Difference between Mobile Banking & Phone Banking ?
What is the difference between Mobile Banking & Phone Banking ? Same word or used in different context or is technically different ?
- falsi fiableLv 79 years agoFavourite answer
Phone banking means using your touch-tone telephone and responding to voice prompts using your telephone keypad.
Mobile banking means using a smart phone that can run a banking app.
- 9 years ago
Hope you get your answer. We were just talking about this the other day. A close relative of mine is a banker whose bank offers Phone Banking but not Mobile Banking. I think that what this means is that they do not have a Mobile website nor the perks of actual banking on your phone (taking a picture of a check to deposit it without a trip to the bank), but you can still access your account information via smart phone. Not positive about that, but pretty sure they are two different things.
- 9 years ago
When you call the bank from your telephone and respond to voice prompts by dialing in appropriate keys on your phone... that is called as phone banking. Phone banking also gives you the option of talking to a customer care executive of the bank.
Mobile banking refers to you sending SMS codes to a certain number for a limited set of operations. For eg, Most banks offering mobile banking will sms you the account balance when you sms the code word - BAL.
Mobile banking can also include downloading an app on your phone which would eliminate the need for sending an sms every time.Source(s): Experience
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- Anonymous9 years ago
They both are same.