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Digital bank account sparks off a disruption

Though it is early days yet, some bankers go so far as to see a future where getting out of a bank account could be as simple as shifting a mobile phone operator.

  • Technology is hastening the transition of the bank account into a commodity. Is portability around the corner
  • ICICI Bank recently tried its hand at being the disruptor by allowing even the customers of rival banks to use its mobile app. Bankers also say portability of accounts is around the corner

MUMBAI : Anyone who has opened a bank account before 2012 would remember the all-important introducer, whose signature and reference was needed for a new customer to get past the hallowed portals of the bank. Cut to 2020 and all a digitally-savvy customer needs is a mobile phone, an Aadhaar number, a PAN card. She doesn’t need to even physically visit the branch.

The bank account is gradually morphing into something that’s easy to get and even easier to change. Eyeing cheap deposits, banks are way keener to open accounts than they were even 10 years ago. Result: the bank account is no longer just a place to park excess funds. It is on its way to becoming a commodity for new tech-savvy customers.

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