Banking has become way easier than a decade before. Now you do not go to the bank for fund transfers, bank account statements, issue of cheque book, etc. It is all available to you with a few clicks on the online portal (internet banking) and mobile application (mobile banking). However, most of you must have an illusion that both of them are the same. Well, not really. You can call them similar but not the same. They have some significant differences. Therefore, we have got this blog on mobile banking VS internet banking for you.
First of all, let’s discuss them separately to understand their functions and operations individually.
Internet Banking
Internet banking is the electronic system that allows the customers to access the banking services (financial & non-financial) on the browser. It is a convenience offered to the customers so they do not need to go to the bank physically. One can avail of fund transfer services, opening fixed deposits, recurring deposits, tracking transactions, etc.
Advantages Of Internet Banking
- 24*7 banking facility
- Secured with customer ID and password
- Easy to perform financial and non-financial services
- You can have an elaborative look at the bank account
- No need to go to the bank physically for daily needs.
- You can change your communication address through internet banking as well
Mobile Banking
Mobile banking can be accessed through a mobile app to ensure banking with a few clicks. It allows giving a more personalised banking experience. You can use them to directly pay the vendors as well. Also, you can track your bank balance within seconds. Mobile banking ensures banking services (financial & non-financial) are on the fingers without logging in multiple times.
Benefits Of Mobile Banking
- Mobile banking can be accessed by the user anywhere. No need to log in again and again. It could be used with fingerprint authentication as well.
- You can have a more personalised banking experience through mobile banking
- Banking apps can be used to pay utility bills such as electricity bills, phone bills, DTH recharge, tickets booking, mobile recharges, merchant payment, etc.
- Much more convenient to use
- You can enable multiple transaction alerts to ensure safe banking. Also, you can switch on the push notification to stay updated with ‘what’s new?’
Difference Between Internet Banking & Mobile Banking
(i) Operations
Mobile banking is available through a mobile application where you can avail of fund transfer service, bank balance information, open new FD, manage mutual funds and other investments.
In online banking too, most of these services are available but you can do a lot more with online banking. You can request a check stop, apply for general insurance, and transfer big amounts through internet banking.
Therefore, internet banking has a wider scope of work offered to customers.
(ii) Functionality
As the name suggests, internet banking can be done with a stable internet network connection only. You can not avail of any service of internet banking without a stable internet connection.
On the reverse side, mobile banking requires the internet too but there are some services available offline as well. Such as a bank account statement. Also, it depends on the respective bank application too, whether they want to give offline services through the app or not.
Moreover, you can avail of some mobile banking services via SMS service too.
(iii) Supporting Devices
Internet banking could be done through phone, laptop, PC or even a tablet. But, mobile banking is available on mobile only.
For general purposes, you can use a basic phone too but if you want to avail yourself of mobile banking services to avoid going to the bank. You will need a smartphone and a stable internet connection.
(iv) Accessibility
For internet banking, you do not need to download any specific application, it is easily available on any browser with a user ID login.
Mobile banking can not be accessed without a mobile application. Moreover, the username and password which you use in internet banking can not be used in mobile banking. You will have different credentials which you will set the first time you download the application.
(v) Push Notifications
Since mobile banking can be done through mobile apps only, it has the feature to send a push notification to tell you about all the new features/offers/discounts that a bank offers. However, you can mute them from your smartphone settings, if you want.
On the other hand, internet banking does not offer such facilities. Internet banking works on a browser only, which does not allow it to send push notifications. If you do not use mobile banking, you may get to know about the latest news/offers/discounts that the bank offers. The only way is to get them through emails.
The Final Words
Banking has become different. Now, nobody goes to the bank for daily needs. Everyone uses either mobile banking or internet banking. Both of them have their own merits. Usually, people think they are the same, but they have some differences that make them different. However, both offer a secured platform to avail of banking services. Read this blog on mobile banking VS internet banking to stay aware of the differences. For more such information and blogs, keep visiting our website.