• DECEMBER 16, 1999

Multiple channel banking takes off

ICICI Bank and Satyam Infoway have set up a joint venture for online distribution of retail banking products and services on the Internet.

Satyam has a million users of its site a month and this joint venture will increase the access of ICICI’s net banking dramatically. ICICI has around 20,000 users of its internet banking services and this is expected to multiply manifold.

Satyam Infoway has a buyer to seller ordering/selling website, Seekand Source.com, which is online except for the payments, which are still physical. ICICI Bank has developed an internet based ‘business to business’ payment module for purchasers and sellers to effect payments online.

The agreement could facilitate a synergistic offering of the two products which can enable customers/users to complete the entire transaction and payment online. Besides, Satyam Infoway is also an ISP and its interests would be served by ICICI Bank’s setting up of ATMs at its access points and cyber cafes. Being an ISP also enables Satyam to provide terminals at ICICI branches allowing customers surfing facilities thereby helping the bank to attract new customers.

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