NEWS & ADVICE : SAVINGS ACCOUNTS
Banking goes High-tech!
By Joseph Samson
Jun 13, 2008
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Keeping pace with the advent of new technology in the lives of people, banks are making many changes in the way people bank. Online banking and Mobile banking are finally gaining momentum, and an increasing number of people are gaining from the experience.

Syndicate Bank, a public sector bank headquartered in Manipal, has launched a new online service to enable customers apply for loans online. The filled-in application in the prescribed format, once posted online, will go to the bank's central processing server. The bank executives can see the request as a pop-up, and call the applicants for a physical meeting, if they satisfy the criteria required. This facility was originally launched to enable the small and medium enterprises (SMEs) access credit facilities, but seeing its success has propelled the bank to extend the service to students, professionals, self-employed persons, traders, corporates, agriculturists and individuals.

These days, over 80 per cent of transactions in some private sector banks take place through direct channels such as telephone, internet, ATMs and mobile phones. ICICI Bank, for example, has 85 per cent of its transactions taking place from direct banking channels. On any given day, the bank sends information on various products through one million SMSes.

"When we launched mobile banking, 7 million customers registered with us in about a year. Initially, customers were using mobile phones to receive information on account status. Slowly they have graduated to receiving statement of savings and loan accounts and getting credit invoice among others," says V Vaidyanathan, executive director (retail banking), ICICI Bank.

Not to be left behind, HDFC bank partnered with NGPay, a mobile solution brand from JiGrahak Mobility Solution, to enable customers transfer funds to any HDFC or non-HDFC bank account holder.


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