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3 Advantages of Online Banking over Mobile banking

These days, Mobile apps seem to be the go-to Banking channel. Payments, Onboarding, and even Advertising takes a mobile-first appraoch. In my previous blog, I explored Why Online Banking is Still Relevant in 2019? Thanks to the Finextra community for the interesting comments on that. 

Here I try and list down a few advantages of Online Banking over Mobile. 


The three advantages (3A) of Online-Banking over Mobile-Banking platforms,

1. Flexible layout and descriptive content

In case of mobile-apps, often-times, the layout is designed to achieve maximum functionality within fewer-clicks. The ‘ease of getting things done’ is prioritized over all else. This may cause two kinds of inconvenience. Firstly, the mobile-screens assume that the user understands the functionality, its workflow to a certain extent. Secondly, there is limited opportunity for creating awareness about the workflow. 

The Online Banking platform seem to balance functionality/education better. Due to the larger layout, it is possible to include descriptions, demos in each screen. It is easier to embed awareness-packages along the workflow. A lot of industry-folks believe that online banking and its descriptive detail/layout appeals to the older-population. I can’t entirely disagree with them. 


2. Accessible anywhere and compatibility

As a consumer, Online Banking is practically available and accessible anywhere from any device. All you need is a web-browser and any internet connected device – desktop, laptop, tablet. You don’t even have to upgrade the app, once very few weeks.

From an FIs point of view as well, Online Banking platforms are easier to maintain, and roll-out new features. The platform requires a single instance of installation, unlike mobile-apps, that require at least two native apps (Android & iOS).


3. More functionalities?

Have you ever realized that a certain feature was missing in you Banking App? It happens more often than you think. Let’s consider an example.

ICICI Bank is the largest private-sector bank in India by assets and market capitalization. They even pioneered internet-banking (in 1998) in the country. As they celebrated ‘20 years of digital banking’ recently, Forrester adjudged their retail mobile-app (iMobile) as one among the world's best mobile banking applications.

Now, given the reputation and ranking, you’d expect iMobile to have the most comprehensive set of features. Actually, it doesn’t. It turns out that ICICI Bank’s internet banking platform supports 350 services, while their mobile platform has 250 services enabled.

ICICI Bank’s internet banking platform supports 40% more services than their mobile-app.

I think, its easier to prototype/test/evolve a feature the Online Banking platform to asses it popularity and adoption. For example, the calculator-tools (such as interest calculators, Loan/EMI calculators etc) are often found in the Online Banking platform and not in the mobile apps.

Does it mean, Online Banking platform continues to be the preferred channel to list the comprehensive set of features and integrations? 

Do you agree? What are the trends in your part of the world? 


Comments: (3)

Melvin Haskins
Melvin Haskins - Haston International Limited - 25 October, 2019, 08:54Be the first to give this comment the thumbs up 0 likes

I don't see any mention of security. I am of the opinion that my laptop is much more secure than a mobile device.

A Finextra member
A Finextra member 25 October, 2019, 11:00Be the first to give this comment the thumbs up 0 likes

Hi Melvin, 

Yes, you're right. The common consensus is that Browser-Based applications are marginally more secure. However, this comes with a limited capacity to offer location based, and NFC driven use-cases.

Do you think the trade-off is worth it? 

Melvin Haskins
Melvin Haskins - Haston International Limited - 26 October, 2019, 14:33Be the first to give this comment the thumbs up 0 likes

Secuirity on my laptop is significantly safer than security on my mobile telephone. In addition, I do not have apps farming my data on my laptop.

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