Pros and Cons of Virtual Finance
Over the last decade, there has been a great surge in the development of internet technologies thus increasing accessibility to several people throughout the world. This has in turn led to an increase in financial activities taking place over the internet, known as virtual finance. These services are offered by traditional financial institutions such as banks and stock brokerage firms as well as newer institutions such as online payment services which are sorely based on the internet.
There are many aspects of virtual finance that make it such an attractive medium that it is today. However, it also has some cons which may discourage people from widely embracing them. These two aspects are what will be focused on in this section article. Keep reading and learn more!
Advantages of Virtual Finance
There are innumerable pros that are associated with virtual finance. Some of these include:
Wide Accessibility- Have you ever decided to go and visit a land based financial institution but found it impossible to summon the energy to do so? If you have had this experience, virtual financial institutions present you with a very practical solution and one that demands next to nothing in terms of the energy required on your part.
This is because you can be able to access their sites from anywhere in the world and at any time without having to worry about travelling expenses or time. All you need is an internet connection.
Ease of movement- Most people on average, deal with more than one financial institution. However, moving from one land based financial institutions offer a great challenge due to the physical barriers and the time constraints.
Virtual financial institutions eliminate this since with them, one can move from one institution to another with ease by just the click of a mouse to open new tabs. This enables one to be engaged in several financial dealings simultaneously without any constraints.
Fast service- If you are familiar with most land-based financial institutions then you are aware that more often than not there will be a queue that you have to join when seeking services. This is completely eliminated in virtual financial institutions, where you will get the transaction you want done completed in the blink of an eye without waiting for long, which saves you time.
Availability and mobility- This is one front on which the virtual financial institutions are very advantageous. Unlike land based institutions which have set times at which they close, the virtual ones operate 24/7, 365 days a year on any device with internet connection.
Disadvantages of Virtual Finance
Notwithstanding the above pros, virtual finance also has some cons associated with it. These include:
Security- This is the biggest concern to most people. This is because their virtual accounts may suffer phishing, malware and hacker attacks thus leading to losses.
Personal relationship- With physical finance institutions such as banks, one has an opportunity to create a personal relationship that may last for many years with it. This is not the case with the virtual institutions as their dealings are purely transactional.
Transaction issues- Some transactions and problems are better addressed on a face to face basis. Virtual finance does not offer clients this as all transactions are based on the web.
http://www.commexfx.com/pros-and-cons-of-virtual-finance/
Over the last decade, there has been a great surge in the development of internet technologies thus increasing accessibility to several people throughout the world. This has in turn led to an increase in financial activities taking place over the internet, known as virtual finance. These services are offered by traditional financial institutions such as banks and stock brokerage firms as well as newer institutions such as online payment services which are sorely based on the internet.
There are many aspects of virtual finance that make it such an attractive medium that it is today. However, it also has some cons which may discourage people from widely embracing them. These two aspects are what will be focused on in this section article. Keep reading and learn more!
Advantages of Virtual Finance
There are innumerable pros that are associated with virtual finance. Some of these include:
Wide Accessibility- Have you ever decided to go and visit a land based financial institution but found it impossible to summon the energy to do so? If you have had this experience, virtual financial institutions present you with a very practical solution and one that demands next to nothing in terms of the energy required on your part.
This is because you can be able to access their sites from anywhere in the world and at any time without having to worry about travelling expenses or time. All you need is an internet connection.
Ease of movement- Most people on average, deal with more than one financial institution. However, moving from one land based financial institutions offer a great challenge due to the physical barriers and the time constraints.
Virtual financial institutions eliminate this since with them, one can move from one institution to another with ease by just the click of a mouse to open new tabs. This enables one to be engaged in several financial dealings simultaneously without any constraints.
Fast service- If you are familiar with most land-based financial institutions then you are aware that more often than not there will be a queue that you have to join when seeking services. This is completely eliminated in virtual financial institutions, where you will get the transaction you want done completed in the blink of an eye without waiting for long, which saves you time.
Availability and mobility- This is one front on which the virtual financial institutions are very advantageous. Unlike land based institutions which have set times at which they close, the virtual ones operate 24/7, 365 days a year on any device with internet connection.
Disadvantages of Virtual Finance
Notwithstanding the above pros, virtual finance also has some cons associated with it. These include:
Security- This is the biggest concern to most people. This is because their virtual accounts may suffer phishing, malware and hacker attacks thus leading to losses.
Personal relationship- With physical finance institutions such as banks, one has an opportunity to create a personal relationship that may last for many years with it. This is not the case with the virtual institutions as their dealings are purely transactional.
Transaction issues- Some transactions and problems are better addressed on a face to face basis. Virtual finance does not offer clients this as all transactions are based on the web.
http://www.commexfx.com/pros-and-cons-of-virtual-finance/