Mobile banking gains popularity

Bankers say that mobile banking platform in next six months will undergo a massive change . While the telecom operators are gearing up to launch voice-based transaction platform, the cellphone operators are working on introduction of automatic speech recognition system within the period which will take the mobile banking to the next level.

Written by Kumud Das

June 12, 2009 00:46 IST

The mobile banking will be used by more customers than the internet banking in future.

Bankers say that mobile banking platform in next six months will undergo a massive change . While the telecom operators are gearing up to launch voice-based transaction platform, the cellphone operators are working on introduction of automatic speech recognition (ASR) system within the period which will take the mobile banking to the next level.

Talking to FE on the sidelines of mobile banking conference, which was held in Mumbai on Thursday, KVS Manian, group head-retail liabilities & branch banking, said that almost 7-8% of his bank?s customers have already switched over to mobile banking, whereas the customers relying on internet banking comprised 15% of the total customer base of 10 lakh .

But most of the transactions through mobile banking are SMS-based and merely 1% of them are doing transactions through GPRS-enabled cellphones .

However, Manian is hopeful that the mobile banking, which is in its nascent stage right now, will grow at such a fast level that it will overtake the internet banking over 2-3 years of time.

This article was first uploaded on June twelve, twenty nine, at forty-six minutes past twelve in the am.