Online banking services have been in the news ever since their inception, sometimes for good reasons and sometime for bad. But in recent years, online services got a bad name due to crimes like hacking and identity theft. In 2002, the Federal Trade Commission registered 161,000 cases of identity theft. Of the registered cases, 16 percent were about illegal withdrawal from savings bank accounts and 9% related to somebody have taken a loan by stealing another person’s identity. In 2007, the Internet Crime Complaint Centre reported that 44.9% of the total complaints were against online fraud. Of these victims, 70 percent were deceived by fake online auctions and 30 percent were scammed by emails. With advancements in technology, criminals have found new hunting grounds that are proving lucrative.
Online Banking Services: What Mars the Experience
There are many reasons why many people prefer the traditional banking mode over the modern online banking services. Here are some of those reasons:
Start up time:
To initiate online banking services, you have to fill up online forms where you have to reveal your personal information, which is not safe. In the case of some banks, you have to specially apply for online services by visiting the bank personally. For beginners, browsing through the web pages of bank and making transactions is tedious and time consuming, which makes many customers lose patience.
Availability of the internet:
While the Internet might have evolved in leaps and bounds, connectivity is still not accessible everywhere. To use online banking services, it is necessary to have a computer with internet connectivity. In the absence of a good connection, these services cannot be accessed.
Security:
Criminals have found new space in the online world. Cases of hacking, fraud and online theft are very common nowadays. Security is of prime concern when it comes to internet banking. Although banks are constantly updating their websites with security software, there is no method that guarantees 100% safety.
Technical Problems:
Usually when a bank is updating its website, you are unable to make transactions. Also, when the bank is facing server problems, you may have the worst banking experience. All these technical issues become reasons to avoid online banking services and return to traditional banking.
Customer Service:
When it comes to resolving technical and non-technical issues, customer services in some banks are not up to the mark. Poor customer assistance becomes a major disadvantage, putting customers off when they feel that the bank is not being helpful to them.
Are you fed up with the poor online banking services of your bank? If yes, then this is the right time to switch to Citibank. Citibank offers top class online banking facilities with cutting edge security for your account. Moreover, the 24-hour customer assistance will make your banking experience a joy. For more information, visit www.online.citibank.co.in.
