ICICI Bank plans to double its mobile banking customers to one crore by March 2016, making the bank the most aggressive player in the mobile banking space.
Banks are focusing on mobile banking and internet banking. On Tuesday, ICICI Bank and Axis Bank launched innovative mobile applications for their customers.
ICICI Bank plans to double its mobile banking customers to one crore by March 2016, making the bank the most aggressive player in the mobile banking space. The bank today has 5 million internet and mobile customers.
Rajiv Sabharwal, executive director in charge of retail banking, told reporters in a conference call, "The mobile customer base for the bank is growing about one and half times faster than the internet users. We also plan to grow the transaction value through the mobile banking channel by up to 500% over last year's Rs 16,000 crore."
"We have 50 lakh active users at present and the same will go up to one crore by the year-end," Sabharwal said. The bank is adding five lakh digital banking customers per month at present, and mobile accounts for three lakh of those.
Sabharwal said the cost of transactions through the digital channels that includes mobile and Internet banking, is one-tenth of that of physical presence, as the bank can serve a large number of customers through the initial investment in technologies. The average ticket size of mobile banking transaction is Rs 5,000.
The bank on Tuesday doubled the number of services rendered through the mobile banking application to 110, taking it ahead of rival HDFC Bank's 80 transactions, and also announced that by the end of the fiscal, customers will be able to do 200 types of transactions over their mobile phones.
According to the bank, it is the first to globally to integrate with Google Now, through which customers will receive various alerts like bill payments. Other services which get added to its mobile banking include direct calls and chats with bank executives and also cardless cash withdrawal.
Axis Bank, unveiled the 'Touch ID' - a one-touch authentication for transactions through its mobile application. Bank customers using Apple iPhone 5s and above can now complete their financial transactions such as bill payments, mobile recharge and funds transfer using this feature.
Rajiv Anand, group executive and head retail banking, said Axis Bank has currently witnessed Rs 2,400 crore worth transactions through mobile banking during the month of June 2015. Mobile transactions have grown by nearly 113% year-on-year.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}