The country’s top private banks are aggressively rolling out their mobile banking initiatives to meet the growing consumer shift from internet to mobile banking.

ICICI Bank, India’s largest private bank, upgraded its mobile banking app, by adding more features. The number of features on the app has been upped from 55 to 110.

On the other hand, Axis Bank, India’s third-largest private bank, unveiled a one-touch authentication for transactions through its mobile app.

Axis Bank customers using Apple iPhone 5s and above can now complete their financial transactions, such as bill payments, mobile recharge and funds transfer using this feature.

“Once the customer’s fingerprint is set up on the Axis Mobile app, they can authenticate subsequent financial transactions by either using the Touch ID or their mPIN,” said Rajiv Anand, Group Executive and Head - Retail Banking at Axis Bank.

Axis Bank also launched its banking app via the Apple Watch, which can do about five types of transactions. This app was launched by ICICI Bank and HDFC Bank recently.

In April, ICICI Bank witnessed about ₹5,343 crore worth transactions on the mobile platform. In June, Axis Bank did about ₹2,400 crore worth transactions through mobile banking.

For FY15, ICICI Bank’s total mobile banking transactions stood at ₹16,000 crore.

Currently, 50 lakh ICICI Bank customers are using mobile banking, which it started in 2008. ICICI Bank aims to increase this to one crore in one year.

Growth of mobile and internet banking transactions at ICICI Bank and Axis Bank is about 60 per cent and 50 per cent, respectively.

Most banks have been banking heavily on growth in mobile banking and expect it to take over the internet channel in the next few years.

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