Over the past decade, advancements in technology have expanded exponentially. People are now using  smartphones to complete a host of daily tasks. A new ‘tech’ phenomenon, that is proving popular, is online banking. More and more, people are visiting their banks less and less, a topic discussed in a Globe and Mail article. Advancements in online banking enable people to manage finances, transfer money, and pay bills all within a few clicks. Yes, this does sound appealing to the increasingly lazy society in which we live,  but how trustworthy is an online site? Are your numbers safe against hackers?

Although this chart is taken from a few years ago, it shows the increase in popularity in online banking.

For me, someone who still visits the bank to deposit a check or withdraw some cash, online banking has  worrisome aspects. How do you know if your transaction actually went through? What if someone was hacking your computer while you made an important money transfer? A Rediff Business Blog confirms my apprehension about online banking.

Online banking is convenient  but, until we have more assurance against hackers and security breaches, to me, the risks and uncertainty of the online bank outweigh its convenience.

Picture Reference: Banking Chart