20 years back people didn’t know about net banking or mobile banking but in today’s world majority of people use either mobile banking or internet banking or both for doing banking transactions. While both the terms implies doing banking transactions online and are available round the clock still there are many differences between the two, lets look at some of the differences between mobile banking and internet banking
Mobile Banking Vs Internet Banking
Meaning
Mobile banking refers to that banking in which transactions whether they are financial or non-financial are done by an individual on mobile while internet banking refers to that banking in which transactions whether they are financial or non-financial are done by an individual over the internet on mobile phones as well as on desktops or laptops.
Devices
While mobile banking can be done on smartphones only but as far as internet banking can be done on desktops, laptops, and also on mobiles. In simple words just like the train can run only on the railway track and cannot run on road or water in the same way mobile banking can be done only on mobile and not on desktop or laptops which is not the case with the internet banking as it runs on both mobiles as well as computers.
Limit on Transaction Amount
In the case of mobile banking, there is a daily limit on fund transfer which varies from bank to bank beyond which one cannot do a transaction, however, in the case of internet banking there is no such limit and one can transfer funds freely. In simple words, if you are having a saving account and you do few transactions than mobile banking is good for you however if you are having a current account in a bank and do plenty of transactions in a day involving big amounts than the internet banking is the best option for doing online transactions.
Ease of Use
In the case of mobile banking, it is very easy to use and once you have downloaded the mobile banking app you do not have to enter user id every time rather you have to enter the password only while in case of internet banking your login session expires in 10 or 15 minutes and you have to enter user id as well as password every time besides in some cases you have to enter OTP also. In simple words just like salad can be made quickly as it is very easy to make while cooking food is a time-consuming process in the same way mobile banking can be done quickly while internet banking takes more time than mobile banking for doing transactions.
Range of Services
In the case of mobile banking, one can do fund transfer, know the account balance, pay bills, get account statement, however one does not get all the services which is the case with internet bank where one gets all the services apart from the services which are offered by mobile banking. In simple words, mobile banking is like the trailer of a movie just like in trailer we get to see few scenes only in the same way mobile banking has few features only while internet banking is the whole movie as it has all the features which are not available in mobile banking.
Chances of Error
If you are doing financial transactions through mobile banking than chances of errors are more because of the small screen of mobile as well as the proximity of keys on the mobile device but as far as internet banking is concerned due to the larger size of the desktop or laptop chances of errors are less. Hence people who have weak eyesight or are a senior citizen then they should use internet banking rather than doing mobile banking.
Application VS Web Browser
In the case of mobile banking, one has to download a separate app to do mobile banking while in case of internet banking there is no need for any application rather one can just type in the browser of mobile or laptop or desktop the web address of net banking and can do the transactions.
As one can see from the above that mobile banking and internet banking have many differences and that is the reason why many prefer to use mobile banking as well as internet banking rather than using only one of them.