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Now, SBI to offer mobile banking on low-end handsets
By siliconindia
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Thursday, 21 January 2010, 21:41 IST
Kolkata: Having been the one among the first government banks to launch mobile banking services, State Bank of India (SBI) now claims to have developed the technology to support low-end/entry level mobile handsets for banking transactions. Till recently, only SBI customers with smartphones had access to the facility.
By using the mobile banking facility, SBI customers will be able to transfer funds using NEFT, check their account balance, get mini statements, place cheque book requests, pay utility bills and even insurance premium.
SBI's Deputy Managing Director (IT) A Krishnakumar, said, SBI is working with its service provider, Spanco Telesystems, towards this. SBI's decision to stress on alternate banking channels comes at a time when Reserve Bank of India (RBI) raised the ceiling on mobile banking transactions to 
50,000 per day from 5,000 a day. "About 25 percent of banking transactions at SBI now happen using alternate channels like ATMs, internet/mobile banking and the ratio will rise further," Krishnakumar said. He also indicated that SBI had teamed up with IBM for building a data-mining system for effective use of customer-centric information. "We have already launched the project," Krishnakumar added.
"Earlier, we faced difficulty in offering mobile banking facilities to our customers with low-end handsets. But now we have overcome this. We specifically asked Spanco to develop solutions for any new handsets that hit the market cutting across the price range."
SBI, however, did not share any numbers relating to its mobile banking customers, but the official indicated that the number is on the rise in the metros and urban centres. "We are adding thousands of mobile banking customers every day," he said.
Recently, a leading service provider said more than 50 percent of its account holders are slated to come under this platform in the next five years, following the RBI's move. The country's mobile connections are expected to breach the 50-crore mark by the end of 2010.
50,000 per day from 5,000 a day. "About 25 percent of banking transactions at SBI now happen using alternate channels like ATMs, internet/mobile banking and the ratio will rise further," Krishnakumar said. He also indicated that SBI had teamed up with IBM for building a data-mining system for effective use of customer-centric information. "We have already launched the project," Krishnakumar added.
"Earlier, we faced difficulty in offering mobile banking facilities to our customers with low-end handsets. But now we have overcome this. We specifically asked Spanco to develop solutions for any new handsets that hit the market cutting across the price range."
SBI, however, did not share any numbers relating to its mobile banking customers, but the official indicated that the number is on the rise in the metros and urban centres. "We are adding thousands of mobile banking customers every day," he said.
Recently, a leading service provider said more than 50 percent of its account holders are slated to come under this platform in the next five years, following the RBI's move. The country's mobile connections are expected to breach the 50-crore mark by the end of 2010.