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January 23, 2023 at 4:23 pm #156radhikaGuest
Difference between Traditional Banking and Online Banking
Offline banking and mobile banking are two different ways of accessing banking services.
Traditional banking refers to the banking system that has been in place for many years, which typically involves physical bank branches and face-to-face interaction with bank employees. This system includes services such as depositing and withdrawing cash, taking out loans, and managing checking and savings accounts.
Mobile banking, on the other hand, is a form of banking that allows customers to access their bank accounts and perform transactions using a mobile device, such as a smartphone or tablet. This can include services such as checking account balances, transferring money between accounts, and paying bills. Mobile banking typically requires internet access and the use of a mobile banking app.
The main difference between traditional banking and mobile banking is the way in which services are accessed. Conventional banking requires customers to visit a physical bank branch or to interact with bank employees over the phone or through the mail. Mobile banking, on the other hand, allows customers to access their bank accounts and perform transactions using a mobile device, regardless of location.
Additionally, normal banking typically offers a wider range of products and services such as foreign exchange, trade finance, and cash management and also acts as safekeeping and safe custody services for valuables like gold. However, mobile banking is more convenient, as customers can access their accounts and perform transactions at any time, as long as they have an internet connection.