Online banking
Source: Free Pik

For millennials across the Arab world, online banking is gradually replacing monthly visits to the bank. 

Advanced electronic payment systems now allow people to pay bills, check accounts, and transfer money while on the go or in the comfort of their own homes.

We spoke to young Arabs about internet banking and asked them to share their thoughts on it.

Here's what they told us: 

"It changed things for me, both professionally and personally"

In a statement to StepFeed, Rana, a Lebanese graphic designer based in Saudi Arabia, told us about her experience with online banking. 

"If you'd asked me about internet banking just a few years back I'd have shared my skepticism towards it. This is mainly because I never thought one could safely share their bank account information online. But now, I can say that I rely on online banking for most of my transactions. It changed things for me, both professionally and personally," she said.

When asked why she prefers the electronic services over other banking methods, she said:

"I choose it because it simply makes receiving and sending off payments so hassle-free. I also don't see any drawbacks to it, though so many people worry about data security, I've been using my bank's e-services for years and never had an issue."

"It made my life so much easier, but it still has its drawbacks"

Speaking to StepFeed, Samir, a Lebanese art director, explained that online banking completely transformed the way he works.

"As a freelancer, it just changed the game for me. I often have to travel for work and it was so difficult to figure out my finances while abroad. Now, just a few clicks and I can do almost everything no matter where I am," he said. 

Though the 29-year-old depends on internet banking for most of his transactions, he still thinks there are some disadvantages to it. 

"It made my life so much easier, but it still has its drawbacks. First, internet connections are unreliable in countries across the Arab world, mainly in Lebanon. So at times it can be so frustrating to use e-banking systems. Another thing for me is the security issues and identity theft cases that I've always read about. I know that these systems are built to protect data but they can still be hacked into," he added.

"Online banking fits with our lifestyles in this day and age"

Source: Pexels

In a statement to StepFeed, Lina, a young Egyptian pharmacist explained why she thinks online banking is perfect for this day and age. 

"It's so efficient for people who work in the afternoon and can't actually go to a bank during opening hours. I get home from work at 5 or 6 PM at times and being able to pay bills and transfer money online has been incredible," she said. 

"Online banking fits with our lifestyles in this day and age, it's perfect for the fast-paced routines we've created for ourselves," she added. 

When asked if she sees a downside to internet banking, she explained: 

"In my opinion, technical issues are the main drawback to online banking. I come across glitches when accessing my account from time to time. This is more true with some of the region's banks that still need to develop their systems to make them more user friendly." 

"Though I have security concerns at times, I still need to use it"

Speaking to StepFeed, Abdullah, a UAE-based entrepreneur, told us why he prefers online banking over any other banking method. 

"For work, it has been incredible, given the amount of time it saves me every single day. As a businessman you constantly have to deal with accounts and finances so being able to do it in a few simple clicks is huge," he said.

When asked if he thinks there are cons to banking on the internet, he explained:

"Because I heavily rely on this kind of banking, a con for me is the fact that you still can't do everything online. There are specific transactions and services that you have to do in person on a regular basis and I look forward to the day when our technologies develop to make room for more advanced banking e-services."

"Though I have security concerns at times, I still need to use it, which shows you how integral it has become to our work and day to day life," he added.

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