“Mobile banking transactions will overtake internet banking transactions over a period of two years as customers find it a convenient mode of transaction,” Nitin Chugh, head – digital banking at HDFC Bank said.
There is a big difference between mobile banking transactions and Internet banking transactions. With a rise in Smartphone users, the transactions through mobile phones have been increased as compared to internet banking over the last one year. According to a report of Reserve Bank of India, the customers of commercial banks have used internet banking for transactions of amount Rs. 6 lakh crore and by mobile banking the number is Rs. 18862 crore in April 2015. The internet banking platform means transactions done using laptops and desktop while mobile banking would imply transactions done using smartphones and tablets.
The mobile banking transactions have seen a bounce from Rs 3296 crore a year ago in April 2014 to Rs 18869 crore in April 2015. Digital Banking is an important aspect of HDFC Bank. Nitin Chugh also said that 63% of the bank’s total transactions are done on mobile and internet banking platforms in terms of volume. It was 13% ten years ago.
HDFC Bank has launched an app on iWatch. In the demo of iWatch, he said that as a part of their digital initiative, the bank would like to add many more transactions to its mobile banking platforms. A customer can do 175 types of transactions using HDFC Bank’s internet banking platform while, on the mobile banking platform, 80 different types of transactions can be done. HDFC Bank is planning to expand its digital banking initiative.
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