LONDON--(BUSINESS WIRE)--Quantzig, a global analytics solutions provider, has announced the completion of their latest article on the major challenges faced by the online banking industry. Online banking helps users to manage their finances from any time and anywhere conveniently.
Technological developments have been rising at a shocking speed globally. The internet is considered to be one of the best in those developments. As a result, the banking sector is also making the best use of the internet. Online banking has provided speed and convenience to the customers. Even though online banking simplifies trading and offers access to both banks and the consumers; there are some major challenges and issues in the online banking sector. In this blog, Quantzig has listed major challenges faced by the online banking industry.
According to the online banking industry experts at Quantzig, “Online banking has provided ease and speed to the customers to manage their bank accounts.”
View Quantzig’s comprehensive list of the major challenges faced by the online banking industry
Quantzig is a global analytics advisory firm concentrated on leveraging analytics for prudent decision making and offering solutions to clients across several industrial sectors. Listed below are the major challenges faced by the online banking industry.
Major challenges faced by the online banking industry
- Traditional banking habits: Most of the US adults participate in online banking, on the other hand, there are still some people who don’t use online banking. A majority of such people are well versed in traditional banking. Such resistance to change is typically due to a lack of trust in the online system or the incompetence to operate online portals. And this is why banks are influencing people to adopt online banking. Banks can simply prove the benefits of online banking and disadvantages of traditional banking to their customers.
- Security and fraud instances: This is one of the most significant challenges for banks promoting online banking. In traditional banking, robbers break into the banks to steal money, whereas in online banking hackers can break into customers details and illegally transfer money. For example, in 2015, around 130 million British pounds were stolen from online bank accounts through fraud. The extension of e-commerce provides a chance for fraudsters to misuse payment networks and steal sensitive information.
- Cross-border transactions: The implementation of cross-border transaction plays a vital role in the global trade and is one of the remarkable success factors of online banking. Historically cross-border payments have been slow, incompetent, and expensive because most of the banks still use traditional infrastructure including national banking infrastructure, which results in non-uniform development and software platforms that confuse cross-border transaction. To overcome these challenges, new technologies including blockchain have been promising to enable smooth cross-border transactions.
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banking industry here:
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