In a move that will take the frontiers of banking transactions beyond the ATM and internet, full-fledged banking transactions through mobile phones have been introduced by ICICI Bank.

The bank has now kicked off a mobile banking service, where a customer can replicate all transactions through mobile similar to an internet banking transaction. Till now, customers were only able to get all information like balance in the account and mobile alerts through mobile phones.

The past few years have seen customers migrating from branch banking to a host of non-branch channels like ATMs, call centre and internet banking.

In case of ICICI Bank, around 55% of the transactions now happen through ATMs, 22% through the internet, 12% through call centre and the remaining through branches. Incidentally, around five years ago, transactions through internet banking was a minuscule 2%.

Through the new platform iMobile, all internet banking transactions can now be done on mobile phones. Customers can now transfer funds to ICICI Bank and non-ICICI Bank accounts, pay their utility bills and insurance premium and do a host of other operations. The application covers savings accounts, demat, credit card and loan accounts.

According to ICICI Bank ED V Vaidyanathan said, the new service will help to give more power to the customer. They can now transact from practically anywhere. He expects the new service to see transactions of over 40% over a period of time.

Both GPRS and non-GPRS customers would be able to use the service. Customers will be required to enter four-digit PIN to enter the mobile banking application, which will prevent unauthorised use of the service.

Currently, ICICI Bank has 13 million customers, Of which, there are 2.5-million active customers. It also has 7-million registered customers for SMS alerts. The bank currently sends around 20 million alerts a month.

Citi and HSBC have this service in other parts of the world. Some of these banks are now looking at launching these services here. Until now, mobile banking services, which were provided by banks, have been SMS-enabled.

Moreover, these were push-services like SMS alerts and balance enquiries. There have also been security concerns plaguing the introduction of such services since the SMS route, through which the information travels, is totally unsecured.

Aditya Menon, Chief IT officer of Obopay India — a mobile payments solutions company — said many banks have been working on a mobile-payment solution. Obopay is working with six other banks to provide a service that will enable bank customers to transfer funds to anyone who has a mobile phone and a bank account.
In fact, banks like Corporation Bank and Union Bank of India also have similar products in the pipeline.

Source : India Times

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