Growing access to high-speed internet and accessible mobile technologies has fueled the popularity of remote banking. According to RBI, 35% of the Indian population uses e-banking for daily transactions, which is significant.
What we have from this development is called mobile banking and internet banking. It is a common mistake to presume that these are the same things, but that’s not true, given the many differences.
In this blog, we will explore the differences between internet and mobile banking to help you get better clarity. So, let’s dive into the details without any further ado!
What is Mobile Banking?
Mobile banking is something where you can access all your banking services through a mobile app. You can access these services using your tablets, smartphones, and other mobile devices with access to the internet. You can access these from almost anywhere with an internet connection for bank statement download, paying bills, fund transfers, and much more.
What is Internet Banking?
Internet banking is another method that allows you to manage your financial transactions via the Internet. You can think of it as an electronic payment system through which you, as an account holder, can execute different banking transactions. You will first need to register with your bank for internet banking services and then use it to transfer funds or pay bills through the bank’s website.
Comparing Internet Banking With Mobile Banking
| Basis | Internet Banking | Mobile Banking |
| Definition | This banking service allows you to make financial services using the internet. | This internet-based banking service lets you use your mobile device to make financial transactions. |
| How To Use | The website of your bank | SMS or mobile banking apps |
| Compatible Devices | Laptops and desktops | Smartphones and tablets |
| Scope of Functions | Relatively more | Limited |
| Fund Transfer | Through RTGS, IMPS, or NEFT | RTGS or NEFT |
Primary Differences Between Internet and Mobile Banking
Now that you understand the definition of Internet and mobile banking, it must be apparent that there are some notable differences between both. So, let’s take a closer look at some of these primary differences:
- Device Compatibility: You can use mobile banking services via your smartphone or tablet, but you will need a laptop or desktop for internet banking.
- Services: Mobile banking offers limited services like checking account balances or transferring funds. Internet banking offers a wider range of services like loan applications, viewing the minimum balance for online savings accounts, and more.
- Security: Mobile banking secures every transaction with biometrics, PIN, and two-factor authentication. Internet banking relies on passwords, usernames, security tokens, and one-time passwords for security.
- Convenience: Mobile banking allows you to facilitate banking on the go as long as you have an internet connection. Internet banking eliminates the need for physical bank branch visits.
- User Interface: Mobile banking applications are designed to offer unmatched user experience and come with a very user-friendly user interface. Internet banking offers different degrees of user experience based on the website you are using.
In Conclusion
Banking services have come a long way, and mobile and Internet banking are great examples of innovation in this sector. While there are certain similarities between internet and mobile banking, there are also differences that stand out. This makes it important for you to remain mindful of these differences and choose the right method based on your needs.
