SBI witnesses 46% rise in mobile banking in 2014 with over 1.25 crore users

State Bank of India (SBI) has witnessed a 46% surge in the mobile-banking space in the 2014. SBI saw 1.25 crore customers transacting via mobile phones in 2014 compared with 85.78 lakh in 2013. SBI, with over 1.25 crore registered mobile banking customers, remains the undisputed market leader in this segment.

In 2014, SBI saw about 70% of the customers from non-metro cities. The average transaction per customer was Rs 7,052, which emphasises that more retail customers are using the mobile banking facility.

At present, customers can access the bank through State Bank Anywhere — the bank’s smartphone app which is integrated with internet banking. The service which is expected to be used by the masses is State Bank Freedom, which can be accessed by all phones.

The promotion of alternative channels is part of SBI's strategy to decongest branches, which is expected to increase as the bank has opened over 1.85 crore new accounts under the Prime Minister's Jan Dhan Yojana. State Bank of India chairperson Arundhati Bhattacharya said, “India has just witnessed the launch of message-banking. We are confident once this is understood by the people, there will be an explosion of banking activities in the mobile space. This is what the future of banking holds.”

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