ICICI Bank is looking to double its active mobile banking users to one crore in the next nine months, a move that will help the country's largest private sector lender lower cost of rendering services. It is also aiming to grow the transaction value through the mobile banking channel by up to 500 per cent over last year's Rs16,000 crore.
“We have 50 lakh active users at present and the same will go up to one crore by the year end,” its executive director Rajiv Sabharwal told reporters on Tuesday in a conference call.
Through the aggressive play, Sabharwal said the bank is hoping to increase or atleast maintain its market share in the mobile banking segment, which stood at 25% last year. Sabharwal said the cost of transactions through the digital channels that includes mobile and Internet banking, is one-tenth of that of physical presence, as the bank can serve a large number of customers through the initial investment in technologies.
He said the growth in mobile banking, which includes applications for both account holders and non-account holders, is outpacing Internet at present.