If many users and customers of Microfinance institutions or Banks are increasingly fond of value-added products that facilitate their daily life and allow them to manage their finances from the comfort of their homes and other places of activity, they are sometimes confused between the concepts of Web Banking and Mobile Banking which offer similar possibilities. In this article, we propose to bring some clarifications to help more than one.
Mobile Banking or online banking refers to neo-banks that are accessible on a mobile smartphone or a tablet and allow to manage one’s account entirely from its application. This financial service is provided by telephone operators and allows, among other things, to consult the balance of an account, to transfer money, to make online payments and to pay bills.
It has many advantages, such as the possibility of carrying out banking operations very easily via your smartphone. The ability to manage your finances at any time and from anywhere using a dedicated application such as managing bank cards compatible with the application. As a tool for anticipation, a banking application can be used to consult in advance the amount of your next debits. It also allows you to consult and download your account history and statements.
Mobile banking has a lot of advantages, but it also has a lot of dangers. The risks linked to the use of a mobile device where the levels of vigilance and security of identifiers, passwords, access codes, fingerprints or facial recognition are high. In addition to this, there are limitations related to the restriction of the scope of banking operations such as depositing checks digitally or by mail. The impossibility also concerns the deposit of cash since a mobile bank operates remotely.
Web Banking also called Internet Banking or e-Banking is a kind of virtual bank accessible through the Internet. It is therefore a banking system offered to users and bank customers, to enable them to benefit from dematerialized personal and professional banking services. It is convenient via cell phones, tablets and computers connected to the web. The advantages and disadvantages of e-Banking are similar to those of mobile banking. Except that in addition, it is absolutely necessary to have a good internet connection to access the website through which the operations are done.
Unlike the classic e-Banking via browser, the customer of the financial institute that wants to enjoy the features of mobile banking has a program specially designed and therefore duly secured for the digital management of banking operations.
Several risks are to be enumerated following the use of these remote financial services among others the need to have Smartphones and tablets which are (small) computers and therefore present the same risks: loss or theft of data, malware attacks, unauthorized access etc. Their mobile nature also exposes them to other dangers, such as loss or theft. The other handicap of mobile banking or web banking is their “virtual” nature, the impossibility of meeting one’s banker in the flesh are reasons that make some users hesitant and nostalgic for the more flexible and empathetic human interaction in an African socio-cultural environment. But the benefits of mobility far outweigh the dangers to the point where they are now a business requirement for any bank or microfinance institution worthy of the name.
With more than 15 years of cumulative experience on the CEMAC market, the Fintech ITECH SARL, specialist in the provision of corebanking, having understood this, has focused on the development of web banking but especially mobile banking. The latter, which is particularly adored, has taken off considerably via the electronic payment offered by telecommunications operators. The aforementioned means of payment, which facilitate the life of a good fringe of the population located, among others, in isolated areas that are little or poorly served by financial institutions, are now integrated into the Mobile Banking module published by ITECH SARL.