Banks offer their customers access to a range of services through digital platforms like online banking (also known as net banking) and mobile banking. These services can be accessed using an internet connection. While both net banking and mobile banking offer similar services, there are some key differences that set them apart.
In this blog, we will look at the differences between net banking and mobile banking, as well as their benefits and the best way to get started.
A Comparative Difference Between Net Banking and Mobile Banking
Mobile banking can be a useful tool for performing various banking tasks, but net banking offers a wider range of features, functions, and services that may not be available through mobile banking. Some differences between net banking and mobile banking include:
|Parameters||Mobile Banking||Net banking|
|Device used||Smartphones, tablets||Laptop, Desktop, mobile, tablets|
|Services offered||Limited – lesser as compared to Netbanking||All banking services available – Most of the banking services available|
|How to access||Customers need to download the banking mobile application||Customers only require a User ID and password to use banking services online|
|Ease||Easy to use and can be used on the go||Comparatively a little difficult to perform banking services|
|Push notifications||Customers receive notifications regarding banking offers, exciting deals and more||Not available|
|Other services||Mobile banking can be access through SMS||Requires laptop, desktop and a stable internet connection|
What is the Difference Between Net Banking and Mobile Banking?
The difference between net banking and mobile banking are as follows:
- Net banking requires the use of a laptop or desktop computer, mobile, tablet
- Mobile banking requires a mobile device with the banking app installed
- Mobile banking has a limited set of features and functions
- Net banking offers a wider range of features, functions, and services
- Net banking requires a user ID and password to log in
- Mobile banking requires a passcode to access the app
- Mobile banking sends push notifications to customers
- Net banking does not send push notifications
- Mobile banking is suitable for quick and easy banking tasks
- Net banking is suitable for advanced banking services
What is Mobile Banking?
Mobile banking is a compressed version of traditional banking services that can be accessed through a banking app on a mobile device. To use mobile banking, customers must download the appropriate banking app and use it to perform various banking tasks, such as transferring funds, checking account balances, making payments, and booking tickets.
- A mobile banking app allows customers to perform various banking transactions
- A smartphone and stable internet connection are necessary for the mobile banking app
- Customers can conduct banking transactions at any time and from any location using the app
- Customers receive push notifications through the mobile banking app for updates, deals, and discounts
What are the Benefits of Mobile Banking?
There are several benefits of mobile banking, a few among them are:
- Mobile banking apps are accessible anytime and from any location
- Banking apps can be personalized to fit the needs of individual customers
- Customers can track their transactions and activity through the app
- Mobile banking apps allow customers to make payments, transfer funds, view transaction history, and add beneficiaries
- In addition to traditional banking tasks, mobile banking apps can be used to pay bills, recharge phone credits, book tickets, and more
- Mobile banking is user-friendly and easy to use
- Alerts can be set up to ensure timely payment of bills and other obligations
- Push notifications sent through the mobile banking app keep customers informed of important deals and discounts
How to Use a Mobile Banking Application?
You are required to follow the given steps to use the mobile banking application. It should be noted, however, that the structure of banking mobile applications differs from one to the next.
- Download the mobile banking app from the app store
- Log in to the app and enter your account or registration number
- Create and confirm a password
- The mobile banking app is now ready to use for online banking transactions
Things to Note:
- The process for setting up a mobile banking app may vary depending on the specific app
- A stable internet connection and a smartphone are required to use a mobile banking app
- It is important to create a strong password to protect against theft or digital fraud, as mobile banking apps are vulnerable to these threats
What are the Limitations of Mobile Banking Applications?
Even though mobile banking applications are the compressed version of banking functionality; however, there are still limitations associated with them-
- In order to use mobile banking, customers must first download the relevant app to their smartphone
- A stable internet connection and a smartphone are required to use mobile banking apps
- Customers should keep their mobile banking app up to date to ensure it is functioning properly
- It is important to keep the app’s passcode confidential to prevent misuse
- Poor internet connectivity or other technical issues may cause the app to crash or result in failed transactions
Things to Take Care of when using a Mobile Banking Application
Listed below are some of the practices to follow for a safer mobile banking application experience:
- Do not share login credentials with anyone
- Use a secure network connection when accessing mobile banking
- Banks will never request login information or ask you to complete KYC (Know Your Customer) procedures via SMS or phone calls; do not share your credentials in this way
- It is important to have anti-virus software installed on your smartphone to protect against cyber threats
- Do not log in to mobile banking from third-party websites or through promotional emails
- Avoid logging in to mobile banking on someone else’s device
- Remember to log out of the mobile banking app after each use to protect your information.
What is Net Banking?
Net banking, also known as internet banking, is a digital system offered by banks that allow customers to quickly access financial and non-financial banking services online. With net banking, there is no need to visit the bank in person. In addition to this, net banking enables customers to perform various banking tasks such as money transfers, creating fixed deposits and recurring deposits, and tracking transactions.
- Customers with an active bank account can use internet or net banking
- Customers must register to use net banking, after which they can access online banking services
- Net banking offers more advanced features compared to mobile banking
- Customers can sign up for net banking by calling the bank or visiting the bank’s website
- To use net banking, customers need an active user ID and password
- A laptop or desktop computer is required to access net banking
- Net banking allows customers to perform additional functions such as changing their communication address and ordering a chequebook, among others
What are the Advantages of Net Banking?
Listed below are the advantages of net banking that make it an obvious choice to avail banking facilities online:
- Online banking (also known as net banking) is available 24/7
- Customers can use net banking to perform various financial activities such as transferring funds, viewing transaction history, and opening fixed deposits and recurring deposits
- Net banking is secure, requiring a customer ID and password for login
- Non-financial tasks like ordering a new chequebook, checking account balances, and obtaining a passbook can also be easily completed through net banking
- In case of an emergency, users can use net banking to block their debit or credit card
- Net banking makes it easy to update contact information or address details
- Customers can use net banking to learn more about the bank and its services.
How to Register for Net Banking offline?
Following are the steps the customer can perform to start using net banking facility:
- To start using net banking, you can visit a bank branch and submit an internet banking application form along with the necessary documents, such as a bank passbook and an Aadhaar card
- After submitting the application and supporting documents, the bank will issue you a customer ID and password
- The internet banking application form can be downloaded from the bank’s mobile app
- Once the form is filled out and submitted, the provided credentials can be used to access internet banking services
How to Register for Net Banking Online?
Following are the steps to be followed to register for net banking online:
- To start using net banking, go to the bank’s official net banking website
- If you are already a registered user, click the login button and enter your credentials. If you are not yet a registered user, click the “New user/Register here” link
- If you are registering for the first time, you will need to fill out a self-registration form with information such as your account number, registered mobile number, CIF number (customer information file number), debit card details, and other information
- To authenticate the process, you will need to enter an OTP (one-time password) that has been sent to your registered mobile number
- After entering the OTP, you will be given a temporary customer identification number and password
- Use these temporary credentials to log in and create a more secure password.
Net banking or Mobile Banking – Which is more secure?
Both net banking and mobile banking apps are generally safe to use as banks have systems in place to detect fraudulent activity. Banks may also alert customers if they detect suspicious activity in their accounts. Mobile banking apps have strong password protection, while net banking requires a user ID and password to access. However, it is important to be cautious and careful when using digital platforms, as they can still be vulnerable to online fraud.