Mobile Banking vs. Mobile Internet Banking: What’s the Difference?
Mobiles have transformed banking radically, enabling transactions on the go 24/7. However, most people remain confused between mobile banking apps offered by banks to access accounts and simply using their mobile browser for financial services. While both allow remote banking, they vary across critical aspects like features, security, and convenience.
This article elucidates the key distinctions to help you choose the best digital channel to meet your lifestyle needs and financial priorities.
What is Mobile Banking?
Mobile banking refers to banking services accessed using a smartphone offered by the bank. It enables monitoring personal finance and conducting transactions conveniently via mobile devices.
Key Features:
- Check account balance and view e-statements
- Transfer money using IMPS, NEFT or RTGS
- Pay utility bills, recharge phones
- Trade stocks or invest in mutual funds
Leading banks provide feature-rich apps with advanced tools for expense tracking, biometric logins, etc., simplifying money management.
What is Mobile Internet Banking?
Mobile Internet banking involves accessing bank accounts using a mobile browser instead of a standalone app. It provides basic banking capabilities on internet-enabled phones or tablets.
Offerings:
- View account summary and transaction history
- Transfer money to registered beneficiaries
- Download/email bank statements
- Pay credit card bills
Unlike desktop sites, mobile internet banking is optimised for smaller screens through responsive design, which improves visibility and navigation.
Key Differences Between the two Channels
Although mobile internet banking allows remote transactions similar to mobile banking apps, there are some prominent variations:
1. Platform and Access
Mobile banking apps must be downloaded from Google Play or the Apple App Store. Mobile internet banking is accessed via browsers on the mobile device.
2. User Interface
Mobile apps provide intuitive designs and menus tailored for app environments. Mobile Internet banking may involve relatively complex navigation flows.
3. Features and Functionality
Mobile apps integrate advanced tools like graphical spend analysers and biometric logins. Given the browser’s limitations, mobile Internet banking offers basic features.
4. Security
Mobile banking apps support multi-layered security mechanisms for safe transactions, while mobile internet banking relies mainly on browser-based safeguards during logins.
5. Offline Support
Mobile apps allow limited transactions without internet connectivity. However, mobile Internet banking requires persistent Internet access.
6. Device Compatibility
Mobile apps are designed for certain platforms, such as Android or iOS. Mobile internet banking works on any device with internet access and a browser.
Which one Should you Choose?
You can determine the right channel based on your preferences around functionality vs. flexibility. Frequent banking users who seek rich features and security may find mobile banking apps more useful. Those needing only essential services occasionally may prefer browser-based mobile internet banking for its universal device access.
Conclusion
Mobile banking apps and mobile internet banking empower customers with instant, anywhere banking yet differ across interfaces, features and accessibility. Assess your specific functionality, security and convenience requirements to decide the ideal way to bank on the move.
Opting for banks with app and browser-based banking opens up flexibility to seamlessly switch between channels.