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IAMAI’s Report
Page No 1 / 62
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IAMAI’s Report - Online Banking ‘2006’
Page No 2 / 62
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IAMAI’s Report - Online Banking ‘2006’
Banks have spent generations earning the trust of customers, and have always sought better and
additional ways of servicing them. India’s Internet population currently stands at 38.5 million and is
set to grow to a 100 million by 2007-08. The growing number of Internet users and increase in
financial activities online provide an opportunity for the Banking Industry to get a better
understanding of this dynamic channel and introduce it as an additional and mandatory touch point to
serve their customers. A few have already started delivering Banking Services online.
This paper researches all aspects of Online Banking including level of awareness among users, their
aversion and preferences, their propensity to start Banking Online (Informational and Financial) and
factors that would increase the usage of the service.
Research
Methodology
The study was conducted online in December 2005. A link was provided by IAMAI to its members to
use as banner surveys. Email invitations were also sent out by various IAMAI members to their own
individual panels. Respondents could participate in the survey by clicking on the link or by responding
to the invite. The survey collected information about user profile, Internet usage, aversion and
preferences associated with Online Banking, propensity to start Banking Online and factors that would
increase the usage of the service.
The target audience comprised Internet users at large with a sample size of 6365 respondents. The
coverage cut across age, gender, educational and occupational bias.
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IAMAI’s Report - Online Banking ‘2006’
Presidents Note
To ensure and maintain the momentum, IAMAI commissioned a detailed study providing analysis and
recommendations that provide an understanding of ‘Online Banking in India and help customers adopt
this medium for their banking needs. The report makes actionable recommendations on how banks
can maximize the potential of the online environment and create a competitive advantage by using
the unique elements of the Online Banking experience.
Most banks have Web sites, but only a few offer Online Banking Services - [Online Banking Services
include checking statement details, paying bills, transferring funds, ordering checks, setting up direct
deposit authorizations, making stop payments etc. It also includes interactive services such as
applying for credit or debit cards, mortgages, auto and personal loans, etc…]
There are many advantages of Online Banking. It is convenient, it isn’t bound by operational timings,
there are no geographical barriers and the services can be offered at a minuscule cost. The results of
the survey clearly indicate that Online Banking is accepted and used across the country. Prominent
tier-II cities and towns are witnessing a pick up in online activity.
Cross Tab Marketing Services, a pioneer in the field of online research, conducted the survey on behalf
of IAMAI. It was undertaken with a view to understand the Internet users who banked online, their
aversions and preferences associated with Online Banking, the Online Banking experience, propensity
to start Banking Online, factors that would increase the usage of the service and in the nuances of
Banking Online.
(*Estimate is based on information from limited banking sources and is not a complete representation)
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IAMAI’s Report - Online Banking ‘2006’
Executive Summary
Gender:
83% of Online Banking Users are male; and 17% are female.
Marital Status:
43% of Online Banking Users are unmarried; 43% are married with kids; 14% are
married without kids and 1% divorced/separated.
Qualification
: 85% of Online Banking Users have a Bachelor or Post Graduate degree, representing
an educated audience. 10% of Online Banking Users have some college (Including diploma, but not a
graduate) education, 2% have SSC/HSC qualifications and 3% fall in the others category.
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IAMAI’s Report - Online Banking ‘2006’
Occupation
: 57% of Online Banking Users are at an executive level (junior, senior and mid-level
executives). 12% are professionals or self employed; 7% are officers/supervisors; 5% are students,
2% are housewives, and 2% are retired.
Vehicle Ownership:
42% of Online Banking Users own Car/4-wheelers, 41% own Motorbikes, 22%
own Scooters. These numbers represent an affluent audience.
By City:Mumbai leads the way with 22.5% Online Banking Users, followed by New Delhi at 17.3%.
Chennai is third with 7.1% of Online Banking Users followed by Bangalore at 5.7% and Kolkata at
4.1% finishing the Top 5 cities. Pune accounts for 3.3%, Hyderabad for 2.6%, Kanpur, Lucknow and
Ahmedabad 1.6% each bring up the Top 10. Patna follows at 1.1%, Jaipur at 1%, Cochin and Indore
at 0.8% each, Bhopal and Guwahati at 0.7% each, Vadodara at 0.6%, and Chandigarh at 0.5%.
26.3% of Online Banking Users come from other cities indicating that Online Banking Services are
being used in many smaller cities that don’t figure in the Top 18.
Internet Access
64% of Online Banking Users access the Internet from home; 73% access Internet from their offices.
36% of Online Banking Users access the Internet from Cybercafés. Online Banking Users access their
accounts from multiple points. 44% of Online Banking Users access the Internet from Home + Office,
26% access from Office + Cybercafé, 19% from Home + Cybercafé, 15% from Home + Office +
Cybercafé, 9% from Home + Ofifice + Mobile, 11% from Home + Mobile, 10% from Office + Mobile,
6% from Cybercafé + Mobile, 5% from Office + Cybercafé + Mobile and 4% access the Internet from
Home + Office + Cybercafé +Mobile.
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IAMAI’s Report - Online Banking ‘2006’
By Hours: 88% of Online Banking Users use the Internet for more than 5 hours a week, representing
that the Internet is becoming an integral part of ‘daily activity’. 36% of Online Banking Users use and
access the Internet for more than 21 hours a week and are categorized as heavy Internet users. 28%
of Online Banking Users use the Internet for 11-20 hours a week and 24% use the Internet for 5-10
hours a week which represents the moderate Internet user. 10% of Online Banking Users use the
Internet for less than 5 hours representing an evolving Internet user category.
