Mobile banking refers to financial services provided by a bank or financial institution through a mobile device, such as a smartphone or tablet. These services typically include checking account balances, transferring money, paying bills, and more, all accessed via a mobile app or optimised mobile website.

In contrast to online banking, often called internet banking, allows customers to perform banking activities over the internet using a web browser on a computer or mobile device. This service provides similar functionalities to mobile banking but is typically accessed via a bank’s website rather than an app.

Mobile banking primarily offers convenience and full-time accessibility, enabling users to manage their finances anytime and anywhere using their mobile devices. With 24/7 availability, it ensures round-the-clock access to essential banking services. Additionally, mobile banking facilitates quick transactions, allowing users to effortlessly check balances, transfer funds, and pay bills with just a few taps on their device.

Mobile banking security is vital for protecting users’ financial information and ensuring safe transactions.

Key features include biometric authentication, like fingerprints or facial recognition, for secure access, and app-specific encryption to protect data from interception. Tokenization replaces sensitive details with unique identifiers, and two-factor authentication (2FA) adds an extra layer of security through verification steps like one-time passwords (OTPs). These measures ensure trust and safety in mobile banking.