Friday, September 7, 2012

ICICI Bank to add Facebook as Transaction Platform

Hyderabad, September 5: ICICI Bank will soon add another online platform for dispensing its banking transaction services — Facebook. The country’s largest private sector lender was the first bank in India to use the social media site to provide services such as account enquiry and request for cheque.  Now it is preparing to take this initiative one step forward by offering transaction services, such as deposit or transfer of money, to its Facebook customers. This is part of its efforts to provide next-gen banking solutions, in line with its ‘Khayaal Aapka’ (your care) philosophy.
Next-Gen solutions: It has recently added tablet banking and e-locker services to its range of technology products such as Internet and mobile banking. E-Locker is a virtual online locker, which can be used to safely store electronically scanned copies of important documents in various formats. Mukesh Kumar Jain, the bank’s Chief Technology Officer, said the bank was working on this technology and indicated that it could come out with this new service in the next few months.
Social media channels will, in the near future, form an important platform for banking services, he told media-persons here today. He was in the city to launch the bank’s electronic branch, Tab Banking and E-Locker services, as part of the bank’s nation-wide rollout of next-gen banking solutions.
Security issues: In response to a question, Jain said security was not a challenge in offering transaction services through the social media platform. He said this platform will not only make it easier for customers to make use of bank services but will also help the bank expand its customer base.
Jain said although mobile banking customers formed a small group today, two-thirds of the bank’s transactions were being done through ATMs and the Internet. He said the ICICI Bank page on Facebook already has seven lakh fans. A recent study by global consultancy major KPMG had revealed that businesses in India and other emerging markets are using social media platforms more than their developed market peers to expand customer relationships.

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