Mobile Banking vs Internet Banking, which one to use for convenient banking? Both ways have revolutionized the banking culture in this digitized world. Mobile banking has shrunk banking activities into a mobile app. On the other hand, internet banking has also brought banking activities convenience. Today in this article, let’s find out which one is better; Mobile Banking vs Internet Banking.
What is Mobile Banking?
Mobile Banking is a medium to perform your banking activities/transactions through the use of a mobile app using data or an internet connection. The app is developed and designated by the concerned bank for its customers. Earlier, SMS Banking was also very popular which can be also called a form of Mobile Banking.
In order to use mobile banking, customers have to pay yearly charges for the app and services. However, some banks might provide free mobile banking as well.
What is Internet Banking?
Internet Banking can be termed as the use of banking services by login on to banks’ websites using an internet connection on desktops, laptops, or mobile phones. Such websites are also developed by the banks in order to provide online services to their customers.
For using internet banking, users must have an activated internet banking account. Banks often charge for such services while some might provide it for free as per their policy.
Mobile Banking vs Internet Banking
Perks of Mobile Banking
- Convenience:- Mobile banking and Internet banking both provide convenience. But mobile banking can be more convenient due to a dedicated app and usage. It contains much more features than internet banking. For the time being, it has also become a go-to medium for banking activities than internet banking. As you carry your smartphone everywhere, mobile banking gets more used and is pretty convenient.
- Features:- In terms of features, a mobile banking app will deliberately provide more services than internet banking. Although both offer similar ones, mobile banking provides extra sort of features as it has to compete with digital wallets as well in the current scenario.
- QR Scan:- The excessive growth rate of QR payments and scans has changed the way of payment in our daily lives. Mobile banking apps do offer QR scan options for paying bills and such purposes. Whereas, internet banking lacks this feature. Hence, mobile banking becomes a much better option in this era of QR scan payments.
- SMS Alerts:- Mobile banking system has an SMS alert for every transaction. It helps to detect unauthorized access and usage of money. This comes in very handy to track incoming and outgoing transactions. Meanwhile, internet banking requires you to log in to view the transaction reports.
Have a Read:- Growing Use of QR to Withdraw Cash from Banks
Perks of Internet Banking
- No Need for App:- Internet banking can be accessed on computers, laptops, or mobile phones. It just requires an active internet connection. One can log in with their ID and password to access the online banking services. There is no need of downloading a separate app here.
- Convenience:- Internet banking also allows convenience in terms of device usage. On mobile banking, you need to have the same device on which the app is installed. While on internet banking, you can log on through various devices like smartphones, laptops, and computers.
Mobile Banking vs Internet Banking, So Which One to Use?
Among mobile banking vs internet Banking, it’s clear that mobile banking is a better option. The penetration of smartphones and the internet has aided a lot in the habit formation of app usage. Hence, mobile banking apps have the upper hand with more number of users than internet banking users.
With more features and usage, mobile banking apps have been prominently used app in our daily lives along with digital wallets. Also, it is easy to top up the balance from mobile banking apps for e-wallets. Although internet banking also provides convenience, the active usage of smartphones makes mobile banking apps the winner here.
So what do you think about Mobile Banking vs Internet Banking? Which one do you use the most? Do express to us your views, opinions, and experience in the comment section below.