Online Activities
Personal Online Activities:
99% use the Internet for e-mail; 78% for Surfing; 76% for Searching
information’; 61% look up News Online, 53% Search for Jobs, 51% Chat; 45% Answer Surveys;
26% look up astrological predictions, 18% read religious information and 17% look up news on their
mobile. 44% of Online Banking Users prefer paying their Bills Online; 42% Shop Online, 29% conduct
stock trading transactions, 21% participate in an Online Auctions and 7% donate online.
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IAMAI’s Report - Online Banking ‘2006’
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IAMAI’s Report - Online Banking ‘2006’
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IAMAI’s Report - Online Banking ‘2006’
Financial Transactions Consumers do on Online Banking Sites – Pay Bills or Shop Online
• 63% of Online Banking Users (who do financial transactions) have paid their Bills (electricity,
telephone, cell phone) on their Bank Website.
• 55% of Online Banking Users (who do financial transactions) pay their Credit Card Bills on their
Bank Website.
• 43% of the Online Banking Users (who do financial transactions) use their Online bank account to
shop online with a direct debit to the account.
Financial Transactions Consumers do on Online Banking Sites – Order a FD, DD, Overdraft…
• 35% of Online Banking Users (who do financial transactions) have Requested Demand Drafts and
Pay Orders through their Bank Websites.
• 21% of Online Banking Users (who do financial transactions) have Requested New Fixed Deposits
through their Bank Websites.
• 11% of Online Banking Users (who do financial transactions) have Requested for Overdrafts
through their Bank Websites.
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IAMAI’s Report - Online Banking ‘2006’
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IAMAI’s Report - Online Banking ‘2006’
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IAMAI’s Report - Online Banking ‘2006’
How soon will you start doing financial transactions on Online Banking sites?
• 24% of the Online Banking Users who do information transactions are likely to start transferring
funds and using Online Banking for other financial transactions in less than 13 months.
• 12% of the Online Banking Users who do information transactions will start doing Financial
Transactions on their Bank Website within a month, 7% in 1-3 months, 3% in 4-6 months, 2% in
7-12 months, 1% within 13 months and 7% are ‘Not Likely’.
• 68% of Online Banking Users who do information transactions ‘Cannot Say’ as to when they will
start doing Financial Transactions on Online Banking Sites.
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IAMAI’s Report - Online Banking ‘2006’
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IAMAI’s Report - Online Banking ‘2006’
100% 100%
80% 80%
60% 59%
60% 60%
40% 30% 40% 30%
20% 8% 2% 20% 9% 3%
0% 0%
1 Bank 2-3 4-5 6+ 1 Ac 2 - 3 4 - 56+ Ac/s
BanksBanksBanks Ac/s Ac/s
Base: Base:
6365 6365
• 30% of respondents have a relationship with one bank; 60% with 2-3 banks, 8% with 4-5 banks
and 2% with more than 6 Banks.
• 30% have of respondents have one bank account, 59% of the respondents have 2-3 bank
accounts, 9% have more than 4-5 bank accounts and 3% have more than 6 bank accounts.
• These statistics showing multiple relationships and accounts indicate an affluent demographic.
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IAMAI’s Report - Online Banking ‘2006’
100% 100%
80% 80%
60% 53% 60%
58%
40% 23% 18% 40% 35%
20% 4% 2% 20% 7%
0%
0%
Yes No Used it
before &
stopped
Base: Base:
6365 6365
Online Banking Services & Number of Accounts
Number of Online Banking Accounts %
I transact online on one bank account 57%
I transact on 2-3 online bank accounts 38%
I transact on 4-5 online bank accounts 3%
I transact on more than 5 online bank accounts 2%
Base 2240
• 53% of respondents prefer using ATM as a banking channel; 23% prefer the Internet as a banking
channel; 18% prefer the branch; 4% prefer Phone Banking and 2% prefer Mobile Banking.
• 35% of the respondents use Online Banking, 58% do not use Online Banking and 7% have used it
before and stopped.
This 35% or 2240 respondents are termed Online Banking Users and
form the basis of this report.
• 57% of respondents use Online Banking services for one bank account; 38% use Online Banking
services for 2-3 bank accounts; 3% use Online Banking Services for 4-5 bank accounts and 2%
use Online Banking Services for more than 5 bank accounts.
• A reflection of an audience that is net savvy and has recognized the advantages of Online Banking
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IAMAI’s Report - Online Banking ‘2006’
Base:
2240
Age:43% of Online Banking Users are in the 26-35 years age group and are most inclined to use
Online Banking Services. 25% are in the 18-25 years age group. This demographic is represented by
young Internet savvy professionals. 19% are in 36-45 age group; 10% in the 46-60 age group and
2% in the 61+ age group.
Gender:
83% of Online Banking Users are male; and 17% are female.
Marital Status:
43% of Online Banking Users are unmarried; 43% are married with kids; 14% are
married without kids and 1% divorced/separated.
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IAMAI’s Report - Online Banking ‘2006’
Page No 20 / 62
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IAMAI’s Report - Online Banking ‘2006’
Base:
2240
Plastic Ownership:
86% of Online Banking Users own ATM cards, 65% own credit cards and 78%
own debit cards.
Vehicle Ownership:
42% own Car/4-wheelers, 41% own Motorbikes, 22% own Scooters.
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IAMAI’s Report - Online Banking ‘2006’
40.0%
28.7%
17.7%
20.0% 10.3% 8.3% 5.3% 4.6% 4.6% 3.3% 3.2% 3.1% 1.8% 1.7% 1.6% 1.0% 4.7%
0.0%
Base:
•2240
28.7% of Online Banking Users are from Maharashtra followed by Delhi at 17.7% and Tamil Nadu
at 10.3%.
• Karnataka accounts for 8.3% of Online Banking Users followed by Uttar Pradesh at 5.3%, Andhra
Pradesh and West Bengal at 4.6% each, Gujarat at 3.3%, Rajasthan at 3.2% and Madhya Pradesh
at 3.1% who bring up the Top 10 states.
