SBI mini savings goes mobile with Eko

SBI mini savings goes mobile with Eko.

State Bank of India is by far the largest bank in India.

To give you a sense of scale, in 1H of FY 10 (Apr – Sep 2009) customers opened  a staggering 7.3 million accounts (saving & checking only does not include loans, FDs / CDs etc)

Here are some key stats for the bank:

Source: SBI Investor / Analyst Presentation

With 51,000 mobile users, this is really a microb of a base for a bank 47m debit card holders and 1.7 billion ATM transactions per day but what is interesting is if you look at the transactions / month per user or account,mobile banking has higher use rate.

Transaction / Month Per Account (Sep-09)
Debit Card – ATM 6.1
Internet Banking 1.25
Mobile Phone 1.8

This could be driven by 2 factors:

1. The obvious higher penetration of mobile phone vs. internet users, especially across the masses

2. The accessibility & usability of mobile phones.  It is easier to transact with the mobile in a crowded train, while walking on the street versus a computer.

Hopefully with the another 400m potential users out there for mobile banking and introduction of services like Eko we’ll see higher user counts and transactions in the coming year.


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