Inequality In Banks

Abstract

This research paper delves into the challenges people, regardless of their age, face when dealing with money, especially in the context of banks where financial security should be paramount. Money plays a critical role in today's economy as a medium of exchange, unit of account, and store of value, impacting financial planning and security. However, the shift towards online banking has resulted in various errors, financial losses, and data breaches due to user inexperience. The paper suggests that allowing traditional banking as a secondary option could prevent these issues. Traditional banking, with its physical branches and face-to-face interactions, offers benefits such as in-person services, enhanced financial security, and reliable access to loans, making it a preferable choice for many. The research paper aims to shed light on the persistent issues surrounding net banking, or alternatively, the idea of internet banking in general. This may manifest as the person making irrevocable errors or as dishonest behaviour on the part of other parties. Reversal mechanisms, which need to be in place from the beginning, are missing, particularly when it comes to financial matters. When all of the foregoing is fully understood, most consumers would naturally choose a traditional banking option. To save time and money on operating expenses, the banks do not offer this option. The price for this is higher customer service. The larger picture is realising the benefits of traditional banking and banks providing more accessible options to the public rather than restricting them to net banking alone, which leads to issues. Due of the possibility of further issues down the road, these issues are typically experienced by members of the lower middle class who lack access to online banking services and are not technologically aware.