• Kerala accounts for 1.8% of Online Banking Users, followed by Haryana at 1.7%, Bihar at 1.6%,
Uttaranchal at 1% and Other states at 4.7%.
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IAMAI’s Report - Online Banking ‘2006’
40.0%
22.5%
20.0% 17.3%
7.1% 5.7% 4.1% 3.3% 2.6% 1.6% 1.6% 1.6%
0.0%
Base:
2240
Top 8 cities (Outside of Top 10) by %
40.0%
26.3%
20.0%
Base:
2240
• Mumbai leads the way with 22.5% Online Banking Users, followed by New Delhi at 17.3%.
Chennai is third with 7.1% of Online Banking Users followed by Bangalore at 5.7% and Kolkata at
4.1% finishing the Top 5 cities.
• Pune accounts for 3.3%, Hyderabad for 2.6%, Kanpur, Lucknow and Ahmedabad 1.6% each bring
up the Top 10.
• Patna follows at 1.1%, Jaipur at 1%, Cochin and Indore at 0.8% each, Bhopal and Guwahati at
0.7% each, Vadodara at 0.6%, and Chandigarh at 0.5%.
• 26.3% of Online Banking Users come from other cities indicating that Online Banking Services are
being used in many smaller cities that don’t figure in the Top 18.
Page No 23 / 62
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IAMAI’s Report - Online Banking ‘2006’
Internet Access
100%
80% 73%
64%
60%
40% 36%
20% 13%
5% 1%
0%
Home Office Cyber cafe Friend"s place Mobile Other
Base:
2240
Multiple points of Internet Access
10 0 %
80%
60%
44%
40% 2 6% 19 % 15 % 11% 10 % 9 % 6% 5 % 4 %
20%
0%
Ho m eO+ f f i ce
H ome
+ Ho+ me H+om eOf + f ic eHome
+ C+yb e rcOfa ff iec H
e
+ ome
+ +
Of f icCe yb e C
rc yb
af er
e Of
ca f iec M
e o+ b ilMe o b ilOef f i ce
M o+bCil yb
e e rcOfaff eic e
+ +
C yb e rc a f e M o b i le M o bile
C yb er ca f e
a n d M o b il e
Base:
2240
64% of Online Banking Users access the Internet from home; 73% access Internet from their offices.
36% of Online Banking Users access the Internet from Cybercafés.
Online Banking Users access their accounts from multiple points. 44% of Online Banking Users access
the Internet from Home + Office, 26% access from Office + Cybercafé, 19% from Home + Cybercafé,
15% from Home + Office + Cybercafé, 9% from Home + Office + Mobile, 11% from Home + Mobile,
10% from Office + Mobile, 6% from Cybercafé + Mobile, 5% from Office + Cybercafé + Mobile and
4% access the Internet from Home + Office + Cybercafé +Mobile.
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IAMAI’s Report - Online Banking ‘2006’
Base: Base:
2240 2240
By Years:
• 97% of Online Banking Users have used the Internet for more than 1 year;
• 50% of Online Banking Users have been using the Internet for more than 6 years and 42% for
3-5 years. These numbers reflect a pedigreed audience that is comfortable and familiar with
the range of online activities and is using the Online Banking to their advantage.
• 5% of Online Banking Users have been using the Internet for 1-2 years, 2% for 6-11 months
and 1% for less than 6 months.
By Hours:
• 88% of Online Banking Users use the Internet for more than 5 hours a week, representing
that the Internet is becoming an integral part of ‘daily activity’.
• 36% of Online Banking Users use and access the Internet for more than 21 hours a week and
are categorized as heavy Internet users.
• 28% of Online Banking Users use the Internet for 11-20 hours a week and 24% use the
Internet for 5-10 hours a week which represents the moderate Internet User.
• 10% of Online Banking Users use the Internet for less than 5 hours representing an evolving
Internet user category.
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IAMAI’s Report - Online Banking ‘2006’
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IAMAI’s Report - Online Banking ‘2006’
How did the 35% of consumers who use ‘Online Banking Services’ come to know about
‘Online Banking’ as a channel?
• 57% of the Online Banking Users came to know about Online Banking Services from a bank
official;
• 45% of the Online Banking Users learned on their own;
• 35% came to know of Online Banking Services through advertisements in Print, on TV and Radio,
in ATMs and posters;
• 7% from online advertisements;
• 17% of the Online Banking Users came to know of Online Banking Services through friends and
peers and 6% through mobile advertisements.
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IAMAI’s Report - Online Banking ‘2006’
100%
80% 73%
64%
60% 41% 48%
36%
40%
20% 9% 0% 1% 5% 13%
0%
Home Office Cyber café Friend"s place Mobile
Online Banking Use Generic Use
Base:
2240
For any financial transaction related Internet activity it is necessary to understand the
primary choice of Internet access to access Online Banking Services
• 41% of Online Banking Users access their online banking account from home;
• 48% of Online Banking Users access their online banking account from office;
• 9% of Online Banking Users access their online banking account from cyber cafes;
• 1% of Online Banking Users access their online banking account from their mobile (refers
predominantly to banking alert services).
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IAMAI’s Report - Online Banking ‘2006’
100%
80%
60% 39%
40% 25% 17% 15%
20% 4%
0%
24+ months 13-24 months 7-12 months 1-6 months < 1 month
Base:
2240
• 64% of the Online Banking Users have used Online Banking Services for over 1 year of which 39%
have used the service for over 2 years and 25% during the last 13-24 months.
• 17% have used ‘Online Banking’ for 7-12 months and 15% for 1-6 months.
• 4% have used ‘Online Bill Payments’ for less than one month.
