An online money management system and a banking application pursue distinct but interconnected goals in personal finance. While online banking mostly represents the services of specific financial institutions, an online money management system grants comprehensive control over different accounts from varying banks.
Online banking focuses on transactional features like checking balances, transferring funds, paying bills, and depositing checks. Money management systems encompass a broader range of tools that unite financial information from multiple accounts and aid in budgeting, expense tracking, investment management, and long-term goal planning.
Essentially, banking application software aims to address transactional banking needs within a specific institution. Online money management systems, on the other hand, offer a more expansive and holistic approach to personal finance, giving a user a complete financial picture across multiple accounts and banks.