It used to take a long time to conduct bank business, including traveling to banks, going from one booth to another, and standing in long lines. All of that changed with the introduction of digitalization in banking, which allows us to conduct banking transactions at our leisure.
People often get confused between mobile banking and internet banking when looking to perform banking services, say e.g. money transfer. This article will help you distinguish between the two if you also face the same dilemma.
Both types of banking necessitate internet access and have their own distinct uses. But both the banking system and the internet have made transactions and other bank-related issues so simple that all we need to do now is make a few mouse clicks on our mobile phone.
Let us first see what internet banking is.
Internet or web banking is a type of banking that allows financial transactions to be conducted over the internet. To put it another way, online banking is the process of performing banking transactions such as payments and receiving funds while sitting in the comfort of your own home or anywhere else you want. It provides all of the services offered by the traditional banking system.
Features of online banking
- You can access your bank account easily with a reliable internet connection.
- Provides users with a more detailed view of their bank accounts while remaining easy to use.
- Gives customers the ability to open new accounts quickly and easily.
- Users who have registered can view their account balances, download statements, and apply for loans and banking cards.
What is mobile banking?
Mobile banking is an extended version of all banking services accessible via a banking mobile application. Users of mobile banking can access their bank accounts and conduct financial transactions remotely by using mobile telecommunication devices such as smartphones, tablets, or cellular devices. To perform various banking activities such as fund transfers, checking passbook/account balance, making payments, booking tickets, and more, a customer must download the appropriate banking mobile application. You can even pay all of your bills with the payment bank app.
Features of mobile banking
- Pay bills, make internal and external transfers, activate, cancel, or lock your debit card, locate ATMs, pay credit card bills, deposit checks, and contact customer service representatives.
- It is necessary to download mobile banking applications like mpassbook.
- Improves the user experience and functionality
- Push notifications can be sent if an account balance is low or overdrawn, or if fraudulent activity is suspected.
- Provides greater security than online banking
What are the differences between mobile and internet banking?
Mobile banking and internet banking are two sides of the same coin that serve the same purpose: to make banking more convenient and accessible to everyone. The primary distinction between the two is that mobile banking is performed on a smartphone or tablet, whereas online banking is performed on a desktop or laptop computer.
To use mobile banking, a customer must download the bank’s specific application, whereas to use online banking, the customer must open the bank’s specific website.
Mobile banking makes use of SMS, mobile applications, or the web. Internet Banking, on the other hand, makes use of the bank’s website.