HDFC Bank is likely to expand its offer of comprehensive mobile banking services to its customers.
This was stated by V Ramakumar, CEO, Tarang Software Technologies – the company which is currently developing the requisite mobile banking solution for HDFC Bank. Tarang had also designed one of the internet banking solutions for HDFC Bank in 2002.
He said, “We will be able to offer a complete bouquet of mobile banking services to HDFC Bank by eliminating the dependence on mobile payment service providers who levy a fee on every mobile banking transaction done by the bank’s customers. The move is expected to cut HDFC Bank’s mobile banking transaction cost up to 80%. The technology would also enable HDFC Bank customers to eliminate the usage of general packet radio service platform for transferring funds, paying utility bills or buying goods or services by using their mobile phones without using a text messaging facility.”
“HDFC Bank will be able to expand its services well beyond the web banking platform as the amount of mobile phone users exceed far beyond the number of internet users in India. Currently, we are negotiating with five Indian banks that are keen to offer our comprehensive mobile banking solution to their customers,” said Ramakumar.
A Rajan, country head, operations, HDFC Bank, said, “At present, we offer limited services through our mobile banking platform to HDFC Bank customers. Thus there is a need to develop a sustainable model that offers a complete range of payment services through the usage of mobile handsets.”
Currently, mobile banking solution of HDFC Bank offers the usage through short messaging service that does not facilitate its users to buy goods or services, or make utility bill payments.