India’s largest private sector lender, ICICI Bank, has revamped its mobile banking application and now offers 110 banking services on it. The application now allows the bank’s customers to login with either their user id and password provided by the bank or PIN set by the customer itself.
Rajiv Sabharwal, executive director at ICICI Bank, in a conference call said that the previous version of the mobile banking app had 55 transactions enabled on it. Sabharwal added that the adoption of mobile banking is exceeding that of internet banking and the lender expects to add 1 crore customers on their mobile banking application by the end of the fiscal year. For the month ended April 2015, ICICI Bank clocked in more than 3.8 million transactions through mobile banking according the Reserve Bank of India (RBI) data.
Some of the new features of the mobile banking application include:
– Customers can link and view all their relationships with the bank including accounts, PPF, demat accounts, cards and mortgages.
– Make payments to contacts on their phones. The sender will have to enter the amount to be sent via the app and the recipient gets an SMS with a link where they will have to enter their bank account details and IFSC code. The sender will then get an OTP which they will have to share with the recipient to authenticate the transaction.
– Send money to anyone in the country via cardless cash withdrawal. The sender will have to enter the amount to be sent through the app and the recipient’s phone number. The recipient will receive a code which will allow them to withdraw money through ICICI Bank’s ATMs without using a debit card. The sender will also receive an OTP which they have to share with the beneficiary to authenticate the transaction. As per the RBI regulations, the limits for cardless cash withdrawal is Rs 5,000 per transaction with a monthly limit of Rs 25,000.
– The app is also integrated with Google Now and customers will get alerts and notifications on the payment due date of their credit card, maturity of their FD among others. Sabharwal added that about one lakh customers have subscribed for the Google Now integration.
– The application also has a built in chat feature which allows customers to directly message a bank’s representative.
Some mobile banking numbers from ICICI Bank
– The bank says close to 60% of transactions are carried out on internet and mobile banking channels. Sabharwal added that the value of transactions which flow through mobile banking is one third of what flows through internet banking. “But if you look at the incremental number of customers we are adding, month-on-month, for mobile banking it is more than that for Internet banking. The split of mobile banking exceeding Internet banking will happen sometime during this year,” Sabharwal added.
– The average ticket size of a mobile banking transaction at ICICI Bank is Rs 5,000.
– ICICI Bank’s digital wallet service, Pockets, has seen more than one million downloads.
– The bank is averaging about 5 million transactions over digital channels per month and Sabharwal added that about 3 million transactions happen over mobile banking while 2 million happen through net banking.