100%
80%
60%
40% 15% 28% 27%
20% 13% 14% 2%
0%
At least once
Once everyOnc
2 e in aOnce in a Onc e in aOthers
a day or more
- 3 days w eek fortnightmonth or less
Base:
2240
• 15% use Online Banking Services once a day or more.
• 28% use Online Banking Services ‘Once every 2-3 days’.
• 27% use Online Banking Services ‘Once a week’;
• 13% ‘Once a fortnight’ and 14% bank online ‘Once in a month or less’.
All the above statistics reflect the growing acceptance of Online Banking.
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IAMAI’s Report - Online Banking ‘2006’
100% 10 0 %
80% 8 0%
60% 6 0%
45%
39%
40% 4 0%
2 8%
2 0 % 17 % 15 %
20% 16% 2 0% 13%
7%
0% 0%
Weekends Weekdays All days 12 a8am
m 1--2 p3 m
pm6p
- -m9 -pm -
8am1 2 p3 m
pm 6p m9 pm12am
Base: Base:
2240 2240
• 16% of Online Banking Users use Online Banking Services over the weekend;
• 39% Bank Online on weekdays and 45% on weekdays and weekends. Online Banking Services
give consumers a choice of conducting banking transactions on ‘Working Days & Holidays’.
• 7% of Online Banking Users Bank Online between 12 midnight and 8 am;
• 28% use Online Banking services between 8 am and 12noon,
• 20% between 12 noon and 3 pm and 13% between 3 pm and 6
pm. pay bills between 6 pm and 9 pm and 15% between 9 pm and 12 midnight.
• 17%
• These numbers highlight the convenience of Online Banking to pay bills outside of traditional
working hours.
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IAMAI’s Report - Online Banking ‘2006’
100%
80%
60% 51%
44% 43%
40%
22% 20%
20%
0%
Very Convenient Saves Time BetterMore
control
informationAll
over my finances
available online
Base:
2240
Online Banking delivers phenomenal value to consumers. It is convenient, it saves time, it is easy to
use and it can be personalized. Consumers can access complete information about their accounts and
perform a variety of transactions, with the exception of cash withdrawals, with a few clicks.
• 51% of Online Banking Users say that convenience is the most important factor. Online banking
lets them access their accounts from anywhere and at anytime.
• 44% say that online banking saves time. Online customers are fairly self-reliant and prefer like the
fact that they can log on, find information, check their accounts, and make inquiries anytime.
• 22% say that online banking gives them better control over their finances. Features such as
automatic bill payments help consumers make their bill payments on time, thereby avoiding late
fees.
• 20% say they get more information online. Users can find relevant information quickly without
having to visit a branch office about their account balances and history as well as about the
various services offered by their bank.
• 43% say that all the factors are important.
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IAMAI’s Report - Online Banking ‘2006’
Online Banking Users state ‘Single Most Important factor to Bank Online’
100%
80%
60% 41% 38%
40%
20% 8% 6% 6%
0%
All Checking bank Ea se ofEase with which
The ability
I to pay
balances / transferringcan check ifbills
my through my
statementsmoney betwpayments
een have bank site
my accounts cleared
Base:
2240
• 41% of the Online Bank Users cite all reasons, including the ability to check bank balances
statements’, check if payments have cleared’ and pay bills and the ease of transferring money
between accounts, as Single Most Important factor to bank online.
• 38% of the Online Banking Users cite the ability to check bank balances and statements as the
most important factor. Users can bank online round the clock, beyond traditional banking hours.
In addition, they can save their banking transaction history in soft copy or get print outs.
• 8% of the Online Banking Users cite ease of transferring money between accounts as the most
important factor. With 43% (refer ‘Online Banking Services & Number of Accounts’) using more
than one online banking account, the usage of this service will increase.
• 6% of the Online Banking Users cite the ability to check clearance of payments as the most
important factor. Online Banking Users can check the up to date status of their bank accounts
from any place that has an Internet connection, without having to go to a branch.
• 6% of Online Banking Users cited the ability to pay bills through their online bank account as an
important factor. Features such as automatic bill payment help users avoid late fees (For a
detailed Report on Online Bill Payment, Please read IAMAI’s Online Bill Payment Research Report
2006).
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100%
50% 55% 41% 31%
50% 28% 31% 37% 45%
12%
11%
5%9%
4%18%
14%9%
0%
Order Cheque Books Cheque reconciliat
Stop Cheques
ion Order Deposit Slips
& tracking
In ter n et Branch ATM Phone Banking
Base:
•2240
50% of the Online Banking Users who do information-based transactions prefer ordering their
cheque books on the Internet; 28% with the branch; 12% at the ATM and 11% through phone
banking. 55% of the Online Banking Users who do information-based transactions prefer doing
cheque reconciliation and tracking on the Internet; 31% with their branch; 5% through ATMs and
9% through phone banking
• 41% of the Online Banking Users prefer online requests for stop cheques/ automated service
requests for stop cheques; 37% with their branch; 4% through ATMs and 18% through phone
banking. 31% of the Online Banking Users who do information based transactions prefer Ordering
their Deposit Slips on the Internet; 45% from a branch; 14% at the AMT and 9% through phone
banking.
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IAMAI’s Report - Online Banking ‘2006’
Information Transactions Consumers do on Online Banking Sites – Credit & Debit Cards
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IAMAI’s Report - Online Banking ‘2006’
100%
63% 56% 56%
50% 26% 31% 34%
4% 7%
4% 10%
3% 7%
0%
Demat Account Information DD / Pay Orders / Overdrafts Fixed Deposits Information
Internet Branch ATM Phone Banking
Base:
•2240
63% of Online Banking Users who do information-based transactions prefer using their bank’s
website for information on their demat account; 26% prefer their branch, 4% the ATM and 7%
phone banking.
