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…
