Difference between mobile banking and Internet banking- Before defining and explaining the difference between mobile banking and internet banking, it is important to understand what does banking means. Banking is an industry which deals with transaction of money. The Financial institutions that comes under this industry are known as Banks. Banks primarily deals in accepting deposit, withdrawing money on demand. They earn profit by charging the interest by lending the deposit money to other people.
In year 2016, our country witnessed one of the greatest economic revolution that is Demonetization. And from there started the phase of Digital Banking. Mobile Banking and Internet Banking are two types of Digital Banking. Though they might seem same but have a lot of difference in their characteristics.
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What is Mobile Banking?
Mobile Banking-It is a type of banking in which bank provides the internet based facility which enables the customers to do all their transactions through their respective mobile phone by using the bank app. In this type of banking, customers are expected to download the bank app to enjoy this feature. This service can also be availed on a basic phone as bank also provides ‘SMS mobile banking’ service as well.
What is Internet Banking?
Internet Banking– In this type of banking, transactions can be done through any electronic device which supports internet. For ex- Laptop, Smartphone, PC etc. In Internet banking, almost all the facilities provided by one’s local bank branch can be availed on any of the above mentioned devices.
Difference between Mobile Banking and Internet Banking
|Mobile Banking||Internet Banking|
|It Requires smartphone||It can be done through any electronic device which support internet.|
|It can be done with and without internet||It requires Internet.|
|It can be access through basic mobile phone.||It requires a smart phone.|
|Banking services are limited when you are using mobile banking from a basic phone.||It provide more transactional facilities i.e. checking account statement, transferring funds, ordering a new cheque book, to opening new FD,|
|It requires the respective banking app to be downloaded to perform the banking function.||It does not required to download any particular software or program.|