IDC (International Data Corporation) the premier global market intelligence and advisory firm in the information technology and telecommunications industry estimates, that the total number of registered users for Internet banking in India is over two million. But this figure needs to be adjusted for dormant users and multiple accounts (a user having accounts with more than one bank). India has a little less than a million active Internet banking users. And though this is just 0.096 percent of the total population, it represents 15 percent of the India's Internet user population. Thus indicating that the concept of Internet banking is surely catching on.
ICICI was the first bank to initiate the Internet banking revolution in India as early as 1997 under the brand name 'Infinity'.
that ICICI Bank's Internet banking users are over 65 percent of all Internet banking customers in India
ICICI Bank kicked off online banking way back in 1996 and a host of other banks soon followed suit. But even for the Internet as a whole, 1996 to 1998 marked the adoption phase, while usage increased only in 1999-due to lower ISP online charges, increased PC penetration and a tech-friendly atmosphere. To quote Mr.Anup Bagchi, head, Internet Banking, ICICI Bank, "We had launched the Internet banking service even before the RBI had formulated its guidelines. Fortunately, as it was a comparatively new concept, the regulating authorities were extremely co-operative with us."
ICICI Bank has been announced as the 'Best Consumer Internet Bank in India' by Global Finance magazine, organizer of the World's Best Internet Bank Awards 2003. In addition, it has been announced as the 'Best-Integrated Consumer Bank Site in the Asia /Pacific Region'.
As per the statement of Ms. Chanda Kochhar, Executive Director, ICICI Bank, "We are happy to be recognized for our efforts in Internet banking. Through Internet banking we have endeavoured to provide comprehensive and anytime banking facilities to our customers to enhance their overall banking experience. This has led to our registered internet banking base increasing to 4 million customers and over 10% of our banking transactions happening online."
ICICI Bank pioneered Internet banking in India and today has the largest number of retail customers on the net. ICICI Bank has been following a multi-channel multi-product retail strategy with Internet banking being an integral channel of customer interaction.
The Bank services a growing customer base of more than 7 million customers and 6 million bondholder accounts through a multi-channel access network which includes about 450 branches, 1690 ATMs, call centres and Internet banking
Costs of banking service through the Internet amount to a fraction of the costs through conventional methods. Industry estimates assume teller cost at Re 1 per transaction, ATM transaction costs at Re 0.45, phone banking at Re 0.35, debit cards at Re 0.20 and Internet banking at Re 0.10 per transaction.
Technology & Vendor Service offering - Infosys & ICICI Infotech
Software Brand Name - "Infinity"
