News

Mumbai bank customers embrace non-branch banking

April 9, 2012

In Mumbai, bank customers are beginning to embrace off-premises banking and banks are only too happy to oblige them, said an article at hindustantimes.com.

"We have witnessed that household customers are now not going to bank branches for routine transactions," KVS Manian, president of consumer banking at Kotak Mahindra Bank told the Hindustan Times. "Non-branch transactions, which happen through Internet banking, phone or ATMs, are now around 80 percent of the total transactions."

As more bank customers come to view the ATM as a bank branch in itself, banks are looking for additional ways to automate transactions, extending convenience to the consumer and generating savings for the bank.

Side-by-side with some of the India's 91,000 ATMs, bank customers are now seeing devices such as cash-deposit machines, Internet kiosks, information kiosks and phone banking devices. This increased access to cash and transaction services means that banks are experiencing less of the pre-holiday traffic that normally clogs their teller lines.

"Banks now do not witness cases of sudden increase of withdrawal of money from ATMs or crowds in bank branches a day before long holidays, because customers know there are alternate channels such as Internet, ATM and phone to carry out transactions," senior vice-president of Axis Bank Julius Samson told the Hindustan Times. The bank now has 200 cash-deposit machines and plans to add another 300 soon.

For more on this topic, visit ourtrends/statisticsresearch center.