What is the difference between mobile banking and internet banking?

Mobile banking and internet banking work in different ways. So, if you wish to know the differences between these two forms of banking this is the biggest of them for sure. When you use online banking, you can use any device that has internet such as your laptop to do your banking work. Mobile banking, on the other hand, can be done without an internet connection as well. These days a lot of banks are offering apps so that people can carry on their banking work through mobile. You do indeed need an internet connection for doing mobile banking work. 

 

The difference in terms of transaction facilities 

 

This is the next biggest area of difference between these two types of banking. Usually, you get more facilities when you use the online banking facilities of a bank compared to its mobile banking one. For example, you can open bank account, check your account statement, ask for a new cheque book, transfer money, or start a new FD (fixed deposit). You can be sure that in most cases you would not get so many facilities with the mobile banking systems. There are some banks though that are offering facilities such as fund transfer, checking account statements, ordering cheque books, and locating ATMs (automated teller machines), to name a few.

 

The difference in terms of access

 

You can access your bank account online and perform your transactions on any device such as a laptop as long as it has an internet connection. You do not have to download any software programme to do so. In much the same way, the work can be done on any browser of your choice. However, you would need a mobile app to use most of the features that are provided to you by your bank by way of its mobile banking facilities.

 

Apart from what we have said so far, there are areas of difference in this context. The ways to open an online banking account are different from opening a mobile banking account. With mobile banking, you keep getting push notifications, something that is never the case with online banking. You can be sure that if you have an account with a top bank such as Axis Bank you would not notice much difference because both the facilities are equally good. In the end, it must be acknowledged though that both these systems have revolutionized the way we bank.