While online and Mobile Banking share many similarities, there are also some differences.

Customers’ lives have become more demanding and banking technology has to keep up. Although online banking is more common than mobile banking for a while, many people mistakenly believe they are the same thing. However, there are distinct differences.

ONLINE BANKING
Online banking is any transaction that can be done online. This includes transactions made through a bank’s website, usually under a private profile and using a computer at home or on a laptop. These transactions can include services that are not available at local branches, but they do not require you to visit one. These are the characteristics of online banking:

You can conduct financial transactions online through a bank’s website.
You may find a bank branch near you, or online.

Register online with your financial institution and create a login ID.

Customers can make financial transactions online by paying bills and transferring money between accounts. You can also perform the following basic activities:

You can view your account balances at any hour of the day
Printing and viewing statements

Checks – View images
Credit cards and loans

It is possible to perform almost all activities online that you would be able do in person at a branch.

MOBILE BANKING
Mobile banking lets you perform many of the same functions as online banking, but with a tablet or smartphone instead of a computer. Mobile banking is more than just accessing the bank website from your mobile device. The versatility of mobile banking includes:

Logging into a bank’s mobile website
Use a mobile banking app
Banking via SMS text message

Mobile banking is becoming more popular as more banks make their websites easier to use on mobile devices. However, you can access your accounts via a Mobile Banking App more often than desktop banking. According to the Federal Reserve’s consumer and mobile financial service report, 52% of US smartphones used mobile banking apps last year.

Apps offer many services beyond account access. These include:

Making mobile check deposits
Transferring money
How to Pay Bills
Find ATMs

Customers who are looking for convenience in managing their finances on the go can use online and mobile banking. Both options enable customers to do financial business outside of a bank. To better manage their finances, customers who are interested in either of these methods should check out the online and mobile banking websites of their banks.

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