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The Indian Internet Banking JourneyICICI – Internet Banking Initiatives Contd...R. Ramraj, Managing Director, Satyam Infoway, said, "ICICI bank has many corporate clients and the idea is to develop e-commerce on a B2B platform where payments will be facilitated through ICICI. The alliance is going to give a big fillip to B2B." Infinity's services included account information, funds transfer, bill payments, online Real-Time e-shopping payments; communication with bank manager, various customized services. The products were targeted at two different customers: individuals and small businesses, and corporates having an annual turnover of over Rs 500 million. In the first half of 2000, ICICI introduced new Internet banking products for school and college students. Kid-e-bank was introduced to help children between 5-12 years to open an account and check the account balance on the Internet.
However, analysts felt the biggest gain was BoM's IT-savvy employees. By 2001, ICICI bank had emerged as one of the leading providers of Internet banking services in India. The bank was reportedly moving towards becoming a full-fledged e-commerce company in a couple of years. Nachiket Mor, Head of ICICI Treasury said, "The Seven-Eleven supermarket chain in Japan has recently applied for a banking license. This is the way world is moving. If supermarkets get into banking, then it is also time for banks to get into the selling of consumer durables." The FutureDespite the rosy predictions and increased corporate activity, the Indian Internet banking system is facing many hurdles. The problems include operational risks, security risks, system architecture risks, reputational risks and legal risks (See Exhibit I for Problems in Internet Banking). |
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