Difference between Mobile and Internet Banking - ICICI Blog (2024)

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Difference between Mobile and Internet Banking - ICICI Blog? ›

The biggest difference between the two is their functionality. Internet Banking allows you to conduct online transactions through your PC or laptop and an internet connection. On the other hand, mobile banking can be done with or without internet. Many banks nowadays have their mobile apps for mobile banking.

Internet banking services can be accessed via web browser. Mobile Banking. Mobile banking is the ability to perform electronic banking services and transactions via telephone and/or mobile cellular device (e.g., smartphone, tablet, etc.). Mobile banking services are most often associated with banking via mobile app.

Key Differences between Mobile Banking and Internet Banking

Services: Mobile banking offers basic services like checking balances, transferring funds, and bill payments. Internet banking provides a wider range of services, including loan applications, investment management, and access to detailed financial statements.

Electronic banking or E-banking is a broad category of accessing banking services via electronic means, whereas Internet banking is a part or type of electronic banking. It is also known as electronic funds transfer (EFT) and uses electronic means to transfer funds directly from one account to another.

Most banking apps offer a bevy of features meant to protect your sensitive information and identity that traditional banking websites might not. Some of these cybersecurity measures include: Encryption: Most mobile banking apps encrypt, aka disguise, sensitive data like login information and bank statements.

In general, online banking offers a broader range of services than mobile banking. Mobile banking apps enable users to conduct essential transactions such as checking balances, viewing transaction history, transferring funds, and chatting with support.

Cons of online banks

You are more likely to incur ATM fees if the online bank has no ATM network or is part of a small network. You can't deposit cash unless the bank is linked to ATMs that accept cash. The number of products tends to be more limited at online banks. Some only offer a few types of accounts.

Should I use internet banking? ›

The lack of overhead gives internet banks advantages over traditional banks, including fewer or lower fees and accounts with higher APYs. Internet banks lack personal relationships, no proprietary ATMs, and more limited services.

Digital banking is an advanced financial solution that uses technology to provide a complete set of services. Going beyond the basic features of checking your account balance or transferring funds, digital banking covers services which may include online banking, mobile banking, virtual assistants and more.

Telebanking is when you perform banking transactions over a phone call while in mobile banking you use a software/interface on your mobile device to access your account and make a transaction.

Anyone on a public Wi-Fi network is in danger of a security breach. Many of these networks lack basic security measures and have poor router configurations and weak passwords. Mobile banking or any other activity that exposes your sensitive data should never be done on public Wi-Fi.

In terms of the advantages, mobile banking can save time since you can bank from anywhere as long as you have an internet connection. It makes it easy and convenient to stay on top of your finances, since you can pay bills, send payments, or make deposits all from your mobile device.

The major disadvantage associated with both online and mobile banking is the increased security risks, which can include device theft, computer malware, and the overall vulnerability of the financial system to technological failures or systematic attacks.

The biggest difference between the two is their functionality. Internet Banking allows you to conduct online transactions through your PC or laptop and an internet connection. On the other hand, mobile banking can be done with or without internet.

Internet banking is known by a variety of other names such as web banking, net banking, and online banking, which primarily revolve around front-end customer transactions done using internet browser on desktop and mobile devices and on mobile apps.

What Is Mobile Banking? Mobile banking is the act of making financial transactions on a mobile device (cell phone, tablet, etc.). This activity can be as simple as a bank sending fraud or usage activity to a client's cell phone or as complex as a client paying bills or sending money abroad.

Online and mobile banking enable you to do just about everything you can do in a branch with a few clicks from a computer or smartphone app. Some people may be hesitant about changing how they bank, but with the variety of features, you can save a lot of time and effort, while staying safe at home.