What is the difference between mobile banking and net banking?

Digitalisation has transformed businesses for better. Every organisation has now moved towards digital platforms to simplify work and reach their target audience with a click. Banks too, have witnessed a significant transformation. All the information linked with banks can now be accessed with a single click via digitised services like mobile banking and net banking.

You do not need to travel to your bank branch to transfer or withdraw funds. You can do so through net banking or a mobile banking service. But which one should you choose? While both services offer convenience, they have some differences that can help you choose between them.

  1. The functionality of mobile and online banking

The functionality of both banking modes is different. Net banking permits you to conduct online transactions via your laptop or personal computer, wherein having an internet connection is a must. However, in the case of mobile banking, certain features can be accessed without an internet connection. Also, select banks like IDFC FIRST Bank offer mobile banking services via SMS. So, even with a basic mobile, you can access certain bank mobile banking features via SMS.

  1. Transaction facilities

Transaction facilities are the next point of difference between mobile apps for banking and net banking. Usually, the net banking portal offers various banking transaction facilities. From checking your account statement (month on month), ordering a new cheque book, and transferring funds to opening a new fixed deposit or recurring deposit, you can conduct various banking transactions via the online platform. However, the mobile banking apps of a few banks may not offer a host of transaction features like net banking.

IDFC FIRST Bank is among the few exceptions. The bank’s digital app allows you to transfer funds, invest in mutual funds and IPOs, and pay your electricity bills.

  1. Can open bank accounts using mobile banking apps

A username and password are crucial for logging into a net banking portal. However, your net banking credentials are not used for logging into your mobile banking app. To use the mobile banking app, you must create a separate login. Many banks, including IDFC FIRST Bank, also allow you to open your savings bank account using the mobile bank app. This may not be allowed through your bank net banking platform.

  1. Push notifications

Just like other apps, mobile banking apps also send you a push notification on your phone. These notifications help gain amazing discounts, cash backs, and deals. So, to know about these offers and deals, you do not require logging into the mobile app. However, the push notification feature is not available in the case of net banking. You must visit the net banking portal to check out any latest offers or deals.

Mobile and net banking are both prudent ways to use digital banking services. By using such digital services, you tend to save a lot of time as you can avoid visiting the bank branch physically to make transactions. Besides this, both services are highly secured and convenient.