Several years ago, humans have relied on different methods of saving their earnings. These methods have evolved from the crude period of burying money underground, saving in iron boxes to the era of saving money in banks, who manually do the recording and book keeping with a large number of human workforce. Now, the story has changed; several researches done within the framework of development economic project topics and ofcourse the recent tech advancements shows that, the era of the economics of number is fast running by.

Instead of numbers, organizations both big and small seek to be more efficient than they used to. They wish to attend to as many clients as possible within the eight working house of the day. Therefore the place of technology, in the likes of electronic banking becomes indispensable.

What is electronic banking?
Electronic banking involves the act of deploying electronic equipment in the day to day bank transaction. Electronic banking isn’t just limited to sending and receiving money through your mobile gadgets, it also includes every other activity surrounding banking activities including SMS, ATM use, online banking, transaction alerts, bank transfer etc.

Electronic banking, no doubt has motivated a quick and better banking relations between banks and their clients but not without flaws anyway. Atleast, the height of cues in the banking halls have been reduced to the barest minimum but that’s not where we are going. We will pay attention to some of the challenges associated with electronic banking.

So, what are the challenges surrounding electronic banking?

It has limits of withdrawal
The freedom you enjoy each time you visit a banking hall to withdraw cash has been cut short by the increasing use of Automated teller machine. Although it is quite fast and efficient, it limits the frequency of withdrawal of one’s money per day.

Cases of stolen ATM cards
If someone else steals your ATM card, you are bound to lose a lot of money from your account. Cyber thieves can even hack into someone’s account to syphon cash.

Error is bound to occur
In the process of using the ATM machine, recharging your phone online, doing an online transfer etc, chances are that you may input some wrong figures, without options for reversal. Moreso, the machine may debit your cash without actually dispensing the cash. These are common errors people face at the ATM stand.

Associated with unnecessary spending
Slipping debit and credit cards in and off your wallet makes spending less difficult. It is easy to go in debt with a credit card and to spend more with debit card. With the use of POS and the Personal Identification Number, one can easily do any transaction anywhere and anytime.

Conclusively, electronic banking has been really helpful over the years both to the banking industry and to their clients but to talk of its goodness without the negative angle is deception.