Question

Distinguish between the benefits of traditional banking and the benefits of online banking.

Answer 1

TRADITIONAL
Consumers can seek specialized financial advice from bank employees
Consumers can use the bank's notary services.


Online
Consumers can get paperless bank statements instantly.
Consumers have the convenience of electronic deposits and money transfers.

Answer 2

Online banking — at least to some degree — has become the norm for many simple bank transactions.

The difference between the traditional and online banking benefits are as follows:

Traditional Banking Benefits:

• Consumers can seek specialized financial advice from bank employees.
• Consumers can use the bank's notary services.

Online Banking benefits:

• Consumers can get paperless bank statements instantly.
• Consumers have the convenience of electronic deposits and money transfers.