Mobile Banking and Internet Banking are two types of Digital Banking. Though they might seem same but have a lot of difference in their characteristics….Difference between Mobile Banking and Internet Banking.

Online banking allows a user to conduct financial transactions via the Internet. Online banking is also known as Internet banking or web banking. Online banking offers customers almost every service traditionally available through a local branch including deposits, transfers, and online bill payments.

mobile banking security. Some experts suggest that banking through a mobile device is safer than banking online. Well-designed mobile apps don’t store any data, and you’re less likely to hear about a virus on a smartphone. “Mobile phones have more security natively,” says Zlockie from Entrust Datacard.

7 Security Risks of Mobile Banking — and How to Avoid Them

• Using a fake mobile banking app.
• Using your mobile banking app on public Wi-Fi.
• Not updating your phone’s operating system or apps.
• Storing passwords and PINs on your phone.
• Using an easy password.
• Not password protecting your phone.

These Android apps can hack into your banking apps. Google has yet again removed 10 applications from its Play Store. The company claims that these apps brought financial Trojans to Android devices. These applications were making users unsafe who also had banking applications installed on their smartphones.

If your bank’s app is not available, use a secure browser, especially on Android phones. Notify your bank so that no texts or mails will be sent to your mobile device. Refrain from using public wireless networks to do your banking. They are unsecure and hackers often lay traps using such networks.

Safety precautions when banking online

1. Always type in the bank’s website into your browser and don’t use a link that you were emailed or received via a text message.
2. Make sure the bank’s website is using an HTTPS web address before logging in.
3. Change your password on a regular basis.
4. Use multi-factor authentication.

The 5 Biggest Mistakes You Can Make Banking Online

1. Ignoring your accounts. Set aside a few minutes each day to monitor the activity in your checking and savings accounts.
2. Having a standard password.
3. Being careless with your phone.
4. Shunning security features.
5. Assuming the worst about online banking.

In 2015, as many as 70 percent of the top 100 mobile banking apps on Android were vulnerable to security attacks and data leaks. Vulnerabilities ranged from exploits such as intent spoofing, unintended data leakage, SQL injection, JavaScript injection and XML injection among others.

Here are some of the downsides of working with an online bank:

• Technology issues.
• Security issues.
• Inefficient at complex transactions.
• No relationship with personal banker.
• Inconvenient to make deposits.

Here’s a few reasons online banking might not be for you:

• You Receive Large Paper Checks. We’re not referring to those novelty oversize checks from the Publisher’s Clearing House.
• You Like Having a Relationship with Your Bank.
• You Own a Small Business.
• We’re Here on Earth to Fart Around.
• Depositing Cash and Buying Coins.

Online banking is often free but there may be charges of $1-$10 for accounts and fees for related services, depending on account balances and individual bank policies. Online banking deposits are typically made at ATMs, and there may be fees associated with using ATMs outside of the banks’ direct network.

Pros and Cons of Online Banking

Disadvantages of Mobile Banking A transaction like transfer of funds is only available on high-end phones. Regular use of Mobile Banking may lead to extra charges levied by the bank for providing the service. Mobile banking users are at risk of getting fake SMS messages and scams.

What are the features of Online Banking?

• Use Zelle®
• Use Bank-to-Bank Transfer.
• See your account transactions and history>
• Pay bills without writing checks.
• Transfer money between your accounts.
• Sign up for paperless statements.
• Set up account alerts and reminders.
• View images of processed checks.

Convenience Guaranteed While easy access is one of the many benefits of online banking, it also makes banking highly convenient. The need of waiting in long queues at the bank is completely eliminated. Moreover, with mobile banking option available for most banks, transfers and payments have become easier.

Advantages of Online Banking

• Online account opening. You can open a new account within minutes and from anywhere online.
• Enhanced security.
• Instant access 24/7.
• Save money.
• Convenience.
• Pay bills.
• Automate your savings.
• Make loan payments.

Benefits of Online Banking

• Check balances on accounts and view records of your transactions.
• Pay bills automatically each month with easy-to-set-up auto payment.
• Transfer funds between accounts.
• Download or print statements for your tax or personal records.
• Access your account 24/7.

2. Features of Online Banking

• Check the account statement online.
• Open a fixed deposit account.
• Pay utility bills such as water bill and electricity bill.
• Make merchant payments.
• Transfer funds.
• Order for a cheque book.
• Buy general insurance.
• Recharge prepaid mobile/DTH.

Internet Banking

• National Electronic Fund Transfer (NEFT) National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer.
• Real Time Gross Settlement (RTGS)
• Electronic Clearing System (ECS)
• Immediate Payment Service (IMPS)
• Objectives of IMPS:

• Bank Account Management. The whole point of using a mobile banking app is to manage their bank account information directly from their mobile device.
• Advanced Security & Fraud Alerts.
• CORE Banking Features.
• QR Code Payments.
• Mobile Check Deposits.
• Peer-to-Peer Payments.
• Bill Payments.
• Intelligent Chatbots.

Examples include Monzo, N26, MyBank, Starling Bank, and Revolut.

A digital bank represents a virtual process that includes online banking and beyond. In other words, it should have all the same functions as a head office, branch office, online service, bank cards, ATM and point of sale machines.

An automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access cash at most ATMs.

Digital banking has transformed the way things are done. Now all you have to do to get cash is to get to the nearest ATM, use your card and get cash in under a minute!…

The requirement of debit card details to register to net banking was made mandatory for the sole purpose of security and to curb false transactions. The users who do not have debit card/ATM card details, have to visit their bank branch to complete the process of registration for net banking.

You can activate your net banking account without visiting a bank branch just by entering your debit card details. But users who don’t have debit card or ATM card details, have to visit their bank branch to complete registration for internet banking.

Debit card or ATM card details have been made mandatory to register for an internet banking to ensure a secured transaction. Those who do not have a debit card will have to visit the nearest bank branch to register for the net banking.

SBI Netbanking FAQs

1. Go to SBI official net-banking website.
2. Click on ‘New User Registration/Activation’
3. Enter all the required details.
4. Enter the OTP received on your registered mobile number.
5. Submit and Activate.

Follow these steps to register your mobile number for internet banking at an ATM

1. Visit your nearest Axis Bank ATM.
2. Select Registrations.
3. Select Netsecure.
4. Enter your mobile number and confirm it.
5. You will get an SMS confirming your registration.