of the accounts in your hand makes you addictive towards checking the balance frequently.
  • The internet is the base of net banking which has to be secure in all the ways. However, it is not the case always. The public networks and some wi-fi connections are not secured. The hackers may enter the network quickly and track all the records related to your bank account.
  • Since the transactions are made online, the assistance is also online or over a call. In such situations, you don’t get a face-to-face contact of the person to get solved your queries.
  • The list of the transactions you have made can be checked online, but sometimes you need to print out the records. If the internet connection is a week, you cannot access the net banking account.

To conclude, as there are pros as well as cons of net banking in Kuwait. You need to be aware of the facts enlisted above. However, when evaluated, net banking is beneficial undoubtedly.

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