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Only 5% of transactions happen at ICICI Bank branches while digital accounts for 60%

ICICI Bank

ICICI Bank, the second largest bank in the country, said that only 5-6% of their transactions happen at branches while over 60% of transactions happen through digital channels. ICICI Bank’s digital channels include net banking, mobile banking, Pockets app.

In a recent interview with the Economic Times, CEO Chanda Kochhar said that the bank is in the process of converting every product and service to digital. Recently, ICICI Bank has formed a dedicated Technology and Digital Group which will be integrating all technology functions across retail, wholesale and SME businesses. The key functions of this group include strengthening digital channels, business intelligence and use of analytics. It has appointed Madhivanan Balakrishnan to head the group.

As on June 30, Internet and mobile formed 64.9% of all the transactions, while ATM transactions accounted for 23.6% of all transactions. It has 44 lakh registered users for the Pockets app.

Meanwhile, State Bank of India (SBI) said that 78% of of its transactions are happening on digital channels. It needs to be noted that SBI classifies digital differently and it includes net banking, POS transactions, mobile banking, kiosks and ATMs and cash deposit machines. As on June 30, the percentage for the various channels stood at:

– Net banking (18.45%)
– POS (6.16%)
– Mobile banking (2.07%)
– Kiosk (7.66%)
– ATM and cash deposit machines (44.05%)
– Branch banking stood at 21.6%

UPI virtual addresses

Last month, ICICI Bank claimed to have crossed 1 million virtual payment addresses (VPA) on the Unified Payments Interface (UPI) within 3 weeks of launch. On the UPI, the VPA acts as a financial address for a user instead of their 16 digit bank account number and the 11 digit IFSC code.

The bank also tied up with C2C payments company Instamojo and payment aggregator ftcash for UPI payments. The UPI will be a payment option for Instamojo and ftcash and ICICI Bank will process the transactions. Banks are tying up with payment intermediary companies in an effort to build up a merchant base for the UPI. For UPI transactions with merchants, banks are allowed to charge a higher fee as compared to P2P payments.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