• 31% of Online Banking Users who do information-based transactions prefer using their bank’s site
for DD/ Pay Orders / Overdrafts; 56% prefer their branch; 4% the ATM and 10% phone banking.
• 56% of Online Banking Users who do information-based transactions prefer checking information
on their fixed deposits on the Internet, 34% at their branch, 3% at the ATM and 7% through
phone banking.
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IAMAI’s Report - Online Banking ‘2006’
Loans %
1. Details of loans (Car / Home / Personal etc.) 17%
2. Apply for Loans (Car / Home / Personal etc.) 11%
Base:
2240
• 17% of Online Banking Users have accessed details of loans (Car / Homeon their
/ Personal etc)
bank’s website
• 11% haveapplied for loans (Car / Home / Personal
on their
etc)bank’s website.
100%
52% 39%
50% 33% 46%
12% 12%
4% 3%
0%
Details of loans (Car / Home / Personal etc.) Apply for Loans (Car / Home / Personal etc.)
Internet Branch ATM Phone Banking
Base:
2240
• 52% of Online Banking Users who do information-based transactions prefer using their bank’s
website for details of loans (Car/ Home/ Personal), 33% prefer their branch, 4% the ATM and 12%
phone banking.
• 39% of the Online Banking Users who do information-based transactions prefer to apply for loans
(Car/ Home/ Personal etc) on their bank’s website; 46% prefer their branch, 3% the ATM and
12% Phone Banking.
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IAMAI’s Report - Online Banking ‘2006’
100%
50% 42% 49%
34% 36%
21% 10%
4% 5%
0%
Complaints on discrepancy in account TDS Details
Internet Branch ATM Phone Banking
Base:
•2240
42% of Online Banking Users who do information-based transactions use their bank’s website for
complaining about discrepancies in their accounts, 34% prefer their branch, 4% the ATM and 21%
phone banking.
• 49% of Online Banking Users view details of TDS on their bank’s website; 36% use their branch,
5% use the ATM and 10% phone banking.
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IAMAI’s Report - Online Banking ‘2006’
100%
80% 74%
60%
40%
26%
20%
0%
Yes No
Base:
2240
‘Two global best practices have helped increase consumer adoption of financial transaction online.
First, banks, offering online banking, have made bill payment the centerpiece of their online offering—
not an add-on service. Second, successful banks are focusing significant resources on educating and
galvanizing their branch staff. For newcomers to online banking, encouragement and explanation by a
branch staff has proven to tip the scales from awareness to action – and this is endorsed by our online
banking report’
Three drivers that will ensure increased adoption of online financial transactions are: 1) electronic
payments clear faster than cheques; 2) half of all banking transactions today no longer involve human
interaction and 3) Online users are comfortable with a self-service model and this will drive online
banking consumers to go beyond information transactions.
• 74% (73.6%) of Online Banking Users do financial transactions online. Primary activities include
transferring funds, paying bills, repaying loans, settling credit card, utility bills etc, and purchasing
financial instruments and certificates of deposit. [*73.60% equivalent to 1649 respondent base]
• 26% (26.3%) of Online Banking Users do not do financial transactions, using the service only for
information transactions. Banks need spread awareness about the convenience and security of
online banking to help these users move from information transactions to financial transactions.
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IAMAI’s Report - Online Banking ‘2006’
Transfer of funds %
1. Transfer of funds Account-to-account (to your account) 76%
2. Transfer of funds Account-to-account (to another bank account /
62%
third party accounts)
Base:
1649
• 76% of Online Banking Users (who do financial transactions) have transferred funds from one
account to another of their accounts.
• 62% of the Online Banking Users (who do financial transactions) have transferred funds from
their bank account to third-party accounts through their bank’s website.
100% 83%
80% 69%
60%
40% 25%
20% 12%
3% 3%
2% 2%
0%
Transfer of funds Account-to-account
Transfer (to
of funds Account-to-account (to
your account) your third party account)
Internet Branch ATM Phone Banking
Base:
•1649
83% of Online Banking Users (who do financial transactions) prefer to transfer funds from one
account to another through the Internet; 12% prefer a branch, 3% prefer ATMs and 2% phone
banking.
• 69% of Online Banking Users (who do financial transactions) prefer to transfer funds to a third-
party account
through the Internet; 25% prefer a branch, 3% prefer ATMs and 2% phone
banking.
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Financial Transactions Consumers do on Online Banking Sites – Pay Bills or Shop Online
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IAMAI’s Report - Online Banking ‘2006’
Financial Transactions Consumers do on Online Banking Sites – Order a FD, DD, Overdraft…
100%
80%
60% 40%45%30%53%37%51%
40%
20% 5%10% 15% 9%
3% 3%
0%
Request for a Demand
Request
Draftfor
/ a Overdraft Order Request a new Fixed Deposit
Pay orders
Internet Branch ATM Phone Banking
Base:
•1649
40% of Online Banking Users (who do financial transactions) prefer their bank’s website to request
a demand Draft/ Pay Order; 45% prefer their branch, 5% the ATM and 10% phone banking.
• 30% of Online Banking Users (who do financial transactions) prefer their bank’s website to request
an overdraft; 53% prefer their branch, 3% the ATM and 15% phone banking.
• 37% of Online Banking Users (who do financial transactions) prefer their bank’s website to request
a new fixed deposit; 51% prefer their branch and 9% phone banking.
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IAMAI’s Report - Online Banking ‘2006’
Neither
Very Satisfied Very
Site Architecture Dissatisfied
Satisfied Satisfied nor Dissatisfied
dissatisfied
Look & feel of the website 49% 43% 7% 1% 0%
Ease of accessing the
website 47% 43% 9% 1% 0%
Range of services available 38% 46% 14% 2% 0%
Ease of locating the correct
37% 43% 16% 4% 1%
information
Base:
1649
A feature-rich online banking platform improves site stickiness and, more important, customer
stickiness. It’s crucial to deliver user experience which includes tools that are easy & simple to use.
