In recent times, the rise of online banking has become shrouded in controversy and uncertainty. As a number of the leading global institutions have experienced highly publicised technological breakdowns, so too consumers have begun to lose faith in the online banking model and the security that it supposedly offers.
Most recently, the Bank of America experienced significant issues when its online banking website crashed last Friday. With consumers unable to access their accounts, budget for the month ahead and pay bills online, thousands took to Twitter to air their frustration and attack the remote banking model. The timing of the crash could not have been worse, as it occured at the start of the month when customers generally organize their finances for the forthcoming month.
Why Customers Should Keep Faith with Online Banking
While even the best online banks can suffer from technical issues, however, the model remains extremely viable for those looking to manage their personal finances. Consider the following reasons to keep faith with the online model and continue to bank remotely:
This is particularly useful when the need arises to make an instant payment, as online banking allows this to be done instantaneously and from the comfort of your own home.
The Bottom Line for Online Customers
Despite the fact that a number of high profile banks have experienced issues with their online service, this does not mean that the model is unmanageable. While the evolution of technology and our increasing reliance on it brings considerable risk, these are largely irrelevant when compared with its subsequent benefits. This ethos can easily be applied to online banking, which provides consumers with instant access to their accounts and enables them to engage in real time money management techniques.
Lewis Humphries is a freelance blogger, content writer and researcher who works alongside several international resources. Including Investopedia, Money Crashers, Chillisauce, Carfinance247 and Complex Search, he has a wide range of experience and a particular interest in small business, personal finance and investment.