Four Major Differences Between Mobile & Online Banking?

We all are aware of the digital banking system we have available today. We all have used online banking and mobile banking services at some point in our lives. But still, most of us do not understand how mobile banking differs from online banking. Mobile banking is different from online banking in many ways. Both banking services offer khata kholo instant facility. 

Do you also believe that mobile and online banking both are the same? So, here you are wrong because both are different from each other in many ways, as their name implies. Yes, both have made it easy, fast, and convenient for everyone to access various banking activities. But both online and mobile banking is not the same; they are different in the following ways:

Different meanings –

In simple words, mobile banking is accessing your bank account using a banking and UPI payment app and can be accessed on your phone. And online banking is conducting banking activities with a website or an online portal. 

Internet availability –

As long as you have a mobile phone and an internet connection, you can use mobile banking. Therefore, having a good internet connection is a must for mobile banking. SMS banking can be done without internet network availability. Such as, you can use SMS banking services to get your bank account-related information. And you can also make a call at the banking helpline number to get any help regarding your bank account. But you cannot access a lot of other online banking services without an internet connection. 

Access to bank account –

If you want to access mobile banking, you should install a mobile banking app on your mobile phone. And you can perform any banking activity by making a few clicks over your mobile screen. Whereas, if you want to access online banking, you do not need any UPI app. Instead, you have to visit the bank’s online web portal or official website. 

Open bank account –

To open a bank account for availing mobile banking services, you do not need to visit the bank physically. Instead, you can open a bank account from the comfort of your home using a mobile banking app. Once you have installed the banking app on your mobile phone, it will take a few quick minutes to open a new account. 

Once your account has opened, you can use your username or password to log in to the web portal to access your bank account with internet banking. 

So, these are significant differences between mobile and online or internet banking. Everyone should know about these important differences, so you can easily understand what banking services you are using. 

These days the banking system has become more innovative and advanced. And mobile and online banking are also digital ways of banking services. So, it is best to stay updated with the modern world and start using online and mobile banking at your convenience. Nowadays, every person has a smartphone, and anyone can use mobile banking services anytime using their mobile phones. So, start using a mobile banking app to track and monitor your banking transactions using your mobile phones.