• 49% of Online Banking Users (who do financial transactions) are Very Satisfied’ with the ‘look and
feel of the website’,
43% are Satisfied, 7% are neither Satisfied nor Dissatisfied’ and 1% are
Dissatisfied.
• 47% of Online Banking Users (who do financial transactions) are Very Satisfied with the ‘ease of
accessing the website’, 43% are Satisfied, 9% are neither Satisfied nor Dissatisfied and 1% are
Dissatisfied.
• 38% of Online Banking Users (who do financial transactions) are Very Satisfied with the range of
services available, 46% are Satisfied, 14% are neither Satisfied nor Dissatisfied and 2% are
Dissatisfied.
• 37% of Online Banking Users (who do financial transactions) are Very Satisfied with the ease of
locating correct information, 43% are Satisfied, 16% are neither Satisfied nor Dissatisfied, 4% are
Dissatisfied and 1% is Very Dissatisfied.
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IAMAI’s Report - Online Banking ‘2006’
Neither
Very Satisfied Very
Query Resolution Dissatisfied
Satisfied Satisfied nor Dissatisfied
dissatisfied
Query resolution - Emails 30% 41% 21% 6% 2%
Query resolution - SMS 20% 32% 39% 7% 3%
Query resolution - Online 25% 37% 29% 7% 2%
Request posting (request
for cheque books, etc.) 33% 45% 19% 3% 1%
Base:
1649
Banks can use their online presence to improve deliver better customer service as more and more
Online Banking Users seek to resolve their queries online.
• Queries resolved by Email: 30% of Online Banking Users (who do financial transactions) are Very
Satisfied, 41% are Satisfied, 21% are neither Satisfied nor Dissatisfied, 6% are Dissatisfied and
2% are Very Dissatisfied.
• Queries resolved by SMS: 20% of Online Banking Users (who do financial transactions) are Very
Satisfied, 32% are Satisfied, 39% are neither Satisfied nor Dissatisfied, 7% are Dissatisfied and
3% are Very Dissatisfied
• Queries resolved online
are mainly attached with pop-up alerts regarding posting of information
and financial transactions. 25% of Online Banking Users (who do financial transactions) are Very
Satisfied, 37% are Satisfied, 29% are neither Satisfied nor Dissatisfied, 7% are Dissatisfied and
2% are Very Dissatisfied.
• Request for cheque books, deposit slips33%etc:
of Online Banking Users (who do financial
transactions) are Very Satisfied, 45% are Satisfied, 19% are neither ‘Satisfied’ nor Dissatisfied,
3% are ‘Dissatisfied’ and 2% are Very Dissatisfied.
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Neither
Technological Very Satisfied Very
Dissatisfied
Architecture Satisfied Satisfied nor Dissatisfied
dissatisfied
Speed of transactions 41% 39% 15% 4% 2%
Extent of downtimes
(website not functional) 23% 41% 27% 7% 2%
Base:
1649
• Speed of Transactions on their Bank: Website
The speed with which a consumer can perform an
online banking transaction is directly related to customer satisfaction. 41% of Online Banking
Users (who do financial transactions) are Very Satisfied, 39% are ‘Satisfied’, 15% neither
‘Satisfied’ nor ‘Dissatisfied’, 4% ‘Dissatisfied’ and 2% ‘Very Dissatisfied’.
• Extent of Downtime (Website / Page Not functional): This aspect has to be handled with care as
the USP of online banking is the ability to bank anytime. 23% of Online Banking Users (who do
financial transactions) are Very Satisfied, 41% are Satisfied, 27% are neither ‘Satisfied’ nor
‘Dissatisfied’, 7% are ‘Dissatisfied’ and 2% are ‘Very Dissatisfied’.
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How soon will you start doing financial transactions on Online Banking sites?
100%
80% 68%
60%
40%
20% 12% 7% 3% 2% 1% 7%
0%
Wit hin 1a-3 months 4-6 months 613
-12months+ Can’t Say Not Likely
month mo nt hs
Base:
591
It is crucial for banks to encourage customers who use online banking for information transactions to
start doing financial transactions to improve ROI from the investment in building an e-Infrastructure.
• 24% of the Online Banking Users who do information transactions are likely to start transferring
funds and using online banking for other financial transactions in less than 13 months.
• 12% of the Online Banking Users who do information transactions will start doing financial
transactions on their bank’s website within a month, 7% in 1-3 months, 3% in 4-6 months, 2% in
7-12 months, 1% within 13 months and 7% are not likely to do financial transactions online.
• 68% of Online Banking Users who do information transactions cannot say when they will start
doing financial transactions on their bank’s website.
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100%
80%
60% 36% 29% 29% 25% 23% 11%
40%
20%
0%
Ne ve rPrivacy of my
Pr e f er tSec
o urityNot sure howNon e of my
consideredinf ormation
conduct concerns on to use itbanks offer it
using online banking financial
banking activities face-
transactions
to-face
Base: 4125 - Not banking Online: 3660 + Used Online Banking & Stopped: 465
65% [64.81%] of the respondent base – 4125 respondents -- are not using Online Banking Services.
It is crucial to understand why they are not using these services despite the fact that they are
convenient, easy to use save time and are available 24 hours.
• 36% of the respondents have not used online banking services as they have never considered it.
• 29% have not used online banking services as they have concerns about the privacy of their
information.
• 29% have not used online banking services as they prefer conducting it face to face.
• 25% have not used online banking services as they believe it is not secure.
• 23% have not used online banking services as they are not sure how to use it.
• 11% have not used online banking services as their banks do not offer it.
