8 Demerits of Online Banking Platforms

online banking platforms

8 Unknown Merits and Demerits of Online Banking Platforms


Online banking platforms have become commonplace in Nigeria and beyond. Almost all educated elites seem to want to use their banks’ mobile banking avenues to make transactions. Thanks to the long queues that always build up in banks.


Despite some of the advantages of online banking, there are still some inherent disadvantages. I want to look at the merits and demerits of the platform in this article.

8 Unknown Merits and Demerits of Online Banking Platforms

Online banking is good because it allows the users to make deposit, withdrawals and perform other transactions just with a single click of mouse or keyboard.

The merits…

One of the advantages of online banking is that it allows you to carry out transactions 24/7. As far there is internet connectivity, you can always get in touch with your bank and check your account balance and purchase airtime among others.


The problem I have with some of this USSD platform though is extortion. I do not believe it is right for me to be charged N10 (Ten naira) or N20 ( Twenty Naira) just because I am eager to check my account balance. This is not customer-centric, to say the least.



Only banking can also be said to be very fast, efficient and effective. It brings convenience to the doorstep of the customers. With online banking platforms, you do not need to go to the bank before you can carry out any transaction that you might want to do.

The demerits…

One funny thing about online banking is that it can take a while for it to start up. You will also notice that some of the online banking platforms are not user-friendly. It might be very difficult for an IT novice to use them.

Most at times when you are making use of online banking, you might not be too sure whether your transaction was successful or not. I have seen people making the mistake of sending the same money twice just because they got wrong transaction notice from their banks. It is that bad.


How Online Shopping Really Works


I do not know of any other terrain but there still many people in Nigeria who do not know about online shopping. Some of these categories of people are afraid.


They do not want to have anything to do with buying products and services online. This category of people is missing out on some of the benefits of buying your products and services online. That is why I am writing this article. In this article, I want to show you how you can be part of the train.

Before we start this conversation, I need to define what online shopping is.

Online shopping can be seen as the process of buying goods and services directly from the internet.

This type of shopping comes with ease of shopping. You can actually be in your room and purchase products and services from across the globe.

Here are some of the benefits of purchasing products and services online.

#1 Available 24 hour.

One unique thing about this mode of purchase is that it is always available around the clock. You can order your product at any time of the day and from anywhere. There is no closing of shops. Besides if one of the shops closes, there are numerous others that are available for your transactions.

#2 Description with text

One other benefits of online e-commerce shopping are that it allows you to describe the product with text and other descriptions that can make them decide on whether to buy or not. One can also make use of texts and other multimedia files to promote products and services.

#3 Multiple vendors

Revealed: How Online Shopping Really Works

One other benefit of this mode of selling goods and services is that it allows you to compare prices before you actually decide on which products to buy. This also placed buyers on top of buyers. This in a way reduces the prices of products and services.

#4: Home purchase

One other good thing about shopping online is that you can purchase products and services without leaving the comfort of your homes. That is why in advanced countries, they prefer to purchase their products and services online without leaving the comfort of their homes.

8 Demerits of Online Banking Platforms 1
online shopping

How online shopping actually works…

  1. The user visits the e-commerce website where they which to buy products and services.
  2. The user browses for products through an online catalogue.
  3. They add the products or services to the shopping tags: The product shopping tag, the number of units of the product, the price of the products including taxes, shipping cost among others.
  4. They fill in the online form with shipping information, shipping address, consumer name, billing address and its details, credit card details, and any other details that the merchants require.

The user’s credit card information is encrypted and sent to the merchant.

The user then receives an onscreen confirmation or/and a confirmation email.



Now tell us your own side of this story.

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Adeniyi Salau Scrum Master Certified , CCNA R&S , BeingCert and Scrum Certified Digital Marketing Professional, CEP, MOS, MCP, CSCU (Project 2016), Microsoft Certified Security and Networking Associate is a Google and Beingcert Certified Digital Marketer, Project Manager and SEO Expert of repute with about a decade of Blogging and online marketing experience. He is always ready to share his experience with others.


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