Limits of on-line banking include the fact the people require access to the Internet to be able to use the services provided.
Another limit is the use of encryption, you have to be running the same form of encryption as the bank is to be able to access your information. Most banks allow for this when you subscribe to the on-line banking with their bank, they will usually provide a "start-up" package, which normally includes the encryption devices.
Another area is the fact that the bank with which you are using the on-line facilities has the right to disconnect a user the right to continue the banking. This limits what the consumer can do, which is also a disadvantage to consumers. This can occur at any time, without notice "for reasons of security or quality of the service" ANZ Terms and Conditions.
The process time of the transaction can be delayed, thus restricting the user timing of sales and access to the finances on offer, which is a limit many people ignore for its triviality.
Each bank has different "log-off" times, where the system will log the user out after a period of time this restricts the user to time away from the computer if they want to continue their access while doing something else.
The bank can change their terms and conditions of use whenever they want, as long as they give 30-day notice. This can limit users by changing their patterns of usage.
The introduction of on-line banking has eliminated the need to stand in queues and the need to go to the bank in "normal" hours. On-line banking has given the ability to people to bank when they want around the clock.
Access to BPAY systems electronically to assist the user in this technology.
The on-line security protects user in areas of concern: privacy, confidentiality, etc. find more on security here.
Most banks have very user-friendly systems. This allows users who are computer-illiterate to be able to access this technology without the difficulties of learning the detailed needs many computer programs require. This is related directly to many companies allowing "Bank from your browser" software so the user doesn't have to be using any other software from their Internet browser (such as Internet Explorer or Netscape Navigator).
The use of encryption is an advantage as it restricts the access to the information to those who poses the PIN and encryption keys.
Fetures such as the automatic "log-off" or time out mechanisms can be an advantage to prevent the information being able to be accessed by a third party.
A disadvantage with on-line banking is if the user's computer crashes or is cut off from the Internet they need to ring a hot-line to make sure the transactions were recorded as they should have been. Certain checks need twenty-four hours before they are registered -- cheque transactions and statement ordering are both included in this bracket. The disadvantage being that the user may not be notified of problems until twenty-four hours later, leaving the user to worry about the all-important transaction that may not have been processed properly.
As stated above, the level of encryption is another disadvantage as hackers can get around most levels of encryption. As the technology is produced, someone finds a way through, which is a never-ending circle.
Another disadvantage for the users of on-line banking is that most banks have a help service that requires the user to ring a help desk or call center during restricted hours, this cuts the advantage of banking whenever you want if you know you will require help.
A slight disadvantage that can be an advantage to some users is the costs involved in using on-line banking facilities. Some banks have the service free of bank charges but the government taxes and charges still apply, where other banks include on-line transactions in their monthly transaction calculations. If someone is looking at starting to use the on-line banking services, it is advisable for them to shop around the different financial institutions to find the best deal that is suited to them in the long-run.
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