Difference Between Mobile Banking and Internet Banking

Main Difference

The main difference between Mobile Banking and Internet Banking is that Mobile Banking is a service that permits the customer to perform banking transactions using a cellular device and Internet Banking is a banking transaction, performed over the internet, via, respective bank or financial institution’s website, under a personal profile, with a personal computer.

Mobile Banking vs. Internet Banking

Mobile Banking is a platform provided by the respective bank which requires you to download the bank’s application onto your smartphone whereas Internet Banking where you can directly approach the bank’s online portal retained by a dedicated server developed by the bank. Mobile banking performed through mobile telecommunication devices, i.e., Mobiles or Tablets, conversely, for conducting internet banking transaction, one requires to use devices like computers or laptops. In mobile banking, fund transfer is feasible with the help of IMPS (Immediate Payment Service), NEFT (National Electronic Funds Transfer System) or RTGS (Real Time Gross Settlement). Compared to, 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 their customers.

Comparison Chart

Mobile BankingInternet Banking
Mobile banking relates to an internet-based facility provided by banks that allows the customers to execute bank transactions, via cellular devices.Internet banking asserts a service that enables customers to conduct financial transactions electronically, with the use of the internet.
Uses
Short message service, mobile application or websiteBank’s website
Device
Mobiles or TabletsComputers or Laptops
Functions
LimitedComparatively more
Fund Transfer
Through NEFT or RTGSThrough NEFT, RTGS or IMPS

What is Mobile Banking?

Mobile Banking is a forum provided by banks and financial institutions for their customers to carry out transactions on-the-go through their mobile devices such as smartphone or tablet. Mobile banking (m Banking) is an adeptness provided by your respective bank so that you can transfer funds, pay bills, check statements, and examine transactions as long as on the move. Whatever you need to do is download the relevant banking app (mobile banking platform) on your smartphone and register to approach the app. The only thing you need is a consistent Wi-Fi network or mobile data to download the application. It’s an appropriate and easy way to do banking without worrying about making a lot of trips to the bank. It’s a fun way to check transactions from the ease of your own home. Not only it gives you complete release to do banking anytime and anywhere; it also maintains you a great deal of time. No matter whether you’re travel or taking a pleasure trip, mobile banking always comes in handy irrespective of the place and time. Plus you can transfer resources or money from your account to any other you want with just your smartphone.

What is Internet Banking?

Internet Banking understood as the banking method, in which the financial transactions conducted with the help of internet. It is like a change, in the era of the traditional banking system, which does not need customers to visit the bank branch to proceed with a simple bank transaction. Simply put; internet banking is an electronic payment system, that allows the bank account holder to carry out the monetary transaction, such as bill payments, money transfer, stop payment, balance inquiries, etc. anytime and anyplace using the bank’s website. Online banking is part and portion of the core banking system handled by the bank. Any customer of the bank can use this facility by registering, with the involved bank for the facility and create the password and another reference for account holder’s verification. After that, the bank will assign customer number called as Personal Identification Number (PIN), which is connected to the bank account, held by the customer. A customer can do almost any activity online that he or she would be capable of doing in person when visiting a branch. Other fundamental activities include:

  • View account balances at any time of day
  • View or print statements
  • View images of checks
  • Apply for loans or credit cards

Key Differences

  1. Mobile banking enables you to do banking just at your fingertips using just your smartphone; internet banking uses the bank’s online portal made by the bank to access the bank’s official website via the internet.
  2. Mobile banking needs you to download the official app of the respective bank onto your smartphone to enjoy the broad range of services granted by the bank. Internet banking, on the other hand, enables you to do banking electrically via the internet. It uses the bank’s official website to carry out financial transactions such as money transfer, mobile recharging, online ticket booking, credit card bill payment, and furthermore.
  3. Mobile banking, as the name indicates, is a banking forum which uses short message service or application to relate with customers using mobile devices such as smartphones or tablets. Internet banking, on the other hand, used a home computer or laptop to approach the bank’s website to carry out banking operations.
  4. The functions provided by the mobile banking platform is limited as compared to that provided by internet banking.
  5. Mobile banking gives the ultimate freedom to transact anytime and anywhere without having to be concerned about making many trips to the bank using just your smartphone. It’s a useful way to do banking while on-the-go. Conversely, internet banking uses a personal computer or a laptop, making it a little tough or complex to transact everywhere.

Conclusion

One and the other internet banking and mobile banking need internet access, to execute the banking transaction and have a diversity of uses. The spread of internet banking is relatively higher than that of mobile banking because the latter is a part of the former.

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