COMPARISON OF SBI INTERNET BANKING FACILITIES WITH ICICI BANK

ICICI BANK- COMPANY PROFILE

ICICI Bank is India's largest private sector bank with total assets of Rs. 5,367.95 billion (US$ 99 billion) at March 31, 2013 and profit after tax Rs. 83.25 billion (US$ 1,533 million) for the year ended March 31, 2013. The Bank has a network of 3,377 branches and 10,943 ATMs in India, and has a presence in 19 countries, including India.

ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management.

The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany.

ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

History of icici bank ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional

investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses.

In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.

After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries.

In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity.

ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and employees.

AWARDS

ICICI Bank ranks 10th in Fortune India's list of 50 most admired companies in India. Ms. Chanda Kochhar, MD & CEO, has been ranked as the most powerful business woman in India in the Forbes' list of 'The World's 100 Most Powerful Women 2013'

ICICI Bank Limited has been conferred the Best Remittance Business award at The Asian Banker's International Excellence in Retail Financial Services 2013 Awards ceremony.

ICICI Bank was honored with the Medici Innovation Hall of Fame Award, instituted by The Medici Institute in collaboration with the Medici Group, USA.

ICICI Bank and its IT partner Fundtech won The Asian Banker Technology Implementation Award for the Convergence Banking project from Asian Banker.

Table 1.Comparison of Online Request Features of Selected Banks Online Portals

Sr. No i. ii. iii. iv. v. vi. vii. viii. ix. x. xi. xii.

Online Request Features

SBI Bank

ICICI Bank

Instant Transaction Password Generation(ITPG) Request for change in communication address Apply for debit card Cheque book request Stop cheque request Cheque status enquiry Limit for mobile alerts TDS Enquiry Smart Money Order Reset Transaction Password online Opening of Account Demand Draft

X X X X

Table 1 shows that majority of online requests are available in both the banks except Instant Transaction Password Generation (ITPG), Apply for debit card, Smart Money Order, Reset Transaction Password online request which are present only in case of ICICI Bank. Therefore, it is clear that ICICI Banks portal offers more facilities as compare to SBI Bank.

COMPARISON OF SBI WITH ICICI

icici bank

sbi bank

35%

65%

DATA INTERPRETATION:After conducting a survey it was found that people prefer icici bank online services over SBI because ICICI bank provides more innovative services which are easy to understand and simple to use. It is clear from the above chart that about 65% of people prefer ICICI internet banking services. So we can say that ICICI BANK provides more satisfaction to customers as compare to state bank of India.

FINDINGS 1. In the users ratio SBI Bank has more number of customers of e-bank account than the ICICI Bank. 2. More banks are connecting to the software companies to run the e-banking service. In these services SBI Bank is in the top in proving the service. 3. The services used by most of the customers are checking the current balance of their account, order a cheque book, and pay bills, online trading, seeking product rate information and inter account transfers. 4. Most of the people feel safe while disclosing their details on net. 5. The most important factor that the people consider while opening an online bank account is convenience & easy and quick 6. The best e-bank service is provided by the SBI Bank.

RECOMMENDATIONS 1. The banks should advertise more of the e-banking services 2. They should reduce their service charge so that more number of customers can use it.. 3. There should be customer satisfaction by providing plans on e-banking services.

LIMITATIONS 1. Errors while making calculations are likely to creep in. 2. The biggest limitation is the time.

3. The respondents can be biased in supporting a particular Bank.

CONCLUSION From the above analysis, it is clear that both the banks attempted to make their online portals more secure, informative and user-friendly but still they differ on one account or another. SBI banks portal has few good features like mandatory profile password for number of transaction, drop down menu, display of biller city wise, display of payment alerts on Home page etc. On the other hand, ICICI banks portal has good features such as direct access from home page, Mandatory One Time Password if login from different locations/browsers, large number of transaction in mini statement, More Download Formats of Account Statement, grouping of billers, facility of prepaid recharge, Debit Card Grid Authentication, etc. So, the present study is just beginning in this line to compare the online portals. The public sector bank is progressing than the private sector bank. This is a great achievement for the bank and for the nation. banks should also look for increasing their online services. Research in future which may be focused on comparison more and more online portals can come out with the best features enabled model online banking portal which will be helpful to the bankers and customers using internet banking