Banks and insurance companies, which are keen on launching more information technology solutions to make customers more self-reliant, are upgrading their online and mobile modes of payments.
The country?s largest lender, State Bank of India, has launched its internet banking mode of payment for both corporate as well as retail segments. This is mainly to lower the burden on its branches.
RP Sinha, deputy managing director, SBI, told FE, ?We are planning to handle 20% of our transactions through internet banking and mobile banking by the end of the fiscal. It was in this context that we launched mobile banking of late after getting clearance from the apex bank, said Sinha.
Some of the facilities that have been made available through mobile banking by the SBI include balance enquiry, transfer of funds from one bank to another along with small payments.
The bank is planning to spend Rs 1,000 crore on IT innovations by the fiscal-end. The country?s second largest state-owned lender, Punjab National Bank (PNB), will instal self-service kiosks at 25 of its branches, the solution for which has been provided by Intelvision.
Confirming the move, BP Chopra, general manager, operations, PNB, said, ?On successful completion of the pilot project, we will be installing the system at many of our branches.
Some facilities being provided through the system include issuance of draft, opening of an account, added Chopra.
Pankaj Sharma, senior vice-president, ICICI Prudential Life Insurance, said, ?Overall, self-service is 60% of our entire transactions. We have witnessed a growth of 400% on the front of transactions through website within the last one year to 10 lakh transactions in FY? 08 from 2.5 lakh a year ago.?
?Some of the services being offered by us through website include life cycle (policy certificate), checking next premium due, premium certificate and even tax certificate,? added Sharma.
