State Bank of India (SBI) has witnessed a 46% surge in the mobile-banking space in the 2014, said the bank...
State Bank of India (SBI) has witnessed a 46% surge in the mobile-banking space in the 2014, said the bank in a press release on Tuesday. SBI saw 1.25 crore customers transacting via mobile phones in 2014 compared with 85.78 lakh in 2013, said the release.
According to RBI data, fiscal 2012-13 saw 22.5 million mobile banking users, witnessing a growth of 73.69% compared with 2011-2012. The volume in 2012-13 also rose 108.53% y-o-y.
State Bank of India chairman Arundhati Bhattacharya said, “India has just witnessed the launch of message-banking. We are confident once this is understood by the people, there will be an explosion of banking activities in the mobile space. This is what the future of banking holds.”
In 2014, SBI saw about 70% of the customers from non-metro cities, according to the release. The average transaction per customer was Rs 7,052, which emphasises that more retail customers are using the mobile banking facility, it added.
“At present, customers can access the bank through State Bank Anywhere — the bank’s smartphone app which is integrated with internet banking. The service which is expected to be used by the masses is State Bank Freedom, which can be accessed by all phones,” the release noted.
“Mobile banking will also play a larger role in the yet-to-be-launched payment banks with which SBI plans to have tie-ups,” Bhattacharya said.
Mobile banking is considered a significant step towards furthering financial inclusion given the vast telecom network in the country. At a recent banking retreat held in Pune, bankers had discussed digitising top 30 processes and also deepening the mobile banking penetration.