Excited about a press release on Money Mobile, Chennaibest.com spoke to R.Narasimhan, Regional Head, Corporate Banking, IDBI (Industrial Development Bank of India) bank South zone.

IDBI Money mobile was launched as part IDBI bank's efforts to modernise its banking operations, with a thrust on e-commerce. Money mobile is an attempt to make banking customer-friendly. This bank, in Chennai, controls four states in South India - Tamil Nadu, Kerala, Karnataka and Andhra Pradesh. It is promoted by IDBI. It is a commercial bank. The Chennai branch was opened in August 1996. The bank has database control in Mumbai and every branch is connected to the Mumbai database through Very Small Aperture Terminal (VSAT). This is called Anywhere Banking. A customer, in this type of banking is a customer to the bank and not to a branch. In such a concept, it is not mandatory to have a brick and mortar office to conduct banking operations. They can access their accounts anywhere in any branch. This is possible through the VSAT. Every transaction strikes the main database at Mumbai and comes back to us. We do not have any books or papers. The customer will not know any difference. So once we had such a system, we started to improve the delivery channels to the customer. This has been done through an Automated Teller Machine (ATM) and now we have the Money mobile. Hexaware is providing us the technical know-how. We have started this service at 10 major centres in the country.

We are not the only bankers in the country to offer this facility for the customers. But our speciality lies in the fact that we are not tied up with any particular Cellular service provider. Any person who has access to a cell phone can reach us.

The security is two-way. One is that the customer has to get a customer validation at the branch. He has to come to the branch and we verify the credentials. An application form is filled in and signed by the customer. Then the computer approves his application. After this the customer will get a password.

For WAP-enabled ones, Money mobile works. In a WAP telephone the customer can do interactive banking. For normal cell phones, it will be like a paging service. 98% of users in India have access to ordinary cell phone; they can reach us through the SMS, (short message services). For SMS, we have two numbers through which the customers can reach us. The typed message should not exceed 160 characters.

This service is offered free of cost by the bank to the customers. Only WAP is operated on an STD. SMS is counted as a local call.

WAP cell phones are very expensive. As of now, the density of WAP phones is very less. The technology is new. Slowly, as the number of users increase, the cost will also come down.

ATM implies that the customer has to physically move out and go to an ATM centre to undertake transactions. Even online transactions on a computer involve some amount of mobility. But in Money mobile the account can be accessed walking, talking, singing and even swimming! That is the Advantage. It is totally mobile. It gives great convenience for the customer. Anywhere in India this can be utilised.

It has got immense potential. Any one with a cell phone access can reach us. It will pick up in the years to come.

WAP is done through internet. Only through its implementation will we know the limitations. At present, the scheme is in operation for a week. We have had no complaints so far.

At the moment we are not transacting anything. In phase -II, we intend to introduce other facilities. We intend to provide information on E-Sec and ATM locators in the country. At present, we just allow the customer the position of his account.

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