Internet banking, also known as online banking, is part of the many e – banking channels. This channel has gone on to create a change in banking operations, providing virtual banking facilities to its customers all year and day long. Through this channel, customers can now access their bank account through the online portal.
In addition to internet banking, mobile banking is another channel that allows customers to access their bank account. However, in this case, customers can specifically operate their bank accounts through specific devices, with the help of customized websites or mobile applications.
The service provided by both these facilities may resembles a lot. However, there are instances when people assume they are one and the same facility. This often leads to confusion in terms of the facilities offered and the benefits you can gain through each channel.
The difference between mobile and internet banking can be drawn clearly on the following grounds:
• With internet banking, the banking transactions can be carried out over the net. This can be done via respective bank or financial institution’s website under a personal profile. It can also be done through any device that supports an internet connection. On the other hand, mobile banking is a service that enables customers to perform banking transactions using a cellular or tablet device.
• Internet banking will need an independent connection along with a device like a computer and laptop. With mobile banking, very often the mobile network provides the relevant network connection, through telecommunication devices such as the mobile or tablet. In each case, the network communication will have different features and function differently. It will also have different speeds, security and protocols.
• Mobile banking normally utilised ‘apps’, that are custom made for specific purposes and more precise in terms of functionality and access. On the other hand, internet banking offers the usage of bank’s website to access the bank’s functionality.
• Through mobile baking, you can transfer funds with the help of IMPS (Immediate Payment Service), NEFT (National Electronics Funds Transfer System) or RTGS (Real Time Gross Settlement). With internet banking, you can transfer funds from a bank or a branch to another, with the help of NEFT (National Electronics Funds Transfer System) or RTGS (Real Time Gross Settlement).
• The number of functions performed by mobile banking, is often limited. While it does offer a custom like service, it is often restrictive, especially with limited services. On the other hand, internet banking offers the perfect pathway for a wide array of services to their customers.
In addition to internet banking, mobile banking is another channel that allows customers to access their bank account. However, in this case, customers can specifically operate their bank accounts through specific devices, with the help of customized websites or mobile applications.
The service provided by both these facilities may resembles a lot. However, there are instances when people assume they are one and the same facility. This often leads to confusion in terms of the facilities offered and the benefits you can gain through each channel.
The difference between mobile and internet banking can be drawn clearly on the following grounds:
• With internet banking, the banking transactions can be carried out over the net. This can be done via respective bank or financial institution’s website under a personal profile. It can also be done through any device that supports an internet connection. On the other hand, mobile banking is a service that enables customers to perform banking transactions using a cellular or tablet device.
• Internet banking will need an independent connection along with a device like a computer and laptop. With mobile banking, very often the mobile network provides the relevant network connection, through telecommunication devices such as the mobile or tablet. In each case, the network communication will have different features and function differently. It will also have different speeds, security and protocols.
• Mobile banking normally utilised ‘apps’, that are custom made for specific purposes and more precise in terms of functionality and access. On the other hand, internet banking offers the usage of bank’s website to access the bank’s functionality.
• Through mobile baking, you can transfer funds with the help of IMPS (Immediate Payment Service), NEFT (National Electronics Funds Transfer System) or RTGS (Real Time Gross Settlement). With internet banking, you can transfer funds from a bank or a branch to another, with the help of NEFT (National Electronics Funds Transfer System) or RTGS (Real Time Gross Settlement).
• The number of functions performed by mobile banking, is often limited. While it does offer a custom like service, it is often restrictive, especially with limited services. On the other hand, internet banking offers the perfect pathway for a wide array of services to their customers.
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