Banking and financial institutes have become a major factor in human activities; day to day every local and international business people needs it, the students, organizations, companies, etc. all do one transaction or the other involving the activities of the Banks.
This is why tech developers also concentrate on banking space because almost no one can do without Bank involvement in daily activities.
Mobile Banking is one of the most popular ways of making life more flexible and saving time to concentrate on other things. Since the invention of Mobile and Internet Banking – customers are able to resolve minor issues, start and complete transactions from their comfort without coming to the bank.
Even the system ensures the safeness of their customers’ securities and privacy. Though Mobile banking and Internet Banking has their discrepancy. Which is all we have discussed on this page.
You may be among those who ask;
What is Mobile Banking?
In a simple understanding, Mobile Banking is the act of conducting financial transactions via your mobile phones or tablet without having to go to the Bank. This requires an application also known as a mobile banking app or software.
Virtually all banking institutions have their Mobile apps for their customers to download and take full control of their accounts.
Benefits of Using Mobile Banking
- 24/7 Banking: One of the core benefits is that your bank (transact) from anywhere and anytime.
- You don’t have to go to your Bank to start or complete minor transactions; like blocking ATM cards, check balance, check banking statements, etc.
- Security; Yes cyberattacks still go on, but there are major tips to play safe and not be a victim. However, the latest smartphone models now come with more advanced security measures in which the Banking sectors synchronize with their industries.
Take for example;
– Mobile Finger-recognition: Most banking app uses the same features to protect your account on mobile to disallow unauthorized access. You as a user have the privilege to select whether to use your finger-print or not or both with a password to Login your mobile app and to do any transaction.
– Hardware Token: Some banks also issue out Token which generates validation code to start and complete mobile and internet banking transactions. But in some cases where Token is not given, One-Time code is been sent to the registered phone number or email account which is associated with the user’s account.
All these are to keep the account safe from unauthorized access.
We believe that soon more sophisticated security measures will still be adopted on Mobile banking.
Types of Mobile Banking Methods
- Using the USSD Banking Method (no internet required)
- Using Bank Mobile App (needs internet)
What is Internet Banking?
Internet Banking is the process of accessing or doing the transaction through the Bank’s official website. This means you unlike Mobile banking, you don’t need the Bank Application for this.
You definitely need a hardware token to start using the internet to access your account or even do any kind of transaction. Although not all bank issues Token yet, though, it is becoming a rampant practice.
Quick Disparity of Mobile Banking and Internet Banking
Understand that mobile banking and Internet banking policy are different. Below are the difference between the Mobile and Internet Banking system but not limited to the points below;
|Mobile Banking||Internet Banking|
|App required.||No Banking App or software is required.|
|Ability to carry out Minor (not few) transactions.||Ability to carry not more transactions.|
|There is a minimum specific amount to transfer from Bank to the same Bank or Bank to other Bank||Ability to transfer a larger amount.|
Let’s Talk about Their Similarities
- Both need internet to run (excluding the USSD banking method)
- Carry out transactions anywhere and at any time.
- Both require logging access.
- Ability to transfer between banks, pay bills, book tickets or flights, etc.
It May Interest to know;
How To Start Using Mobile Banking With Internet
Step 1: Have an Existing Bank Account: You need a Bank profile (account) to have access to using mobile banking. It doesn’t matter what the Account type is; current account, savings account, Fix deposit account, Corporate Account, etc.
Most Bank now has an Online account opening; meaning you fill-up the account opening form online then visit any branch for further documentation. During the account opening period you will be required to provide the following information;
- Your ID Card
- Copy of a Utility Bill containing your address.
- Copies of passport photograph
- Referrer (depends on the account type)
- Business documents (if its a business account)
Step 2: Download Your Bank’s Mobile App: If you don’t know the official App which your bank uses, then it is best to ask at the bank so that you will be directed to download the correct mobile app. Downloading of App is 100% for all Banks all over the world.
Step 3: Login to Your Mobile App Account: Some Banks request that you must sign up separately to acquire mobile banking login details, while others you either sign up at your convenience on downloading the App or your login details ready with your account during the opening.
Log in with your information and always keep it safe and remember your login information at all times.
Step 4: Start Your Mobile Transactions: You should be able to see all your information once you have gained access. You can now bank on your mobile!
You can go round the App environment tp learn more about your Bank Mobile App and how to leverage it.