SBI leads mobile banking chart with over 38% market share


Posted on:23 Mar 2016 14:58:07

SBI leads mobile banking chart with over 38% market share
23 March 2016 Current Affairs: State Bank of India, the nation's largest lender, is also the leader in digital banking in the country in both volume and value terms, handling over 38 per cent mobile banking transactions a month. The bank, quoting the Reserve Bank data for December 2015  Said in December 2015, SBI accounted for 38.44 per cent of total mobile banking transactions in terms of volume and 35.97 per cent market share in terms of value. SBI leads the mobile banking space with 151.83 lakh transactions worth Rs 17,636 crore in December 2015. As against this, the closest rivals, who are all private sector lenders, pale. ICICI Bank, the second largest lender, had just about 70.01 lakh transactions, followed by Axis Bank with 60.28 lakh and HDFC Bank with a low 39.13 lakh, in volume terms. Commenting on the achievement, SBI chairperson Arundhati Bhattacharya said in terms of mobile banking volume, the bank has been consistently maintaining leadership position since April 2015. In May 2015, SBI launched mobile banking variant StateBankAnywhere-Saral which is meant for small and medium firms with single authorised signatory/user. Another variant StateBankAnywhere- Corporate for large corporate customers was launched in October 2015. These apps have been receiving significant response from on-the-move corporate customers and are facilitating a large number of high-value transactions through their mobiles. State Bank has a mobile app for each segment covering a wide range of customer needs. The app 'State Bank App Kart' gives its users a seamless user interface for installing, opening or upgrading mobile applications of the State Bank Group. Its another platform is SMS Banking with the app called SBI Quick that facilitates inquiry related options for everyone even from basic phones. Then the bank also has a mobile wallet 'State Bank Buddy' with a user base of around 2.5 million. 


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