Mobile transactions will soon overtake net banking says ICICI Bank

Transactions through mobile banking have seen a steep rise with the emergence of smartphone and high-speed data being available at a competitive price in India.

    Time and time again we hear how smartphones are taking over our daily lives. And why not, these devices have become an integral part of our lives. These devices along with apps further facilitate or help us carry out a lot of tasks like banking, booking tickets, online payments, and more apart from just using it for communication.

    Mobile transactions will soon overtake net banking says ICICI Bank

    Having said that, a new report now suggests that mobile banking transactions will overtake internet banking transactions in over a period of two years. According to banking experts, customers find using a smartphone more convenient and that it provides an easier mode of transaction.

    As such the gap between the transactions on internet banking and mobile banking platform seems to be closing down. Reports state that over the last one year, transactions through mobile banking have seen a steep rise with the emergence of smartphone and high-speed data being available at a competitive price in India.

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    The data from the Reserve Bank of India shows that transactions on internet banking platform done by customers of commercial banks stood at Rs. 6 lakh crore while that from mobile banking stood at Rs. 18862 crore in the past year. The internet banking platform will imply transactions done using laptop and desktop while mobile banking would mean transaction done using smartphone and tablets.

    While such is the scenario, lending major ICICI Bank has now stated that it foresees mobile banking to overtake internet banking soon. According to the lending major's Group Executive and Chief Technology and Digital Officer B. Madhivanan, around half of the digital transactions of savings account are taking place through mobile banking.

    "I believe that in the near future, growth in mobile banking will be led by voice-based services and technology, AI (artificial intelligence) led personalised suggestions and services for every customer and 'satchet' like financial products with small ticket digital loans and insurance," Madhivanan said on the occasion of ICICI Bank's iMobile app completing 10 years of operations.

    Meanwhile many banks and financial institutions today have their own apps which customers can download from respective app stores and then use it to carry out a lot of actions. Everything can be done in the palm of your hands. Besides, there is less need to physically visit banks these days.

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