Traditional banking involved customers visiting physical bank branches during limited hours, requiring many bank staff. Now, customers can bank remotely using ATMs, call centers, and online banking. While this reduces costs for banks and improves convenience for customers, it also introduces new risks like fraud and security issues that banks must address. Both banks and customers experience advantages and disadvantages to digital and online banking.
10. Pay utility billsCustomers are able to use almost any ATM in any bank, supermarket or garage and it is normally a free service.
11. Call Centers Call Centers is a facility where large numbers of workers spend the day (or/and night) answering telephone calls from customers. The staff deals with customers from any branch around the country. Call centers save banks a lot of money because they could deal with a large number of calls from customers quickly and efficiently. Call centers could be set up in countries where there are plenty of people who speak fluent English and are willing to work for a much lower wage.
12. Online banking Now the customers can open accounts, check their balances online, move money, pay bills and print statements from the comfort of their own homes. Most major banks now offer online banking and some are offering Internet only banking. Without the overheads of running and staffing high street branches they can offer higher rates of interest to customers.
13. Drawbacks With Online banking, bank fraud - on an industrial scale - could be done from outside, without having to rely on bank employees to pull it off. Phishing sites are fake banking websites used by hackers to get the logon details of customers. Trojans - bits of rogue software downloaded to people's computers without their knowledge –can be used to "sniff" keystrokes; this can be avoided to some extent using onscreen keyboards that work with mouse instead of physical keyboard. But then the Trojans can take screen shots!!!
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15. It allows customers to access their accounts 24 hours a day without having to have branches open.
16. The customers do all of the work themselves so staff numbers can be reduced.
17. No need of having high street branches, thus saving rental costs
18. Less staff are needed so staff costs, insurance, heating and lighting costs are saved.
19. Banks can attract new customers to their online business for a fraction of the cost it takes to get one through the door of a high street branch.
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21. You can do almost everything from the comfort of your own home
22. You can bank at a time convenient to you, 24 hours a day, 7 days a week