Internet is overtaking branch banking: Kochhar

Mumbai: ICICI Bank today said Internet-based transactions have grown to constitute a third of its total and the segment may grow to become the largest channel in future.

"More than one third of our transactions take place through Internet, making it the second most used medium. With the increase in Internet usage, it may also grow to occupy the number one position," the bank's chief executive and managing director Chanda Kochhar told reporters in Mumbai.

Branch banking may soon be overtaken at ICICI Bank. AFP

She said handheld devices like mobile phones and tablets segment, which are growing at over 100 percent every year as compared to the 20 per cent growth in desktops, will help drive this growth.

The country's largest private sector bank today launched a slew of products like an electronic branch which will do all the operations of a branch across the clock, tablet-based banking which will fasten account opening, a better point of sale terminal which can conduct a host of transactions and e-locker for storing important documents.

Kocchar said the bank wants to "democratise" the use of technology through the launch of the products so that customers outside the realm of technology can also enjoy the fruits of technology.

The bank has already made 25 electronic branches operational in 18 locations in Tier-I and II cities across the country and has launched its e-locker initiative servicing 1,000 customers.

It has already deployed 2,000 tablets as part of its "Tab Banking" initiative across eight centres in the country, she said.

Kochhar, however, refused to share investment details or the cost benefits accruing out of the initiative.

"Customers are seeking enhanced convenience and time has also become of essence. We have studied customer requirements and launched the products which will help customers," Kochhar said.


Updated Date: Dec 20, 2014 11:28 AM

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