There are lots of difference between internet banking and traditional banking based on the following factors,
- Finance control
- Customer service
The term Traditional Banking and Internet banking itself shows us how much banking has changed over the decades it may seem like a fast growth but in reality, it is not actually.
Because everything in this world takes its own time and the process of transformation for traditional banking to become a internet banking has also taken its own time.
So now the question is which is the best one Traditional Banking or Internet banking, we can also consider the internet banking as the modern-day banking because it definitely falls out under this category only.
Every banking has its own advantages and disadvantages, let’s take traditional banking during these times there were no problems of getting your money stolen during the online transaction.
In Internet banking, you don’t need to stand in a long queue for sending money to anyone.
Let’s dig in deep into this topic.
Traditional banking exist as physically for the benefits of customer
This consumes more time as the customer wants to visit the bank for various transactions like checking balance, transferring etc
The customers should visit the bank during the working hours
This bank does not encounter security threats
Check our Guide on transferring money without online banking
The customers who travel abroad can’t access this bank from their preferred locations
Customers should spend money to visit the bank from long locations
This cost includes a lot of operating and a fixed payment
Read our guide on Best Savings bank in US
The bank staffs can attend the limited employees at a time
Customer should do face to face contact with the bank
They do not any physical presence
This does not need customer time to come and directly visit the bank. They can access all the details through online banking
This provides 24 hours of banking service
This is one of the problems that is faced by customers. The hackers can access their account
The customers who travel abroad can easily access the account
The customers do not have to spend money
The bank does not need any physical cost
They do not need to wait for queues to carry out the bank details.
So here is what our result is, whether it is traditional banking or internet banking everything has its own advantages and disadvantages so we suggest you to go with the Internet Banking because it is common that has been done nowadays.