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IAMAI’s Report - Online Banking ‘2006’
10 0 %
8 0%
6 0% 5 0 %
4 0% 2 9% 2 9% 28 % 2 3 % 18 %
2 0%
0%
B a n k g ua
B arannk t pe C
ro
e sle
vi ad rlesy Be axpnkla in
reI du
w ilcl ene
s Ivf e Ir b
caann a
k c c es s
t ha t o onlnlinine
e c usp tom
ro c er e sfees
s wi /t chharges
t h ro u g forh
theI nt
Intererne
nett mor e
ba n k in gsupport
i s s afseerv on ic lien e o n li n e f r eq u e nt ly
an d s e c ur e d e m o n str tans ra t act
i o nio ns
Base:
4125
65% [64.81%] of the respondent base – 4125 respondents -- are not using online banking services.
It is, therefore, important to understand what initiatives or incentives will encourage these
respondents to begin using online banking.
• 50% of the respondents would be encouraged to start using online banking services if given a
guarantee that they are secure.
• 29% would be encouraged to start using online banking services if they are provided online
customer support.
• 29% would be encouraged to start using online banking services if they are given a clear online
demonstration.
• 28% would be encouraged to start using online banking services if there was a reduction in fees/
charges.
• 18% of the respondents would start using online banking services if they can access the Internet
more frequently.
• 23% of the respondents say they will not bank online.
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IAMAI’s Report - Online Banking ‘2006’
East West
West Bengal
-Kolkata, Chandannagar, Durgapur,
Maharashtra
- Aurangabad, Bhiwandi, Jalgaon, Kalyan,
Jalpaiguri, Jamshedpur, Lakhimpur Khamgaon, Kolhapur, Manmad, Mumbai, Nagpur,
Sikkim- Gangtok Nanded, Nashik, Palghat, Paradwip, Pune, Raigarh,
Rajpur, Sangli, Thana
Assam-Guwahati Goa
OrrisaBhubaneshwar,
- Cuttack, Rourkela Madhya -Gwalior, Indore, Bhopal, Bhilai,
Ujjain
Pradesh
GujaratJamnagar,
- Junagadh, Neyveli, Rajkot,
Silvassa, Surat, Vapi, Ahmed abad, Bhuj, Gandhinagar,
Amreli, Anand, Vadodara, Bharuch, Ankleshwar
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IAMAI’s Report - Online Banking ‘2006’
Appendix B
Online Users yet to start Banking Online
100%
80%
58%
60%
40% 35%
20% 7%
0%
Yes No Used it
before &
stopped
Base:
6365
It is important to understand why Internet users don’t bank online despite the advantages. Banks
must ‘realize’ and accommodate these ‘reasons’ to increase adoption of online banking.
• 35% of the respondents use Online Banking, 58% do not use Online Banking and 7% have used it
before and stopped.
• The next few pages profile the demographics of ‘58.50% - 3660’ respondents who are termed as
‘Users who have not started using Online Banking Services’
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IAMAI’s Report - Online Banking ‘2006’
• 36% of users who don’t bank online are in the 18-25 age group.
• 35% are in the 26-35 age group.
• 19% are in the 36-45 age group.
• 9% are in the 46-60 age group
• 1% is in the 61+ age group.
By Gender
100% 83%
80% 68%
60%
40% 32%
17%
20%
0%
Mal e Fe mal e
Bank Online Don't Bank Online
Base: Bank Online: 2240 | Don’t Bank Online: 3660
• 68% of users who don’t bank online are male and 32% are female.
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IAMAI’s Report - Online Banking ‘2006’
By Educational Qualification
50% 42%44%
43%
40% 30%
30% 17%
20% 10%
10% 2% 3% 3% 6%
0%
Upto SSC/HSC Some c ollege Graduate / PosGraduate
t- / Pos
Other
t- - please specify
(Inc luding. Diploma)
Graduate
butGeneral
Graduate
(BA, Profess ional
not a graduate
BSC. MSC, Bc om et c.)
Bank Online Don't Bank Online
Base: Bank Online: 2240 | Don’t Bank Online: 3660
• 74% of users who don’t bank online are Graduate /Post Graduates.
• 17% have some college (including diploma but not graduate) education.
• 3% are SSC/ HSC qualified.
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• 35% of users who don’t bank online are at an executive level (including junior, mid and senior
executive level).
• 18% are students, 16% are self employed/ businessmen and 8% are officers/ supervisors.
By Plastic ownership
100% 86% 78%
80% 69% 65%
60%
40% 28% 38% 20%
20% 2%
0%
ATM Card Credit Card Debit Card None
Bank Online Don't Bank Online
Base: Bank Online: 2240 | Don’t Bank Online: 3660
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IAMAI’s Report - Online Banking ‘2006’
Yet to start Banking Online! A Demographic Profile – Online Card Usage, Vehicle Ownership
By Online Usage
100% 80%
80%
60%
40% 31% 31% 33% 22%
20% 12% 8% 3%
0%
Credit Card Debit Card Both Credit and Debit None
Card
Bank Online Don't Bank Online
Base: Bank Online: 2240 | Don’t Bank Online: 3660
• 12% of users who don’t bank online use their credit cards online.
• 8% use their debit cards online.
• 3% use both their credit and debit card online
By Vehicle Ownership
50% 42% 41%
40% 33% 34%
30% 25% 22%24%
21%
20%
10%
0%
Car/ 4-w heeler Motorbike Scooter None
Bank Online Don't Bank Online
Base: Bank Online: 2240 | Don’t Bank Online: 3660
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40%
29%
24%
20% 18%
13% 12% 10%
10% 8% 5%6%
5% 3% 3%
6%3%
4%2%
4%2%
3%2%
3%5%
2% 1% 7%
5%
4%
0%
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Internet Access
100%
80% 64% 73%
60% 46% 51% 40%
40% 36%
20% 5%4%
13%4% 4% 1%
0%
Home Office Cyber cafe Friend"s place Mobile Other
Bank Online Don't Bank Online
Base: Bank Online: 2240 | Don’t Bank Online: 3660
• 46% of users who don’t bank online access the Internet from home.
