Difference between Mobile Banking and Online Banking

When it comes to convenience in financial services, both mobile banking and online banking play a vital role in offering instant access and data. While online banking has been around for longer, mobile banking is relatively new. Both options provide access to financial services but have their separate advantages. 

Many financial institutions offer both services to add more value to your banking experience. By understanding the similarities and differences between online banking and internet banking you can decide what to use and when. 

Digital Banking Vs Mobile Banking

Using both, you can access numerous services from the comfort of your home or on the go. This includes:

• Checking account balance 
• Paying credit card bills
• Paying loan EMIs
• Tracking credit card due amount and date
• Setting up your mutual fund investment 
• Booking a fixed deposit 
• Checking the transaction history of credit card or account

The list goes on. To enjoy both, internet banking and mobile banking facilities, you need to log into your account with your customer ID and password. These credentials are a must every time you log in. However, you can set up a login PIN for mobile banking to save time and gain access faster and more conveniently. 

Benefits of These Facilities

Here are some factors that you can consider when comparing the benefits of these two banking options. 

Convenience

Both facilities require an internet connection to function. However, in the case of Internet banking, you need a laptop or PC. While you can use a smartphone, the experience may not be fully optimised for it. Via mobile banking, you can conduct financial transactions through your mobile phone with ease. 

Many financial institutions have come up with an SMS feature that you can use to avail some features of mobile banking. Hence, you can conduct a few activities even without the internet. This can be helpful during travelling or if you are in a region where internet access may be impaired. 

Safety

Both services have their own security measures. In the case of internet banking, the financial institution provides you with:

• Username 
• Password

You may need one-time passwords or security tokens for added safety. In mobile banking, the authentication needs vary depending on the financial institution and what you set up using your smartphone. This may require:

• PIN
• Two-factor authentication
• Biometric scans 

Functionality

Mobile banking started off by offering basic facilities like:

• Fund transfer
• Locating nearby ATMs
• Ordering a chequebook 
• Checking your statement or account history 

Today, you can do a lot more with it:

• Invest in fixed deposits, mutual fund schemes and more 
• Pay your bills or EMIs
• Open a bank account 
• Apply for a loan or credit card 
• Shop for electronics, book tickets and more using points or your cards
• Track your spending and use budgeting tools 
• Get help via chatbots or customer support teams 
• Complain, send feedback or contact grievance redressal systems 

Internet banking portals also offer the same or similar services, depending on the financial institution. 

Notifications

Similar to any other application on your phone, a mobile banking app sends push notifications to you. Through these, you can get amazing deals and offers from the financial institution. You can also track purchases, account activity and more. 

Online banking doesn’t have this feature. You can check the ongoing deals and offers by logging in to your banking account. This is one of the major differences between online banking and internet banking.

User Experience

Online banking is dependent on the Internet service and every website varies depending on the financial institution. In the case of mobile banking, the application is focused on optimising the interface for a better user. It may also help you find the services you need quicker than websites. 

Accessibility

You can use any browser on your PC or laptop to access the Internet banking of your financial institution. Most of the features of mobile banking can only be used via a mobile app. You can download the app depending on what kind of device you use, iOS or Android. 

You can choose any option between mobile banking and online banking depending on your financial needs and lifestyle. No matter which one you choose, if you see your account balance as insufficient for big-ticket expenses, get a Fibe cash loan. 

We offer up to ₹5 lakhs with nominal paperwork and affordable interest rates. With no end-use restrictions, you can use the funds without giving any explanations. Enjoy a flexible tenure of up to 36 months with the option to pre-close the loan without any penalties. Register on our website or download the Fibe App now and get started!

FAQs on the Mobile Banking vs Internet Banking

Can I access my account through both mobile and internet banking?

Yes, you can access your account on internet banking and mobile banking using your credentials.

Is mobile banking more secure than internet banking?

Both mobile banking and online banking are secure. They have separate security features, encryption and authorisation processes. 

Can I perform the same transactions on internet banking and mobile banking?

Yes, you can perform the same transactions through both of these options.

Are there any differences in security between Internet banking and mobile banking?

Yes, both of them use separate security measures to safeguard your data. While internet banking uses your credentials, security tokens and OTPs, mobile apps may use biometric scans, PINs and encryption. 

Do internet banking and mobile banking require separate registrations?

Yes, both need separate registrations. For Internet banking, you need a user ID and password. For mobile, you can get a separate password or use a PIN.