Internet Banking, often known as online banking, is one of the most convenient e-banking modes that has created a shift in banking operations and continues to provide virtual banking services to its consumers. Clients can view their bank account information on the bank’s website from anywhere in the world using this approach.
Internet banking is not the same as mobile banking, which is a wireless, internet-based service provided by banks to their customers that allows them to manage their bank accounts using handheld devices such as smartphones, tablets, and other mobile devices via a website or a mobile application.
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Mobile Banking
Mobile banking is a service provided by banks to their customers that allows them to access their bank accounts and conduct financial transactions using mobile telecommunication devices such as smartphones, tablets, and cellular phones. Short message service (SMS), mobile web, or application are all viable options. This service is available at any time and from any location to the customer.
Mobile banking transactions include online bill payment, ATM location, fund transfer, account balance monitoring, the list of recent transactions, e-commerce, mobile/DTH top-up, and more. Furthermore, mobile banking provides enhanced security by sending alerts or notifications about account activity to the registered mobile number.
Internet Banking
Internet banking may be defined as a banking approach in which financial transactions are carried out using the internet. It’s a revolution in the traditional banking system, which doesn’t require users to go to a bank branch to complete a simple banking transaction.
Simply put, internet banking is an electronic payment system that allows bank account holders to conduct monetary transactions such as bill payments, fund transfers, stop payments, and balance inquiries via the bank’s website at any time and from any location. Online banking is an integral aspect of the bank’s basic banking system.
Any bank customer can use this service by registering with the relevant bank and setting up the password and other credentials for account holder verification. The bank will then assign a client number, known as a Personal Identification Number (PIN), which is linked to the customer’s bank account.
Mobile Banking vs. Internet Banking: What’s the Difference?
Mobile banking is a convenient way to accomplish a variety of banking tasks; nevertheless, online banking is extensive and has nearly all of the features, functionality, and services that banking mobile applications lack. The distinctions between net banking and mobile banking are as follows:
The distinction between mobile and online banking may be clearly drawn on the basis of the following factors:
Internet banking is a type of banking that takes place via the internet, through a bank or financial institution’s website, using a personal profile and a computer. Mobile banking, on the other hand, is a service that allows customers to do banking transactions using a mobile device.
Mobile banking is possible with the use of mobile communications devices, such as smartphones and tablets. On the other hand, internet banking transactions need the usage of devices such as PCs or laptops.
Short message service, smartphone applications, or the web are all options for mobile banking. Internet Banking, on the other hand, makes use of the bank’s website.
Fund transfers can be made using IMPS (Immediate Payment Service), NEFT (National Electronic Funds Transfer System), or RTGS (Real-Time Gross Settlement) (Real Time Gross Settlement). NEFT (National Electronic Funds Move System) or RTGS (Real-Time Gross Settlement) are used in internet banking to transfer funds from one bank or branch to another (Real Time Gross Settlement).
While mobile banking systems execute a limited number of operations, online banking provides a wide range of services to its customers.
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Conclusion
Both online banking and mobile banking require internet access in order to complete a banking transaction and have a wide range of applications. Because mobile banking is a subset of internet banking, the former has a broader scope.
