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

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Difference between Mobile and Internet Banking - ICICI Blog? ›

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.

All online banking operations are conducted via a bank website. To access accounts, users need an internet connection and a browser on their desktop, laptop, or mobile device. To use mobile banking, users need to install a dedicated banking app on their smartphones.

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.

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.

Banking apps can be safer than using an online banking portal due to biometric-enabled login options for your phone and the app itself. Your face, your fingerprint and your phone are a lot harder to hack than your username and password.

Concerns about Identity Theft and Security

Therefore, even if you may generally use mobile or online banking with confidence, be cautious to avoid using insecure networks, change passwords frequently, and safeguard your login information.

The major disadvantage associated with both online and mobile banking is the increased security risks, which can include device theft, computer malware, and the overall vulnerability of the financial system to technological failures or systematic attacks.

Thanks to mobile banking apps, you can manage your money on the go — from depositing checks to managing your cards and creating savings goals — easily and securely. With all these tools right in your app, you can skip the trip to the ATM or the branch and reap the benefits of mobile banking.

In essence, a customer can do almost any activity online that he or she would be able to do in person when visiting a branch. Mobile banking allows you to perform many of the same activities as online banking using a smartphone or tablet instead of a desktop computer.

Should I use Internet banking? ›

If you prefer to speak to someone in person, or you tend to make cash deposits, then a high street branch may be more attractive than online banking. But for the vast majority, online banking wins hands down. This is due to several major benefits, which fall into two main groups: time benefits and money benefits.

Net Banking is all about banking need. All your banking need in one place is Net banking. UPI is only for payment and money transfer.

Why is mobile banking considered riskier than online banking? Mobile devices are more likely to be lost or stolen. What is the basis for a decision on an unsecured loan? What aspect is factored into a credit score?

JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.

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.

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.

Online banking with mobile check deposit, and more

Mobile banking is basically just banking through your phone via your bank's official app. Some of the things you can expect to be able to do include: Checking account balances. Managing existing accounts and opening new ones.

Online and mobile banking enable you to do just about everything you can do in a branch with a few clicks from a computer or smartphone app. Some people may be hesitant about changing how they bank, but with the variety of features, you can save a lot of time and effort, while staying safe at home.