Traditional banking & Mobile banking

Traditional Banking & Mobile Banking Differences, Pros and Cons

Traditional Banking Well, banking is an age old concept. Banks has various financial products like loan, bank accounts, etc.

In the strict definition, Traditional banking refers of the processes and operations of traditional financial institution known as banks. The banks allows customers to open a bank account for easier finance management and accessibilities.

Plus, they also offer a range of financial products like loans. Nevertheless, this is what traditional banking is.

Mobile Banking (Future of Banking) Mobile Banking is just like traditional banking minus all the downsides.

You see, for everything you need to visit a physical bank in traditional banking. But when it comes to mobile banking, all the user need to do is download a mobile app.

Through this mobile app, the user can access his or her bank account. In addition to this, they can get bank transfer, financial management, acquiring loan, send money, receive it, check balance, and so on.

Virtually the user never need to visit a Physical bank.

Advantages (Traditional Banking)

More access to cash and check services Specialty banking services are available In-person service offers a personal touch Wider range of financial products

Advantages (Mobile Banking)

Fast Transaction Easily Accessible No waiting line like traditional banking.

This is future of banking world.

Disadvantages (Traditional Banking) Low or no interest rates Wide range of fees Poor customer service Long Waiting Time

Disadvantages (Mobile Banking) Highly Internet based Not available everywhere No cash deposit Risk of financial fraud