Internet banking, also known as online banking, e-banking or virtual banking, is 

an electronic
payment system that enables customers of a bank or other financial institution to
conduct a range of financial transactions through the financial institution's website.
Internet banking allows customers to perform financial transactions electronically with the use of
a laptop or computer with the internet.

Internet banking allows a user to conduct financial transactions via the Internet.
Internet banking is also known as OnIine banking or web banking.
Internet banking offers customers almost every service traditionally available through a local
branch including deposits, transfers, and online bill payments. Virtually every banking institution
has some form of internet banking, available both on desktop versions and through mobile
devices.

Banking transactions offered online vary by the institution. Most banks generally offer basic
services such as transfers and bill payments. Some banks also allow customers to open up new
accounts and apply for credit cards through internet banking portals. Other functions may
include ordering checks, putting stop payments on checks, or reporting a change of address.

Advantages of Internet Banking

Convenience is a major advantage of online banking. Basic banking transactions such as

paying bills and transferring funds between accounts can easily be done 24 hours a day, seven
days a week, wherever a consumer wishes.

Internet banking is fast and efficient. Funds can be transferred between accounts almost
instantly, especially if the two accounts are held at the same institution. Consumers can open
and close a number of different accounts online, from fixed deposits to recurring deposit
accounts that typically offer higher rates of interest.

Consumers can also monitor their accounts regularly closely, allowing them to keep their
accounts safe. Around-the-clock access to banking information provides early detection of
fraudulent activity, thereby acting as a guardrail against financial damage or loss.

Disadvantages of Internet Banking

For a novice internet banking customer, using systems for the first time may present challenges
that prevent transactions from being processed, which is why some consumers prefer face-to-
face transactions with a teller.

Internet banking doesn't help if a customer needs access to large amounts of cash. While he
may be able to take a certain amount at the ATM—most cards come with a limit—he will still
have to visit a branch to get the rest.
Although Internet banking security is continually improving, such accounts are still vulnerable
when it comes to hacking. Consumers are advised to use their own data plans, rather than
public Wi-Fi networks when using online banking, to prevent unauthorized access.

Additionally, Internet banking is dependent on a reliable Internet connection. Connectivity issues

from time to time may make it difficult to determine if banking transactions have been
successfully processed.

Mobile banking- Mobile banking is an extension of internet banking in which

banking services are accessed by users with a mobile phone or tablet. Mobile
banking is the act of making financial transactions on a mobile device. This can be as simple as a
bank sending a fraud or usage activity alert to a client’s cellphone or as complex as a client
paying an invoice to a vendor or sending money to family members who live abroad.

Mobile banking is a service provided by a bank or other financial institution that allows its
customers to conduct financial transactions remotely using a mobile device such as a smartphone
or tablet. Unlike internet banking, mobile banking typically uses an app that is provided by the
financial institution for this purpose.

Mobile banking is available on a 24-hour basis and is often dependent on the availability of an
internet or data connection to the mobile device.
s the world is evolving many people now carry out most of their work on their mobile phones
because it is easy to access. Instead of going to the bank or queuing at the ATM stand to transfer
funds, banks have made it easy for us to use their mobile banking app.

Although many people have these apps on their phones, not all fully know how it works. Mobile
banking allows you to perform many of the same activities like online banking but using a
smartphone or tablet, instead of a desktop computer.

However, simply accessing the bank’s website on a mobile device is not the only method of
mobile banking, we can also use the mobile banking app by logging into the bank’s mobile
website.

It is important to know that mobile banking is dependent on the availability of an internet or data
connection to the mobile device. The mobile banking facility works over multiple platforms,
with the most basic use of technology for mobile banking being the SMS service.

As a result of the current pandemic, people are able to recognize and value mobile banking
because of its many benefits. As we may have noticed, the pandemic has hindered us from so
many activities, which is why most people now make use of Mobile banking app for easy access
to their accounts.

