Today, there are so many options to conduct transactions at your bank without actually going to a physical branch. Two of these methods include mobile and online banking. While most people use these terms interchangeably, there’s still a big difference between these two modes.

Defining Mobile Banking

Strictly speaking, mobile banking is an umbrella term to cover any transaction conducted using a mobile phone or device. For example, sending text messages to approve transactions or receiving SMS about your account’s status can fall under mobile banking.

However, these kinds of transactions are not as common anymore due to the advent of the smartphone.…