Will Banking Be Televised

With all the fear looming globally around banking, industry leaders are trying to find ways to stay connected to the customer.  ICICI Bank, India’s largest private sector bank, partnered with Dishtv to launch televised banking. Interactive Banking Service, or ICICIACTIVE, will enable Dishtv customers to access information on ICICI Bank products and services through their TV. At the outset, it will simply be a marketing tool. As the technology develops, however, ICICI expects that customers will be able to actually perform basic transactions through the television.

This sounds like something that may work in India, but not so well in the US. As of 2007, the US had Internet in 74% of homes, in India the number was 3.7% — very different markets. It’s an interesting concept, but I doubt we will ever see TV based banking in the US, as it would be a step back from the online offerings most all banks have currently.

Not to mention, people like to go to the bank. When online banking began to take off, analysts questioned whether or not it would replace brick-and-mortar. While online banking has mushroomed, banks have continued to build branches. The branch experience is an important part of the relationship between the bank and the customer.  And now, in the midst of a financial crisis, people definitely want to see the place that’s holding their money.