Is online banking the same as mobile banking in terms of functionality? No, not at all. Quite frankly, this is an intricate difference that is not always simple to comprehend.
Online banking refers to the process of completing bank transactions through the internet, whether on a computer or a mobile device of some kind. In most cases, financial organisations provide online banking services via their own websites. A consumer must first log in with their username and password before being able to do almost any transaction that would be performed in person.
Mobile banking is a subcategory of online banking; it refers to online banking transactions that are completed via a mobile device rather than a laptop or desktop computer, as opposed to traditional online banking transactions. Users of mobile banking may browse to their bank’s website using a phone or a tablet computer. The majority of mobile banking, on the other hand, is done via applications.
The ability to make decisions is a significant advantage, and mobile banking is no exception: With the exception of regular maintenance upgrades and unforeseen failures, mobile banking allows you to choose your own hours of access to your account, in contrast to traditional banking.
In the end, you will save time as a result of this accessibility. Consider the convenience of mobile check deposit, which is available via most mobile banking applications. Remote deposit allows you to make a check deposit without leaving the comfort of your own home.
Mobile banking may also help you avoid taking on in-person risks – and not simply the health risks associated with the epidemic that many of us are now experiencing.
Nowadays, the top mobile banking applications are changing to make it easier for you to spend less time worrying about the ins and outs of your financial affairs. Spending alerts, for example, can help you stay on top of your finances by keeping you informed about your spending.
Banks are in the business of safeguarding your assets, which includes your interactions with their mobile applications, according to their website. Of course, nothing can be guaranteed to be error-free. However, if you are concerned about the security of mobile banking, there are actions you may do to increase security protections.
While you may still log in to a mobile banking app with a username and password, your financial institution may allow you to enrol in additional security measures to protect your information. You might, for example, enrol in multifactor authentication, which requires you to provide two (or more) different types of verification in order to confirm that you are who you say you are. For example, if you make a money transfer that exceeds a specific amount, your bank may give you a code to your phone. Adding the code to your payment transaction along with login into the app to help verify that you are who you claim you are is required for it to be processed successfully.
If you would like to enjoy these benefits too, you can simply log on to your bank’s mobile banking services malaysia to sign up now!