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Wednesday, July 1, 2015

Mobile banking: SBI eyeing top spot in value terms

In the ongoing competition to retain existing customers as well as attract new ones with digital banking services, the country’s largest bank, State Bank of India, hopes to pip HDFC Bank to become the largest mobile banking player in value terms. At present, even as SBI has the highest volume of transactions on the mobile banking platform, in value terms, SBI remains at the third position but aims to reach the top.

“This will happen before the end of this year. What has happened is that our corporate internet banking was not available on mobile. For that you will see the launch very soon. And as soon as this corporate internet banking comes on mobile we will catch up with the numbers,” said Arundhati Bhattacharya, Chairperson, SBI. RBI data show that in April 2015, HDFC Bank recorded transactions worth Rs.5,686.5 crore, while SBI’s transaction value stood at Rs.1,701 crore; the total value of transactions on the mobile banking platform in the sector stood at Rs.18,869 crore.

“The reason is (that) we are only getting the retail segment onto the mobile. The moment corporate internet banking starts happening on mobile, these numbers are definitely going to go up exponentially. We have a plan as to how we need to take a leadership there… We hope to achieve this in the next 12 months,” she said.

After tying up with big e-commerce players such as Amazon, Snapdeal, PayPal, MakeMyTrip and others, SBI will also shortly open a separate digital vertical to spur its business through the online medium.

“Lending has definitely become more secure online and…it is comforting,” she added.

Source : Thehindubusinessline


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