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Banks log on to social network sites for business

Apart from Twitter and facebook, WhatsApp is also being explored as an option for banking

Policy Pulse
Publish Date: Aug 27 2016 1:56PM | Updated Date: Aug 27 2016 1:56PM

Banks log on to social network sites for business

 Banks are making entry in in social media banking with focus of easing transactions for customers.

 
ICICI Bank, which launched ‘iMobile SmartKeys', few days back, helps customers to transfer funds via chat, messenger, pay bills, email or games without having to exit their existing application in their smartphones.
 
Customers would not have to  switch tabs or apps to access `iMobile', making for faster transactions. 
 
Abonty Banerjee, senior general manager & head (digital channels), ICICI Bank, says, "We have had more than 4 million downloads of ICICI Pockets since the launch in 2015. One doesn't need to know the bank branch or IFSC code, account number to send money to any contact on social media. How it works is -you send a e-coupon in their name, which they can redeem in 3 days.". 
 
"After you send the e-coupon via email, SMS or Facebook, they can enter their bank credentials and redeem the coupon. To redeem the coupon, a passcode would be sent to the registered mobile number, which can be shared with the friend to whom the money is being transferred to," he added.
 
 For opening fixed deposits, checking account balance or recharging your prepaid mobile, one can also tweet to ICICI Bank.
 
 "An accunt holder can send a direct message (DM) to the bank account and get an OTP for authenticating it," says ICICI Bank. 
 
Apart from Twitter and facebook, WhatsApp is also being explored as an option for banking. 
 
At the DBS Bank, chatbots are to be brought for public  so that customers can interconnect with the bank via WhatsApp, Twitter and Facebook. 
 
"Texting  for free s the easiest mode of communication. And traditional banking regrettably has a very structured format and too many numbers to be keyed in," said Olivier Crespin, group head (digital bank), DBS.