Mobile banking has been a hit in India. Mobile digital banking users find it highly convenient for financial transactions and to access digital banking services. Banks give their consumers access to various amenities through mobile banking. However, even though net banking and mobile banking offer similar services, vital nuances set them apart as two different delivery methods.
What is mobile banking?
Mobile banking can be defined as a service provided by banks to their customers that allows them to use mobile telecommunications devices like smartphones, tablets, or cellular devices to access their bank accounts and conduct financial transactions. Customers’ bank’s mobile banking service enables them to transfer money, check statements, pay bills, and examine transactions while on the go.
For example, IDFC FIRST Bank has mobile banking apps for both iOS and Android. Customers can access all kinds of services on the app and receive updates on WhatsApp and SMS.
What is net banking?
Internet banking is a type of banking where customers use the internet to carry out their financial operations. Simply put, online banking enables them to handle their finances electronically.
Almost all the branch services in your neighbourhood are now available online, including money transfers, credit cards, deposits, utility bill payments, mobile recharges, internet payments, and more. In contrast to mobile banking, customers can use a web browser to access online banking.
Difference between mobile banking and net banking
|Customers must download free banking apps for their mobile devices.
|Customers need a User ID and password to use online banking services.
|The mobile banking app on the smartphone sends push notifications like the other apps customers use. Many of these notifications offer customers fantastic deals and discounts. Therefore, they can log into the app to access these offers.
|Internet banking does not provide the notifications option. Customers must visit their bank’s online banking website to view the most recent deals or sign up for the email newsletter.
|Any short messaging service or immediate financial transfers to use a mobile bank.
|Banks and their websites use internet banking more frequently.
|However, banking has more restrictions than online banking, mainly if customers don’t use the bank’s mobile app. However, there is now several services provided by bank apps, including transferring money, ordering chequebooks, account statements, finding ATMs, and more.
|A bank’s web portal, which is used for internet banking transactions, which offers more features. Customers may complete tasks with online banking, including checking account statements, moving money, ordering a new chequebook, and opening new savings accounts.
Which is better?
Since both these services might be helpful to customers in managing their money, there needs to be a clear victor in this comparison. They can use it to benefit from online banking and maintain complete control over their finances.
The bank makes sure to integrate a system to help identify fraudulent activities or other suspicious activity so mobile banking applications and net banking are secure. However, since everyone is still vulnerable to online fraud and other associated actions, it is encouraged to use digital platforms wisely and cautiously.