What is Mobile Banking? Should I use Mobile Banking?

In the modern era of progress, banking and financial services through the internet have developed quite strongly. Mobile Banking services are gradually showing its great values in today’s modern life.

So you already know what mobile banking is?

Let’s learn more about what Mobile Banking service is in the following article.

Table of Contents

What is Mobile Banking?

As defined by the Wikipedia page, “Mobile Banking is a service provided by a bank or other financial institution that allows customers to conduct financial transactions remotely using their devices, such as mobile phone or tablet.

Mobile banking is encoded in the form of software, also known as an application released by the bank or financial institution itself. “

The condition to use Mobile Banking service is that your phone must have an internet connection through forms such as GPRS / 3G / 4G / wifi …


In a more concise way to explain what Mobile Banking is a service this is a phone application that allows you to exchange financially depending on your needs.

Currently, banks in Philippines are increasingly diversifying their financial products. In which, Mobile Banking services are gradually paying more attention.

The transactions that Mobile Banking can perform include basic banking services such as:

  • Transfer
  • Account information inquiry
  • Opening a savings account, closing a savings account
  • Payment of service bills, postpaid phone bills, top-up of prepaid subscribers …

The limit of banking transactions provided by Mobile Banking is regulated in accordance with each bank’s own policy.

The feature that Mobile Banking service brings is evaluated as simple, easy to use, diversified transaction method, compatible with many types of phones, transactions are safe and secure.

See also: What is YOY? How to calculate YOY in 1 minute

What is Internet Banking?

Internet Banking (iBanking) (or Online Banking) is an online banking service that allows customers to manage their accounts and perform transactions such as money transfer, online savings deposit, bill payment, account services. payment, tax payment … via an Internet-connected device.


Transactions of Internet Banking services can only be performed once customers enter the correct OTP for authentication and sent back to them by the bank.

Just register for Internet Banking service at a bank branch / transaction office and maintain monthly with an amount of money depending on the bank and you will find it extremely convenient because:

  • Transactions anytime, anywhere just need to have Internet without the need of banks or ATMs
  • Secure security with two-factor authentication system
  • A lot of features are integrated to transfer money with the bank – different from online banking, convenient payments, save money online, save time and increase the efficiency of personal account management.

Should I use Mobile Banking?

To answer the question above, you need to know the pros and cons of this form. The advantages of this form are:

  • Manage balance fluctuations wherever you are. Especially when you travel.
  • Payment, money transfer, easy transactions, 24/7.
  • Save time waiting at the bank branch.
  • No complicated paperwork and procedures.

Surely no one can ignore this amazing financial service. However, Mobile Banking also has a few things that always need to be improved such as:

  • Security capabilities: Security on the phone as well as security on the Internet.
  • Usage should be minimized.
  • Application stability.

Currently, all banks are trying to improve the above matters so that customers can have the best experience when using Mobile Banking. Because, this service is one of the important factors to attract customers. Therefore, you do not need to worry, but immediately register for the best Mobile Banking service to use.

Should I use Internet banking or Mobile banking?

Internet Banking and Mobile Banking are two completely different services. Although both services can be responsible for performing online transactions such as online money transfer, online payment …, which service is used depends on many factors.

Each service has its own advantages and disadvantages:

  • Mobile Banking has limited equipment to use, so there are fewer people using this service compared to Internet Banking.
  • The limitation of Internet Banking service is that there is a big gap when there are many fake websites for profit that not all customers can afford to know. If accidentally accessing the fake website will cause users to expose their account and lose money. So keep in mind the exact address of the bank’s official website.

See also: What is OTP? 4 things to note when using OTP


Almost all banks are having policies to support customers to use both services. So, take the time to experience and evaluate yourself to be able to bring out the most practical benefits and choices for you. You can use 2 services at the same time because Internet Banking and Mobile Banking fees are not too expensive each month, just around 20 PHP (depending on the bank).
In addition to Internet Banking and Mobile Banking, you can find out more about some e-banking products to choose a service that meets your needs:


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