Banking on App Ideas: E-banking Evolving
Times of India reports the relatively low cost of developing apps has triggered an innovation boom in banking. Features are being added to mobile apps on a weekly basis as against Internet banking where changes have been gradual. On Tuesday, Axis Bank announced the first biometric authentication for mobile transactions, while ICICI Bank's mobile app now allows account-holders to send cash to contacts through a code which can be used for cardless ATM withdrawals.
The two leading private banks announced new features as they relaunched their mobile banking apps. Axis Bank's fingerprint ID feature is available on the iPhone and other high-end phones that have the hardware for fingerprint scanning. Axis has also joined ICICI Bank and HDFC Bank in 'watch banking' with a solution for the iWatch. While the earlier trend was for banks to try and squeeze in features of Internet banking into the mobile interface, the current year has seen banking apps with features that are native to the mobile platform. According to Rajiv Sabharwal, ED, ICICI Bank, although cost reduction is not an objective, banks are reaping the benefits of lower transaction costs as customers migrate.
Consumer banking is changing very rapidly. Banks are struggling to keep up with tech companies.