IMPS – Launch news in the 2nd week of September 2012

            In the 2^nd week of September 2012, 3 Banks with different IMPS sub-products have gone live.

01) On 13/09/2012, Central Bank of India has gone live on Internet Banking channel for IMPS transactions 

In January 2012, Central Bank of India had launched a ‘Go Green Campaign’. The main focus of the campaign was to motivate the customers to : -

- Opt for e-statements

- Use internet banking (24 x 7) for banking transactions

- Use e-voucher machine for transactions.

            As a give and take tool, the customers as well as the staff members were to be incentivized / rewarded for use of Green Banking.

            As there was tremendous response, the ‘Go Green Campaign’, was extended till July 2012, and now up to Dec 12.

During the initial campaign period, CBI could collect 4874618 Mobile Numbers, 2913817 PAN Nos and 146846 E-mail ids.

02)On 13/09/2012, Punjab and Maharashtra Co-operative Bank has gone live on IMPS.

The Brand name of PMC Bank’s IMPS is “Mobile Pay" and the slogan is “Baithe Baithe Ghar Pe Banking Ab Mobile Pay".

03)On 11/09/2012, Indian Bank has gone live on Internet Banking channel for IMPS transactions and also gone live on IMPS using Account No and IFS Code.

To encourage ePayments, Indian Bank has launched a new facility for it bank customers.  Indian Bank customers now make TNEB bill payment using mobile phones through SMS

HFDC Bank ATM’s – 40% faster

 

HFDC Bank ATM’s – 40% faster

The race to retain the ATM Transactions on their network has begun amongst the banks.

An ATM transaction of its customers on its own network is cheaper than the same transaction on another bank’s ATM Network. This is because the Bank need not pay Interchange Fees for transactions on its own Networks. Plus, the more number of transactions, the lesser will be the average ATM maintenance cost.

At the same time, with more and more features being added to ATM’s, it makes sense for Banks to encourage customers to use their own ATM Network, instead of other banks ATM’s.

Hence, a differentiator is vital, to attract its own customers to its ATM Network.

In this regard, Corporation Banks, facilities viz:NEFT Transfer, Tax Payments at its ATM, is a pioneer.

HDFC bank has taken a different route, and is focusing on the primary purpose of an ATM i.e to dispense Cash.

The readers are familiar with the ‘Myfavourite’, jargon in PC’s/Mobiles/TV’s/Ac’s/Washing machines/Web browsing.

HDFC has extended the ‘Myfavourite’ theme to its ATM’s too.

It has reduced the steps necessary to withdraw Cash from its ATMs, by inserting a ‘Myfavourite’ option.

More details can be accessed at http://www.hdfcbank.com/personal/Access/ATM/atm_faster.htm

The ‘Myfavourite’, option apart from speeding up the transaction time, also aids HDFC Bank in reducing the Electricity cost at its ATM’s and also aids in t

the increase of average number of transactions.

To make this new option, HDFC Bank has unveiled a TV Advertisement campaign.

I am wondering whether the ‘Myfavourite’, option is open only for HDFC Bank Account Holders or is it accessible to other Bank Account holders too?

Ok, folks, I am an optimist!!

Loyalty Rewards Program-State Bank of India

Loyalty Rewards Program-State Bank of India

State Bank of India has launched a new Loyalty Rewards Program, for its Retail Internet Banking customers.

The complete details of the Program can be accessed @

http://www.sbi.co.in/user.htm

This Program is one more initiative by State Bank of India, to encourage Retail customers to avail the Internet Banking Facilities for their daily needs.

At present the rewards program, is only a few types of Transactions, and not the whole range of internet banking transactions.

State Bank of India, has kick-started this program with reward points for the following Transactions.

The number of points rewarded for each transaction type is as per the following table

Transaction Type	No. of Points Rewarded
RTGS/NEFT	5
Bill Payment/Merchant	6
IRCTC	10
VMT	10
Govt Tax Payments	20

The high-lights of this Program are

01)                      On execution of any Transaction mentioned above, the relevant reward points are credited to the users account.

02)                     Users can redeem the points, once a minimum of 400 points is reached and later in multiples of 100 points.

03)                     The Value of 1 point is .25paise.

04)                     On redemption of the points, the equivalent cash is credited to the retail user’s state bank of India account.

05)                     As of now, this facility is not available for Corporate Users.

My Comments:

A)  This program is a good incentive for State Bank of India Retail Internet Users.

B)   This program will encourage the users to try out new options.

C)   However, I feel State Bank of India, could have made this Loyalty program by

01)                      Awarding more points to RTGS Transaction over the NEFT Transaction. The value of a RTGS transaction is minimum Rs1 lac. Hence, this might make sense.

02)                     Awarding points to other types of transactions viz:

a)    Cheque Book Request

b)   Request for Fixed Deposit.

c)    Request for Cumulative Deposit.

d)   Request for Internal Funds Transfer.

A transaction executed on the Internet banking, means that transaction is avoided at the Branch Level, thereby benefiting the Bank only.