Disadvantages of Digital banking products,

When talking about Disadvantes in digital banking its effects are not limited to consumers
even service providers are affected by it.
Overall Event Volume and Fraud rate,
• Privacy and Security Risks
Digital wallets are more prone to phishing attacks, intrusion
attacks, fake KYCs, and wrongful app manipulation by
authorized users.
Almost all banks try their best to make their websites secure
to be free from cyber attacks hacking, but no bank is 100%
secured from hackers and cybercrime. Hackers target bank
websites to swipe account information. And it's really
difficult to catch the person behind the hacking by
authorities, it make take several days to correct the damage,
it's estimated that only 25 per cent of cybercrimes are
resolved.
• People who are new to Technology
Understanding the usage of internet banking might be difficult at the first for many users.
That said, some baking sites offer a demo on how to access online accounts
(but not all banks offer this).
So, a person who is new to technology might face some difficulty, especially elderly ones,
and they are more prone to be a victim of a cybercrime.
• Customer Service
Although online banks have implemented chatting
facilities online and offer customer service numbers
for those with questions and inquiries,as of now most
banks are providing AI chatbots which most
of the time are unable to provide a resolution.
• Technology disruptions
Online banking relies on a strong internet connection.
If your internet is interrupted by a power outage,
server issues at your bank, scheduled server maintenance
or if you’re in a remote location, your ability to access
your accounts might be difficult. and you may have to
seek an alternative. and Your banking information may
be spread out on several devices, making it more at risk.