One of the most significant benefits of mobile banking is that it is almost always available. You
can equally carry out pretty much any financial transaction from your app.
You can transfer from one account to another and even transfer money abroad. Also, you don’t
need to think about how secured your money is. Big thanks to multi-factor authentication
(MFA), banks can link your account with your mobile device so that you are alerted when
someone else is trying to log in.

With these above benefits, it is obvious that mobile banking is convenient and safe to use. You
can log in to your account from your phone and access it wherever, and more importantly,
whenever you need to.

The Importance of Mobile Banking

As a result of the current pandemic, people are able to recognize and value mobile banking
because of its many benefits. As we may have noticed, the pandemic has hindered us from so
many activities, which is why most people now make use of Mobile banking app for easy access
to their accounts.

One of the most significant benefits of mobile banking is that it is almost always available. You
can equally carry out pretty much any financial transaction from your app.

You can transfer from one account to another and even transfer money abroad. Also, you don’t
need to think about how secured your money is. Big thanks to multi-factor authentication
(MFA), banks can link your account with your mobile device so that you are alerted when
someone else is trying to log in.

Mobile banking allows consumers to be able to access banking services from anywhere.
Businesses and business owners are now able to save time by making use of mobile applications
to process their payments or even receive funds from clients directly to their phone numbers. It is
particularly popular among small to medium-sized enterprises (SMEs).

With mobile technology, banks are able to cut down on operational costs while still maintaining
client satisfaction. The fact that any client of a bank can make use of their app to request a
service, such as opening an account or even the ability to schedule debit orders or other
payments from an application, allows for larger transactional volumes, eventually driving
business growth.

Different Types of Mobile Banking Services

 Account information access

Account information access allows users to view their balances and statements by
requesting a mini account statement, review transactional and account history, keep track
of their term deposits, review and view loan or card statements, access investment
statements, and management of insurance policies.

 Transactions
 This type of mobile banking service typically includes obtaining account balances and a
list of the latest transactions, electronic bill payments, remote check deposits, and P2P
payments.

 Investments
Investment management services enable clients to manage their portfolios or get a real-
time view of their investment portfolios.

 Support services
Support services enable clients to check on the status of their requests for loan or credit
facilities, lodge a complaint, follow up on their card requests and locate the closest ATMs
to their location.

 Content and news

Content services provide news related to finance and the latest offers by your bank or
financial institution.

Advantages of Mobile Banking

Mobile banking has proven to be one of the easiest-to-use and most beneficial platforms ever
created. It offers a tremendous amount of advantages, below are four of them.

 Convenience
It has been proven that people spend as much as 80% of their time on their mobile
phones. This shows how comfortable most people are with their devices. Hence, we can
always access our mobile banking app at the convenience of our homes, offices, and
every other place.

 Ease of access
Before the introduction of mobile banking, all financial transactions have to be carried
out in the bank. Sometimes, people get very disappointed when they arrive at the bank
after the closing hour.

But with mobile banking, we do not have to make the long trip to the bank for a simple
transfer or wait till the next day to make a complaint, we can do that from the comfort of
our homes. We can easily access our account 24/7 and transfer funds whenever it is
needed.
Disadvantages of Mobile Banking
As the saying goes, where there is an advantage there will surely be a disadvantage. Below
are a few disadvantages of mobile banking.

 Mobile banking users pay the cost of a smartphone device and the data which makes their mobile
banking possible. Mobile banking is not available on all phones, it is only available on high-end
smartphones and is dependent on internet or data connection.

 The customer may experience a charge from the financial institution for using the service.
Regular use of Mobile Banking may lead to extra charges levied by the bank for providing the
service.

 Another prominent issue is the security of the account information stored on mobile devices. The
loss of a customer’s mobile device often means that criminals can gain access to their mobile
banking platform and access other sensitive information.

 Mobile banking users can receive fake messages from hackers, as they can pose as the customer’s
bank or financial advisors.
Mobile banking apps bring a lot to the table for customers, but at the same time, it also exposes
you to the possibilities of threats and attacks. It is widely known that most banking frauds and
unauthorized access are perpetrated by known relatives and friends. It is therefore a wise
suggestion that you have a screen lock for your mobile banking application.