The concept of PC Banking is very similar to Internet banking. This article intends to provide you with a brief description about the same.
Advantages of PC banking
The following are some of the advantages of PC Banking:
o PC Banking allows you 24-hour access.
o You do not need to queue for important banking transactions. PC Banking allows you to do exactly that from the comfort and privacy of your own home.
o Compared to internet banking, PC Banking gives you more security.
o Since the level of security is much higher in PC Banking, you can access many more services than through Internet banking.
o What’s more, even the speed of banking transactions is much faster than Internet banking.
o If you are using personal financial management software and want your checking, savings and money market account entries, PC Banking allows you to download the relevant data directly into the software program.
o You can also check your balances and enjoy the convenience and power of electronic funds transfer. In fact, you can get all the advantages that Internet banking has to offer.
In this way, we can say that PC Banking is just an advanced version of Internet banking.
Disadvantages of PC Banking
The following are some of the drawbacks with the PC banking system.
o You can find internet banking at almost every bank, but PC Banking hasn’t gained much popularity yet.
o The biggest disadvantage of using this banking system is that there is no personal interaction between you and the bank.
o You need to install a specialized software program on your PC in order to use the PC Banking system.
o Unlike Internet banking, where you can access your bank account from any PC with an Internet connection, the PC Banking system allows you to access your bank accounts only from the PC on which the required software has been installed.
o Cash deposit and withdrawal is not possible through the PC Banking system. You must enter the bank branch or ATMs for such transactions.
Technical Requirements for Banking from PC
You need the following to access the PC banking system.
o A personal computer with Internet access
o Any of the specialized financial software programs, including Quicken®: version 2005 or later, QuickBooks®: version 2005 or later, and Microsoft Money®: version 2005 or later. These are some of the specialized software programs that work with PC Banking.