Significant amount of people switching to online banking services is now changing the finance field. Although using only online banks can lead to stealing of users financial information and can be challenging for older generation, i believe the advantages far outweight the drawbacks as it enable people to buy iteams remotely and faster.
One primary disadvantage of online banking is that it can contribute to stealing of users information about their finance. It is highly likely that skilled hakers with good haking skills can have an access of user’s phone through various schemes. For example, significant amount of citizens of Kazakhstan were the victims of hakers who stoled their money from online bank “Kaspi” only in one year. Furthermore, it can be difficult for elderly people to use online banks due to the lack of knowledge about phone and apps, as they used only cash most of the part of their lives.
One the other hand, being able to order various iteams from other cities and countries while sitting at home with digital banking system is the main advantage. Compared to the past, when everyone was using only cash, which meant that individuals needed to go to the market or grocery store by themselves, making it time-comsuming and unconvinient. However, these days banks can provide people with digital cards, which people can use to pay their orders in online sites and apps while being at home, instead of standing in queue at the store.