What are the different types of Online banking? Differentiate between internet banking and mobile banking.

Types of Online Banking

Online banking, also known as internet banking or electronic banking, has evolved to offer various services to users. The different types of online banking include:

1. Internet Banking: Internet banking refers to banking services that are accessed through a web browser on a computer or laptop. It allows users to perform a wide range of banking transactions, such as checking account balances, transferring funds between accounts, paying bills, and accessing statements.

2. Mobile Banking: Mobile banking refers to banking services that are accessed through a mobile device, such as a smartphone or tablet. It offers many of the same services as internet banking, but is optimized for use on a smaller screen. Mobile banking apps can be downloaded from app stores and offer features such as mobile check deposit and account alerts.

3. Digital Wallets: Digital wallets are apps or platforms that allow users to store payment information, such as credit card or bank account details, securely on their mobile device. They can be used to make online purchases or in-store payments using a smartphone or other mobile device.

4. SMS Banking: SMS banking allows users to access banking services through text messages. Users can send text messages to their bank's designated number to check account balances, view recent transactions, and perform other banking tasks.

5. ATM Banking: While not strictly online banking, ATMs (Automated Teller Machines) offer many of the same functions, such as cash withdrawals, deposits, and account transfers. Some ATMs also offer additional services, such as bill payment and account management.

Difference between Internet Banking and Mobile Banking:

1. Accessibility: Internet banking is accessed through a web browser on a computer or laptop, while mobile banking is accessed through a mobile device such as a smartphone or tablet.

2. Convenience: Mobile banking offers greater convenience as it can be accessed from anywhere, at any time, as long as there is an internet connection. Internet banking, on the other hand, requires access to a computer or laptop.

3. Features: Mobile banking apps often offer additional features that are not available in internet banking, such as mobile check deposit, fingerprint login, and location-based services.

4. User Interface: Mobile banking apps are designed for use on smaller screens and are optimized for touch interaction, making them more user-friendly than internet banking interfaces on mobile devices.

In conclusion, online banking has evolved to offer various types of services to users, including internet banking, mobile banking, digital wallets, SMS banking, and ATM banking. Each type of online banking offers unique features and benefits, catering to the diverse needs of users in an increasingly digital world.