Virtual banking advantages and challenges nowadays

 

Virtual banking refers to the act of accessing banking institutions and their functions online without having to make a physical appearance at the banking hall. It entails making various banking services available via extensive use of IT without the need for the physical walk-in.

 

Virtual banking offers several advantages, including:

- Comparative reduction in fees and elevated interest rates in contrast to traditional banks.

- Heightened convenience and flexibility for customers in managing their financial affairs.

- Expedited and simplified transactions and transfers.

- Strengthened security measures and enhanced privacy features to safeguard customer information.

 

However, virtual banking also presents certain challenges, such as:

- Absence of direct personal interaction and in-depth customer service experiences.

- Restricted availability of cash and limited access to automated teller machines (ATMs). 

- Higher risk of cyberattacks and fraud

- Regulatory and compliance issues



Cr.

Techfunnel

Good Bye Banks

Forbes Advisor

Popular posts from this blog

Apple iPad Pro 2022 Wi-Fi VS new Samsung Galaxy Tab S9 (Wi-Fi)

Image
  Which one do you prefer?  Feature Apple iPad Pro 2022 Wi-Fi Samsung Galaxy Tab S9 (Wi-Fi) Display 12.9-inch Liquid Retina XDR display, 2,732 x 2,048 pixels, 120Hz refresh rate 14.6-inch Super AMOLED display, 2,960 x 1,848 pixels, 120Hz refresh rate Performance Apple M2 chip, 8GB or 16GB of RAM Qualcomm Snapdragon 8 Gen 2 for Galaxy, 12GB or 16GB of RAM Storage 128GB, 256GB, 512GB, 1TB, or 2TB of internal storage 128GB or 256GB of internal storage, microSD card slot up to 1TB Battery life Up to 10 hours of web surfing or video playback on Wi-Fi Up to 8 hours of web surfing or video playback on Wi-Fi Accessories Apple Pencil (2nd generation), Magic Keyboard or Smart Keyboard Folio (sold separately) Samsung S Pen, Book Cover Keyboard Slim or Book Cover Keyboard Trio (sold separately) Software iPadOS 16 Android 13 Display : The Samsung Galaxy Tab S9 has a larger and sharper display than the iPad Pro, with a 14.6-inch Super AMOLED screen that has a resolution of 2,960...
Read more

The investigation of the Titan, submarine update

Image
  The Titan submersible was a 5-person vessel designed to take people to depths of 4,000 meters for various purposes, such as exploring the Titanic wreck. It was built with modern materials and technology, such as carbon fibre and real-time hull health monitoring. However, on Sunday, 29 June 2023, the Titan sub suffered a catastrophic implosion while descending to the Titanic site, killing all five passengers on board. The US Navy detected sounds consistent with an implosion shortly after the sub lost contact, but this information was only made public on Thursday. The cause of the implosion is still unknown, but it is believed that the immense water pressure at depth caused the hull to collapse inward at a very high speed, incinerating the human bodies instantly. Some experts suspect that the carbon fibre mid-section of the sub may have been flawed or unstable under such pressure. A huge search mission was launched to locate the debris field of the sub, which was found on Thu...
Read more

Start to building an AI chatbot

Image
    AI chatbot  software refers to a computer program that harnesses the power of artificial intelligence (AI) to replicate human-like conversations with users. Its applications span a wide range of purposes, including but not limited to customer service, entertainment, and the acquisition of information. Start to build a chatbot There are several ways to build a chatbot. You can use a chatbot platform or an API that suits your needs, or you can build one from scratch using programming languages such as Python or Java. Here are some general steps to follow when building an AI chatbot: 1.       Identify the purpose   and the platform of your chatbot.   What problem do you want it to solve?   What are your business needs? This will help you choose the right platform   or API for your chatbot.For example, if you want to build a customer service chatbot, you might want to use a platform that specializes in customer service cha...
Read more