Wednesday, January 26, 2022

Wisdom of the Crowd - New Issues


1. Will you use a digital bank
2. Do you regular use the loyal points on credit cards and e-commerce sites?

Vote in
https://tklcloud.com/Crowd2/vote.aspx
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1 comment:

Anonymous said...

Downsides to digital banking.

Technology and Service Interruptions
Anytime we use computers or internet service, we are at the mercy of the system's stability and efficiency. Your ability to access accounts online will naturally be affected if your internet service is running slowly or completely out for a period of time. Similarly, if the bank's servers go down or are temporarily unavailable due to scheduled site maintenance, you won't be able to gain online or mobile access to your banking information.

Security and Identity Theft Concerns
In general, online banking sites and mobile apps are designed to be secure and banks are continually putting updated security protocols in place. However, no system is completely foolproof and accounts can be hacked, resulting in identity theft via stolen login credentials. So while you can use mobile or online banking with general confidence, be careful to avoid using networks that are not secure and be careful to change passwords and protect your login information.


Convenient but Not Always Faster or Better
While it may take very little time to deposit a check via a bank's mobile app, you still need to wait for access to your money.

Lack of Personal Banker Relationship
For the most part you may be able to handle your general banking needs by yourself. Yet when problems arise if you don't have a personal relationship with a banker, it might be more difficult to get your issues resolved. While online banking sites have customer service departments, you often need to work your way through a phone tree and wait on hold before speaking with someone who has no knowledge of your needs or banking history.

A Limited Scope of Services
Although you can do quite a bit with an online bank account, such as make deposits, check balances and pay bills, there are limitations to the kinds of services you can access.

Potential to Overspend
The ability to check account balances in the spur of the moment could potentially cause some people to overspend the limits of their checking accounts. Without a careful look at your checkbook or record of uncleared debit transactions, the account balance may not accurately reflect the true amount you have available. Overdrafts and fees might occur if you don't keep close tabs on all your transactions.

January 27, 2022 7:20 AM

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