How ICICI Bank Is Scaling Up Mobile Banking

by CXOtoday News Desk    Jul 08, 2015

mobile commerce

ICICI Bank has upgraded its mobile banking app ‘iMobile’ by taking the total number of services that the users can avail of to over 100, the most by any Indian bank. A host of the new services are unprecedented in the industry. The Bank is also reportedly looking to double its active mobile banking users to one crore in the next nine months, a move that will help the country’s largest private sector lender lower cost of rendering services.

The first-of-its-kind offerings enable the customers to enjoy the convenience of dual login, connect with the Bank’s call centre from within the app without any further authentication, withdraw cash from an ATM without using a card, tag frequent transactions as favorites, view integrated details of all accounts in the app itself as well as receive alerts from Google Now. The ‘all new iMobile’ also comes with strong security features.

Rajiv Sabharwal, Executive Director, ICICI Bank said, ”The ‘all-new-iMobile’ is a result of long and extensive research and has evolved into a seamless interface which comprehensively addresses every banking need of the customer. It offers more than 100 services with many industry first features across banking. We expect mobile banking to continue to grow at a rapid pace, giving us a larger scope to promote its usage among both urban and rural customers.”

iMobile is available on all mobile platforms including Android, iOS, Java, Windows and Blackberry. The upgraded app is available for download on Google Play store and Apple app store. Any ICICI Bank savings account customer, who has a mobile number registered with the Bank can download the iMobile application.

Additionally, customers can also use iMobile to update their passbook, apply for personal loans, auto loans and home loans, access their loan statement, tax certificate, EMI schedule, pay utility bills and instantly blocking a debit or credit card card from the app itself. Transactions like funding a PPF account, checking PPF statements or checking the recent transactions can also be carried out.

ICICI Bank introduced ‘iMobile’, the first banking app in India, in 2008. Since then, the mobile banking industry has been growing rapidly. The Bank commands over one-fourth share of the mobile banking industry, in terms of value of transactions in April 2015. The Bank is also the first to offer banking services on multiple channels of mobile banking including SMS Banking, call, IVR, app and browser.

The Bank services its large customer base through a multi-channel delivery network of 4050 branches, the largest among private sector banks, 12,451 ATMs, call center, internet banking, mobile banking and banking on Facebook & Twitter.

A new Zinnov study reveals that as smartphone sales continue to surge by 51 percent every three months, the mobile commerce market may grow by 55 percent from its present size of $2 billion to $19 billion by 2019.