Mobile banking and internet banking have a lot of similarities, but the two have several differences between them. However, both of them allow customers to quickly and conveniently manage their accounts anytime from anywhere.
Online banking has been used for a more extended period compared to mobile banking. In mobile banking, all transactions are done through a tablet or mobile device while in online banking, all transactions are done through your bank’s website.
Mobile banking will require you to download the bank’s official app onto your phone to access services provided while in internet banking, you just need to login to your bank’s website to conduct financial transactions.
Internet banking has more comprehensive functions and features than mobile banking, which has a limited number of functionality and features. Mobile banking platform uses short message service, mobile website, or app to communicate with clients using tablets or smartphones. In online banking, the bank’s site is used to conduct banking operations with a laptop or computer.
Funds are usually transferred through RTGS or NEFT in mobile banking while in internet banking, the funds are transferred via IMPS, RTGS or NEFT.
In mobile banking, you have the ultimate freedom to perform transactions from anywhere and anytime by just using a smartphone when on the go. On the other hand, e-banking requires you to use a laptop or computer, and this makes it a bit tough to transact from everywhere.