With the pace which technology is evolving world wide, it has suddenly become very difficult to distinguish between online and mobile banking. If you are still confused about the two terms, worry no more, we will discuss their difference in the next sections.
In simple terms, it all started with online banking. Online banking gave birth to mobile banking with the aim of increasing customer satisfactions and experience with banking institutions. Online banking was popular known as “Internet banking” right until the idea of being able to process transactions using phones came about in recent years called “Mobile Banking”.
What is the difference between Online and Mobile banking?
Basically Online banking refers to banking transactions that happens over the internet, using a desktop or laptop or Ipad/Tablet devices. This usually occurs trough a secured bank’s website using unique account credentials. You would normally generate a profile at the branch, activate it and then begin using the ID to access the bank’s services on the internet. These services include opening a new account, contact a consultant, make investments, pretty much anything you would go to the branch for.
Whereas Mobile banking might refers banking using your handheld phone device. You can do banking transaction same as online banking however this is more convenient for most customers as they would carry their banking capabilities around the world with them. There are two ways of banking on your phone, USSD or Mobile APP. To use the USSD services, you are obviously going to be charged standard rates in order to access your banking information. However with a mobile app, all you need is connection to the internet and you can quickly make all those important transactions that can’t wait.
Generally online and mobile banking performs similar functionalities. One is just convenient over the other. Imaging you are in a public environment, maybe in a taxi or shopping centre and really need to make that transfer, would you use your laptop or mobile app? The answer is simple, mobile banking would be your best option. However it all depends on the type of person you are and what you prefer.