Indore: Digital banking transactions on the rise

Bank officials are projecting steep growth in digital transactions, including internet and mobile banking, in 2015. Experts say banks are viewing branches as a place where they can render services beyond basic banking.

If you are not familiar with online banking, then it's high time that you made some efforts in that direction. Bank officials are projecting steep growth in digital transactions, including internet and mobile banking, in the coming year.

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"We see a strong growth in digital channels, and expect over 80% of our nationwide transactions to get executed through the digital channels including ATMs in financial year 2015," Axis Bank head (retail banking) Rajiv Anand told Hindustan Times.

"The personalised multi-channel banking experience like self-service ATMs, internet banking, mobile app and social media interface would be the driving force in our digital strategy," he said. Anand was in the city on Monday to share the details of the bank's digital banking services.

More and more people are going for online banking transactions, especially mobile banking, in major cities including Indore and Bhopal. "The growth in mobile banking transaction volume for Axis Bank has been five-fold over the last one year," he said adding that growth in ownership of mobile and other electronic devices is driving digital banking.

Experts say banks are viewing branches as a place where they can render services beyond basic banking such as advising people on their savings or selling them investment products.

A major fear is that of hacking of bank accounts or misuse by others who somehow get access to the password. However, all banks now use secure gateways and two-step verification for internet banking and instances of internet fraud have come down drastically. Banks are also creating awareness among the consumers on ways to reduce the risk.