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Mobile and online banking have many similarities, but they both offer different options. Mobile banking has been around for years, and online banking is now becoming popular.

Mobile Banking

Mobile banking is used on your phone to access your bank account. Mobile banking uses two types of transactions to check your finances. These transactions are called a push transaction and a pull transaction.

A pull transaction means that the customer requests the transaction. This may include viewing your balance, transaction history and other activities. A pull transaction is a transaction between the customer and the financial institution. A push transaction is a transaction that the customer receives from the financial institution.

There are various ways to use mobile banking. Mobile banking can be in app or call form. Most financial institutions have an automated system to call to check your financial information.

An automated system can be used on any phone. You can call using a landline or mobile phone. The customer presses specified numbers to get their financial information. The type of financial information that you can get from the automated system varies.

Most financial institutions have a text message system for customers to access their financial information. Text message systems have pull and push transactions. This type of system works on most mobile phones.

If you have an Android device or iPhone, you should be able to get on your financial institution’s website to see your banking information. This varies depending on the type of phone you have, and not all mobile phones have the capability of seeing these webpages. The only downfall is that your information may not be safe since mobile phones don’t have virus and spyware protection.

The last option is to view your banking information using your bank’s app. This varies depending on the bank you have because not every bank has apps for their customers to access their accounts. Not every mobile phone has the option of downloading apps, especially if you have an older mobile phone. The downfall with this option is that you don’t have any spyware protection to prevent hackers from getting your personal information.

Online Banking

Online banking is an option for a user to access their accounts using a computer. The downfall about this option is that your computer may not have protection from viruses, spyware, keyloggers and other programs that could get your personal information. If your computer is protected with an anti-virus program and firewall, it should be safe to use this option, but you do so at your own risk.

This option means that you can see push and pull transactions. With online banking, you can view all of your financial information.

Final Work

Online and mobile banking has advantages and disadvantages. To use either of these programs, you’ll have to sign up for it and set up your account. You usually can sign up online, but depending on your financial institution, you may have to go to the bank to set up your account.

Sources:
https://www.allclearid.com/personal/2012/06/mobile-banking-vs-online-banking/