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Unlike the mobile banking facilities offered by other banks, 'Hello Money' did
not require the customers to download software and remember SMS codes. Using
'Hello Money', customers could just dial the number (*598*1#) on their GSM
mobile phones through the Airtel, Idea, and Vodafone networks and follow the
mobile-based menu from which they could choose their options. The service was
provided on the Unstructured Supplementary Service Data (USSD) platform which,
according to Barclays, was safer and faster than text-messaging and GRPS.8
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Moreover, according to the company, using 'Hello
Money' was cost-effective as it was available for a monthly fee of Rs.
30, while customers using mobile banking facilities of other banks had
to pay the SMS or GPRS subscription every time they used the service.
Bhatia said, "Barclays Hello Money is about anytime/anywhere access to
Barclays for its customers. This service is unique as it has a vast
potential with appeal across all segments, taking banking to the unbanked population of over 184 million people in the country.
It is for the first time that banking services are available in such a
convenient and cost-effective manner, turning a GSM mobile handset into
a bank for its user. Barclays has always taken pride in introducing
innovative propositions like this. I am happy to say, Barclays is
pioneering for others to follow."9
Barclays, which contended that mobile banking would increase the demand
for banking services in India, said that it was working within the scope
of RBI regulations to spur its growth. It expected its retail business
to grow by 25-30 percent across product categories in the near future.
Regarding its mobile banking service, which was available in 40 cities
in two languages - English and Hindi - the bank said it planned to
introduce the service in more languages and also to provide the service
in CDMA handsets in the near future. After successfully launching the
service in India, it would be rolled out in Kenya and UAE, according to
the company.10
Additional Readings & References
1. "Barclays Launches Mobile Banking Service Hello Money," www.indiantelevision.com, March 3, 2007.
2. Anita Bhoir, "'India is a Key Market`," www.business-standard.com,
March 4, 2008.
3. "Barclays India Launches Mobile Banking Operations," www.economictimes.indiatimes.com, March 4, 2008.
4. "Barclays Launches Hello Money Mobile Banking Services," www.telecomtiger.com, March 4, 2008.
5. "Barclays Taps into Mobile Banking to Expand Reach," www.sify.com,
March 4, 2008.
6. Harish Dhawan, "Hello Money - New Mobile Banking Service by Barclays
India," www.topnews.in, March 4, 2008.
7. www.braclays.in
8. www.en.wikipedia.org
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8] "Barclays India Launches Mobile Banking Operations," www.economictimes.indiatimes.com, March 4, 2008.
9] Harish Dhawan, "Hello Money - New Mobile Banking Service by Barclays India," www.topnews.in, March 4, 2008.
10] Anita Bhoir, "'India is a Key Market`," www.business-standard.com, March 4, 2008. |
