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Smart Banking: Good or Bad?

While better online security has become the prime objective of banking apps, hackers and scammers are also using more methods and ways to siphon money off your account.

Updated:May 13, 2019, 12:08 PM IST
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Smart Banking: Good or Bad?
While better online security has become the prime objective of banking apps, hackers and scammers are also using more methods and ways to siphon money off your account.

Automation and smart banking have led to a revolution in the banking sector. There is no longer the need to stand in queues, wait for your turn, fill up forms, etc. to make any sort of financial transactions. It really is making life easier. But as there is to everything, there are two schools of thought on this topic. While one side is all for smart banking (and so they should be, as we need to evolve with times), there is one that still holds dear the nostalgic value and sentiment to the brick and mortar banks. So in spite of all the right reasons to embrace smart banking, below are some of the few sensible reasons that might work against smart banking.

Safety and security:

While better online security has become the prime objective of banking apps, hackers and scammers are also using more methods and ways to siphon money off your account. With all your financial details on the phone and the app, it is definitely a high risk proposition. Not only do you need the bank to make the app more secure, you will also need to take ample measures to keep your smartphone at bay from viruses in order to keep your details safe.

Relying on a machine/software:

At the end of the day, you will be interfacing with a machine based system or software. Chances are, in spite of taking all the care in the world, the software or the app may have bugs and technical glitches that may not be fatal but may crash, slow down, or have some down-time. In that case, if you need to urgently perform transactions, you are at the mercy of a machine. So while smart banking is faster in many ways, there are some lags even the machines can’t get away from.

No interpersonal relationships:

There is a wave going on right now to get people off their screens. While smart banking is a great endeavor to make life faster, more convenient, and smoother, there is a drastic dip in the chances of creating interpersonal relationships with people, i.e. between the customer and the banker, or the people you meet when at the bank. Some may not see this as issue at all as far as their work is getting done, but the truth is, with automation and smart banking, face-to-face correspondence has taken a hit.

Easier to spend money

Earlier, there used to be a weekly, bi-weekly trip to the bank to make any transactions. With the advent of smart banking, all you need to do is check your balance through the app, and transact at the click of a button. You can link your account to any of the various apps, and shop online at the drop of a hat. This convenience of shopping online through smart banking, also leads to spending more money.

To know more, click here.

This content has been created in association with YONO SBI

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