Mobile banking refers to the use of a smartphone or other cellular device to perform online banking tasks while away from your home computer, such as monitoring account balances, transferring funds between accounts, bill payment and locating an ATM. There are two types of transactions, a push transaction, and a pull transaction.
A pull transaction is where the member initiates the transaction. One requests their balance, a funds transfer, or a transaction history request.
Mobile banking can be used anywhere you take your device. Depending on what type of device is used.

See the options available to the member vary as listed below:

naijabanking:
Mobile banking refers to the use of a smartphone or other cellular device to perform online banking tasks while away from your home computer, such as monitoring account balances, transferring funds between accounts, bill payment and locating an ATM. There are two types of transactions, a push transaction, and a pull transaction.
A pull transaction is where the member initiates the transaction. One requests their balance, a funds transfer, or a transaction history request.
Mobile banking can be used anywhere you take your device. Depending on what type of device is used.

See the options available to the member vary as listed below:

A pull transaction is where the member initiates the transaction. One requests their balance, a funds transfer, or a transaction history request. The pull transaction is a two-way notification, with a request from the member and a response from the financial institution. The push transaction is a one-way notification, from the financial institution to the member.
Mobile banking can be used anywhere you take your device. Depending on what type of device is used, the options available to the member vary as listed below:

Interactive Voice Response (IVR) : This system that can be used on any phone, even if it is not a mobile phone. It is the automated system you find when dialing the bank’s phone number. You can press a certain prompt for the option you want, and it navigates the menu to arrive at the final page. There are few items that can be accessed through this feature.
Short Message Service (SMS) : Essentially, text messaging. SMS is capable of handling both push and pull transactions. It also works on almost all mobile devices and is cost effective. But a few drawbacks are limited in the number of characters in the message and are generically generated.

Wireless Application Protocol (WAP) : This is offered on smartphones and other more advanced devices. Being able to access the internet allows the user to visit the financial institution’s website. Because the screen on the device is small, the financial institution addresses that by adjusting their mobile site. That can lead to having to navigate through more clicks than what would be on a personal computer. Also, these types of devices are not enabled with anti-virus and firewall protection.

And last, there is the Mobile App. Banks create this application to be downloaded to the device in use. The application creates a reliable channel to access the accounts and perform more complex transactions. Though this option creates efficiency, the application may be only available to certain devices. And, again, the device itself is vulnerable to attack.

Online Banking:
Online banking, from a personal computer, also has its pros and cons. One con is that the personal computer is stationary. Another is that the system itself may have a virus, malware or a keylogger (a program that records the keystrokes on the system, often gaining usernames and passwords). But, ensuring that your personal computer is protected and safe, having access to the bank’s full website allows full access to the accounts.

There are many different advantages and disadvantages to both mobile and online banking. Online banking has been around a bit longer than mobile banking, and banks are constantly working on improving the options available to consumers. Consider the device you own, speak with your financial institution’s representative, and figure out which option works best for you.

Mobile Banking is a platform provided by a bank in which an Application of the concerned Bank (mobile banking Platform) is downloaded by you on your smartphone. Such platform is available for iOS, Windows based as well as Android phones. One will have to register himself/herself on that platform by opening the app and getting registered through it. In Mobile Banking you can transfer funds from your Bank Account to other bank accounts with the help of the internet, from anywhere to everywhere. However, there is some limit which is fixed by the concerned bank at which you can transfer the funds. You also get the receipt or statement of it.

In Online Banking, you directly access the Online Portal developed by the concerned Bank in a dedicated specific server maintained by the bank. In this, you can do Online transfer of funds through RTGS, NEFT, IMPS, Transfer, get your Account Statement, Transaction history, etc. There are many features which are provided in the Online Banking related to your Account. You can pay your bills online, you can pay taxes, schedule your payments, give requests for cheque book, EMI payment , standing instruction, etc. Almost all the banking services provided by banks. Through Online Banking, you can even open a fixed deposit Account.

Online Banking is a wider platform as it provides a bundle of services. Mobile Banking is a smaller concept of transferring money from one A/c to another. Online Banking has many features which are not available in Mobile Banking