What is difference between online banking and mobile banking?

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WASIMALISHAH 4 weeks 1 Answer 19 views

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  1. Internet Banking or otherwise known as online banking is among the convenient e-banking modes, which caused the change in banking operations and provides virtual banking facilities to its customers continuously. In this method, the clients can access their bank account details, no matter where they are located, with the help of the bank’s website.
    Difference Between Mobile Banking and Internet Banking
    Last updated on June 29, 2017, By Surbhi S

    mobile banking vs internet banking or otherwise known as online banking is among the convenient e-banking modes, which caused the change in banking operations and provides virtual banking facilities to its customers continuously. In this method, the clients can access their bank account details, no matter where they are located, with the help of the bank’s website.

    Internet Banking is not similar to mobile banking, which implies a wireless, internet-based facility provided by the banks to their customers, to operate their bank accounts, through handheld devices such as smartphones, tablets and so forth, with the help of a website or a mobile application.

    As the services provided by the two facilities, resembles a lot, there are instances when people assume that they are one and the same, though they are not. In this article excerpt, we are providing you all the important differences between Internet banking and mobile banking, take a read.

    Content: Mobile Banking Vs Internet Banking
    Comparison Chart
    Definition
    Key Differences
    Conclusion

    Comparison Chart
    BASIS FOR COMPARISON of MOBILE BANKING INTERNET BANKING
    Meaning Mobile banking refers to an internet-based facility provided by banks that enables the customers to execute bank transactions, via cellular devices. Internet banking implies a service that allows the customers to conduct financial transactions electronically, with the use of the internet.
    Device Mobiles or Tablets Computers or Laptops
    Uses Short message service, mobile application or website Bank’s website
    Fund transfer through NEFT or RTGS Through NEFT, RTGS or IMPS
    Functions Limited Comparatively more

    Definition of Mobile Banking
    Mobile banking can be described as the facility provided by the banks to its clients, in which they can access their bank accounts and undertake monetary transactions remotely using mobile telecommunication devices like smartphones, tablets or cellular devices. It can take place through short message service (SMS), mobile web or application. The customer can avail this service anytime and anywhere.

    Transactions that take place through mobile banking include online payment of bills, locating an ATM, fund transfer, monitoring account balances, the list of latest transactions, e-commerce, mobile/DTH top-up, etc. Further, mobile banking also offers advanced security by sending alerts or notifications on the registered mobile number, on the account’s activity.

    Definition of Internet Banking
    Internet Banking can be understood as the banking method, in which the financial transactions are conducted with the help of the internet. It is like a revolution, in the era of the traditional banking system, which does not require customers to visit the bank branch to proceed with a simple bank transaction.

    Put simply; internet banking is an electronic payment system, that allows the bank account holder to execute the monetary transaction, such as bill payments, fund transfer, stop payment, balance inquiries, etc. anytime and anywhere using the bank’s website. Online banking is part and parcel of the core banking system handled by the bank.

    Any customer of the bank can avail of this facility by registering, with the concerned bank for the facility and set up the password and other credentials for the account holder’s verification. After that, the bank will allocate customer numbers called Personal Identification Number (PIN), which is linked to the bank account, held by the customer.

    Key Differences Between Mobile Banking and Internet Banking
    The difference between mobile and internet banking can be drawn clearly on the following grounds:

    Internet banking is nothing but a banking transaction, carried out over the internet, via, respective bank or financial institution’s website, under a personal profile, with a personal computer. Conversely, mobile banking is a service that enables the customer to perform banking transactions using a cellular device.
    Mobile banking can be performed with the help of mobile telecommunication devices, i.e. Mobiles or Tablets. On the contrary, for conducting an internet banking transactions, one needs to use devices like computers or laptops.
    Mobile banking uses Short message service, mobile application or the web. In contrast, Internet Banking uses the bank’s website
    In mobile banking, fund transfer is possible with the help of IMPS (Immediate Payment Service), NEFT (National Electronic Funds Transfer System) or RTGS (Real Time Gross Settlement). As against, in internet banking, funds can be transferred from one bank or branch to another, with the help of NEFT (National Electronic Funds Transfer System) or RTGS (Real Time Gross Settlement).
    While the number of functions performed by the Mobile banking system is limited, internet banking offers an array of services to its customers.

    Conclusion
    Both internet banking and mobile banking require internet access, to carry out the banking transaction and have a variety of uses. The scope of internet banking is relatively higher than that of mobile banking because the latter is a part of the former.

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