The Industrial Credit and Investment Corporation of India (ICICI) Bank yesterday launched, 'Infinity-Internet banking' -- for the first time in the country wherein a bank is offering Internet as a banking channel for retail as well as corporate customers.
Bangalore-based Infosys Technologies, one of the leading software company has provided the bank with the software -- Bankaway -- for establishing the Infinity-Internet banking. Software is a complete on line and Internet banking solution.
P V Maiya, chairman of ICICI Banking Corporation, said, Infinity will be of immense benefit to both, corporate and retail customers.
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Through Infinity, customers can access their accounts 24 hours a day throughout the year. They can bank anytime throughout the day from the home or office and can access the account from anywhere in the world. The software is user-friendly and provides extensive on-line help, he said.
A G Prabhu, executive vice president - (IT), ICICI Banking Corporation, said, the software is completely customisable and effectively addresses issues like security, one-to-one relationship banking, cross-selling and direct marketing.
The software is having good security features, he said. N R Narayana Murthy, chairman and managing director of Infosys Technologies, said, the introduction of infinity banking will be a giant leap as far as remote banking in India is concerned. The product will make banking, time and location independent. He informed that, as of January 1997, there were 1240 retail banking sites and 500 corporate sites on the Internet.
Of the 1240 retail banking site there are about 151 in the Asia-Pacific Japan (APJ) region. Nearly 7 per cent of them provide advanced functionality on the Internet (source Booz-Allen Hamilton's study on Internet banking services, dated January 15, 1997). ICICI Bank would be joining this select group.
Infinity will be implemented in three phases. The first phase, operational from the date of launch, will show a demo version of the software on the bank's website. This demo contains a guided tour through the features of Infinity.
Apart from being a warm up for the next two phases, it will enable users to give suggestions for improvements, which will be incorporated in later versions, wherever feasible, Prabhu said.
The second phase will provide services such as account information and balances, statement of accounts, transaction tracking, mail box, cheque book issue, stop payment, financial and customised information.
The third phase will provide additional services, such as fund transfers, DD issue, standing instructions, opening fixed deposits, intimation of loss of ATM cards, etc. Future enhancements planned include advanced corporate banking services like third party payments, utility bill payments, establishment of L/Cs, cash management services (CMS) etc. Infinity is secured through a multilayered security architecture comprising firewalls, encryption, filtering routers and digital certification which prevent unauthorised access.