Similarities and Differences between Internet and Mobile Banking

The banking world has transformed into a digital world. Today, you can conduct a wide range of transactions without stepping foot into the bank. Through your desktop computers, laptops and mobile phones, you can easily access all your bank accounts. This is possible due to facilities such as mobile and internet banking. While most people use these terms interchangeably, there are certain similarities and differences between these two convenient banking platforms. Read on to find out.

There are three ways in which mobile and net banking are similar. These are:

The facilities provided on the two platforms

The purpose of banking through online platforms is to enable you to access your account and conduct a wide range of transactions. You can also apply for bank cards and chequebooks, shop online and pay utility bills through both the online platforms. As such, the facilities you can avail through both platforms are identical.

The security protocols followed by banks are the same for both platforms

Whether you choose to login to your account through your desktop or mobile phone, you can rest assured that banks follow robust security protocols to allow you access to your account. Banks rely on secure firewalls on both internet and mobile net banking platforms. Your bank accounts details are securely stored thanks to sophisticated encryption techniques. Banks also emphasise strong passwords to allow access to accounts on both platforms.

Banks follow strict authentication protocols for both accounts

The third point of similarity revolves around the authentication protocols followed by banks on both platforms. Account-holders must log in to their internet or mobile banking platforms each time they wish to access their account. You also have to enter OTPs sent to your mobile number and change the passwords every few months.

The three points of differences between internet and mobile banking are as under

The devices used for transactions are different

The most apparent aspect of difference is that the devices used for mobile and online net banking are different. To access your mobile banking account, you need to download the bank’s apps from the Android or iOS App Store on your internet-enabled smartphone. In the case of net banking, you need a desktop computer or a laptop to access the account.

The fund amounts you can transfer are different on the two platforms

People using the mobile banking facility can use methods such as NEFT (National Electronic Funds Transfer) and IMPS (Immediate Payment Service) to transfer funds. Internet banking users can also use both these methods of fund transfer. However, they can avail a third facility, known as the RTGS (Real-time gross settlement systems) facility as well to transfer funds. Through RTGS, you can transfer sums exceeding ₹200,000 per day.