Online Mobile Banking and Internet Banking Explained

What is Mobile Banking?

In today’s digital age we expect to have everything at out finger tips including our banking. Banking no longer has to be done by physically visiting your bank branch. Thanks to modern technology regular brick and mortar banks as well as online-only banks now offer clients banking services via the Internet. These banking services can be accessed from your computer or from your mobile device. Both methods of Internet banking allow you access to your bank account but there are some differences in how online and mobile banking works. The important thing that online and mobile banking have in common is that it can be done from anywhere and at any time.

Online Banking (Internet Banking)

Most banks have a website which allows clients to access their accounts and conduct a range of financial transactions online via the Internet. This kind of banking is called online banking or Internet banking and is done via a web browser from a computer or laptop. The major difference between this form of net banking and mobile banking is that it is not done on a mobile device. It is not necessary to download any application on to your computer in order to carry out online banking from the convenience of your office or home computer. Generally speaking online banking has more options than mobile banking.

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What can you do using Internet Banking?

  • Open an account
  • Pay individual bills or set up regular payments.
  • Order a new check book.
  • Move funds between your accounts.
  • Apply for a loan.
  • You can deposit paper checks by taking a photo of the check and submitting it to your bank via your mobile banking app or online banking website.
  • View transaction history.
  • Download your banking history directly to your computer or print it out wherever you are.

Mobile Banking (Online Mobile Banking)

When you access your business bank account in 2019 via a mobile or cellular device (Smartphone, iPod etc.) and conduct banking tasks it is called mobile banking or online mobile banking. You can conduct mobile banking when you are away from your desk or home computer by downloading your bank’s banking app to your phone. As with online banking you will need Internet access but with your mobile device you will connect via Wi-Fi or data. Using your mobile phone you can do your banking on a beach, in the street, at home, from your car or anywhere where there is an Internet connection.

Differences and Similarities Between Online Banking and Mobile Banking

Whether you do your net banking on a mobile device or computer you will need a device and an Internet connection. You will also need an account in a brick-and-mortar bank or you will need to open an account at an online-only bank. For mobile banking you will need to download your bank’s banking app whereas this is not necessary when accessing your bank account on a regular computer.

Pros and Cons of Mobile Internet Banking and eBanking

Pros of Internet Banking:

Convenience – Save yourself the trip to the bank.

Access – 24/7 access to your account.

Economical – Internet banking fees and rates are lower (or even free) compared to regular banks.

Stay Informed – Online banking websites offer up-to-the-minute financial new and alerts so that you never miss an opportunity.

Low Risk – Online banking is generally considered safe because of the high security measures and authentication processes of electronic transactions. You can keep your mobile banking safe by frequently changing your passwords; keeping devices secure; never replying to suspicions emails and installing antivirus software on your computer.

Cons of Internet Banking:

Necessary Computer Savvy -You have to be comfortable with modern technology and know your way around a computer or mobile device. If you encounter a technical issue you may have a frustrating time trying to figure it out without face-to-face service.

No Personal Touch – Lack of a face-to-face relationship with your personal banker. Sometimes you want to use your charms and powers of persuasion to get your bank to back a project or extend your credit. This is best done in person.

Support Issues – Support can be difficult as you are usually not faced with a “real” human being when making online transactions but rather a FAQ page or a support service that gets back to you later.

Risk Factor – There is risk if your mobile device is stolen or your online account hacked. Net banking makes you vulnerable to online fraud, errors or identity theft.

Limited Bank Services – There are some services that only a traditional bank can offer you like a safety deposit box; notary services; instantly issuing of money orders and access to cash money.

Trips to the Bank – If you’re under 18; have questionable credit history; encounter a problem online or want to open a specific type of account you may have to make a trip to the bank branch anyway.

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