Both transmit with binary
Bit Rate (BAUD)
Serial - sends 1 bit at a time
Parallel - sends 1 byte at a time. It is faster, but there is a higher chance for more errors, therefore less reliable.
Simplex
1 way communication
e.g. TV,Keyboard
Duplex Modes
Half Duplex
2 way communication (however only 1 can communicate at a time)

e.g. Walkie-Talkie
Full Duplex
2 way communication (both can communicate at the same time)

e.g. Phone, Ethernet
Thanks to Josh AsCompBlog

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