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Business News/ Industry / SBI tops mobile banking chart with 50% market share
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SBI tops mobile banking chart with 50% market share

SBI, with over 11.5 million registered mobile banking customers, has become the market leader in the segment

Currently, SBI’s user base for mobile banking is around 4.5% of total retail customer base. Photo: Pradeep Gaur/MintPremium
Currently, SBI’s user base for mobile banking is around 4.5% of total retail customer base. Photo: Pradeep Gaur/Mint

Mumbai: Largest lender State Bank of India (SBI) has emerged as the leader in mobile banking with 50% market share in this segment.

“SBI, with over 1.15 crore registered mobile banking customers, has become the indisputable market leader in this segment and way ahead of the nearest competitor in the market with 50% market share," the bank said. The bank attributed the numbers to the Reserve Bank of India data.

Currently, the bank’s user base for mobile banking is around 4.5% of total retail customer base. It expects a rapid growth in the user base reaching around 10-12% of the total retail customer base over the next two years and around 30-35% of the total retail customer base over the next five years.

“The country has just witnessed the launch of message- banking. We are confident that once this is understood by people, there will be an explosion of banking activities in the mobile space. This is what the future of banking holds," SBI chairman Arundhati Bhattacharya said, adding mobile banking will also play a large part in the yet-to-be-launched payment banks.

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Published: 18 Sep 2014, 08:43 PM IST
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