Difference between Mobile and Internet Banking - ICICI Blog (2024)

FAQs

Difference between Mobile and Internet Banking - ICICI Blog? ›

Internet Banking allows you to conduct online transactions through your PC or laptop and an internet connection. On the other hand, mobile banking can be done with or without internet. Many banks nowadays have their mobile apps for mobile banking.

Key Differences between Mobile Banking and Internet Banking

Services: Mobile banking offers basic services like checking balances, transferring funds, and bill payments. Internet banking provides a wider range of services, including loan applications, investment management, and access to detailed financial statements.

So, is Mobile Banking Safer than Online Banking? Whether you choose mobile banking or online banking, you can be confident that your bank has invested in the security of these services. However, mobile banking is a little safer when it comes to security, mainly because this type of banking does not store any data.

Some added advantages to banking on your phone include: Easy access to card manager features like changing your PIN, setting travel notifications and freezing/unfreezing your card. Deposit checks remotely. Send money to people you trust.

Electronic banking or E-banking is a broad category of accessing banking services via electronic means, whereas Internet banking is a part or type of electronic banking. It is also known as electronic funds transfer (EFT) and uses electronic means to transfer funds directly from one account to another.

The biggest difference between the two is their functionality. Internet Banking allows you to conduct online transactions through your PC or laptop and an internet connection. On the other hand, mobile banking can be done with or without internet. Many banks nowadays have their mobile apps for mobile banking.

The biggest risk of online banks is that someone will access your savings or checking account and steal your information and money. This typically happens when your account is hacked by cybercriminals who get your username and password. However, these risks are not limited to banks that operate exclusively online.

The biggest risk of online banking is that someone could access your account by getting their hands on your username and password, hacking your account, exposing you to a virus, or using your debit or credit card to make a purchase.

Mobile banking requires the internet to be connected to your mobile device in order to manage your finances. A mobile banking app usually allows you to access similar, (although sometimes slightly fewer), features that you would find when online banking, but it must be done on a smartphone or tablet.

Why is Internet banking better? ›

The lack of overhead gives internet banks advantages over traditional banks, including fewer or lower fees and accounts with higher APYs. Internet banks lack personal relationships, no proprietary ATMs, and more limited services.

Online banking does have some potential disadvantages. These include a lack of face-to-face customer support, cash deposit services and a risk of technology failures or security breaches.

Risks of mobile banking

The 2021 Nokia Threat Intelligence Report indicated that 50% of banking malware is targeted toward Android users, because Androids run on a fully open-source operating system. Cyberattacks triggered by hackers, unexpected glitches, and user mistakes can all undermine an app's security.

Because online banks are completely digital, they tend to have lower overhead costs and focus more on building user-friendly, feature-rich mobile apps and websites. This allows them to offer the following perks: No or low fees. Most online banks don't charge monthly maintenance fees.

Key takeaways. Mobile banking apps* are an easy way to manage your money while on the go. Because of so many tech advances, mobile banking is completely safe and secure. You can skip the trip to the branch and perform easy transactions yourself like depositing checks, monitoring your balances or transferring money.