• 51% from office.
• 40% from cyber cafes.
• 4% from a ‘friend’s place’ or ‘Mobile’.
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IAMAI’s Report - Online Banking ‘2006’
Yet to start Banking Online! A Demographic Profile – Internet ‘Usage by years | hours’
By – Internet Usage by years
60% 50% 48%
50% 42%
40% 31%
30%
20% 15%
10% 5% 2% 1% 4% 2%
0%
6+ years 3-5 years 1-2 years 6-11 months < 6 months
Bank Online Don't Bank Online
Base: Bank Online: 2240 | Don’t Bank Online: 3660
• 31% of users who don’t bank online have been using the Internet for 6+ years.
• 48% for 3-5 years.
• 15% for 1-2 years.
• 4% for 6-11 months.
• 19% of users who don’t bank online use the Internet for more than 21 hours a week
• 21% for 11-20 hours a week.
• 31% for 5-10 hours a week.
• 22% for less than 5 hours a week
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North South
BiharBhagalpur,
- Darbhanga, Ghaziabad, Andhra
Muzaffarpur,
Pradesh
-Hassan, Hyderabad, Machilipatnam,
Patna, Rae Bareli, Begusarai, Dhanbad, Motihari,
Secunderabad, Vijayawada, Visakhapatnam, Guntur,
Muzaffarpur, Sasaram Nellore, Proddatur, Tirupati, Kolar, Eluru, Kakinada,
Khammam,
Jharkhand- Bokaro, Ranchi Mandamarri, Mahbubnagar, Rajamundry, Srikalahasti,
Bhimavaram, Warangal, Vizianagaram
HaryanaBhiwani,
- Dehradoon, Faridabad, Gurgaon,
Hisar, Panipat, Ambala, Sultanpur, Jind, Sirsa,
Karnataka
Kharar
Bellary,
- Bangalore, Belgaum, Davangere,
Tehsil, Panchkula Mangalore, Hubli, Mysore, Gadag, Udupi, Harihar,
Chikmagalur, Karwar, Rajapalaiyam, Ranib ennur,
Himachal PradeshBilaspur,
- Shimla, Yamunanagar
Manipal, Dharwad
Delhi-New Delhi, Noida KeralaAlappuzha,
- Calicut, Cochin, Kochi, Kollam,
Kottayam, Krishnapuram, Thiruvananthapuram, Kannur,
Uttar PradeshAgra,
- Aligarh, Allahabad, Bareilly,
Thrissur, Chittur, Cuddapah, Sivakasi, Velluru,
Gorakhpur, Kanpur, Lucknow, Meerut, Mirzapur,
Tutucorin, Kozhikode
Moradabad, Mustafabad, Varanasi, Unnao, Gonda,
Chhapra, Haldia, Mathura Tamil NaduCoimbatore,
- Cuddalore, Kanchipuram,
Chennai, Hosur, Madurai, Ooty, Pondicherry,
Rajasthan- Bhilwara, Jaipur, Jodhpur, Jorhat,
Tiruchirapalli,
Kota, Tirupur, Vellore, Villupuram, Erode,
Ludhiana, Udaipur, Chittaurgarh Nagercoil, Selam, Tirunelveli, Trichy, Coonoor, Dindigul,
Kadayanallur, Kovilpatti, Theni Allinagaram,
PunjabAmritsar,
- Chandigarh, Jalandhar, Mohali,
Kumbakonam, Virudunagar, Tiruvannamalai,
Patiala, Phagwara, Ludhiana, Mansa, MohaliKanyakumari, Karaikal, Karur
Jammu & Kashmir Jammu -
East West
West Bengal Asansol,
- Anantapur, Kolkata, Maharashtra-
Durgapur, Amravati, Aurangabad, Bhiwandi, Dhule,
Howrah, Jalpaiguri, Jamshedpur, Halisahar,Ichalkaranji,
Siliguri, Jalgaon, Kalyan, Karnal, Khamgaon,
Darjiling, Kharagpur Kolhapur, Latur, Madgaon, Mumbai, Nagaon, Nagpur,
Nanded, Nashik, Palghat, Parbhani, Pune, Raigarh,
TripuraAgartala
- Rajpur, Ratnagiri, Rewari, Sangli, Thana, Ulhasnagar,
Vaniyambadi, Lonavala, Barsi
Mizoram Aizawi
-
Goa
Orrisa
-Bhubaneshwar, Cuttack, Puri, Sambalpur,
Rourkela GujaratAhmedabad,
- Anand, Ankleshwar, Daman,
Vadodara, Gandhinagar, Jamnagar, Junagadh,
Assam Guwahati,
- Tinsukia Navsari,
Nadiad, Neyveli, Rajkot, Surat, Valsad, Vapi
Madhya -Bhopal, Bhilai, Jhansi, Gwalior,
Indore,
Pradesh Jabalpur, Ujjain
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Internet & Mobile Association of India (IAMAI) [formerly known as Internet & Online Association
of India] is an industry trade organization registered under the Societies Act, 1896 is dedicated to
present a unified voice to industry and Government. It specifically addresses the issues, concerns and
growth related to communication, content and commerce pertaining to the Internet and Mobile
medium.
Launched in June 2004 by leading Indian portals HT Media Ltd, Times Internet Ltd,
Microsoft Corporation India Pvt. Ltd, Rediff.Com India Limited, Sify Ltd, Yahoo Web Services India Pvt.
Ltd. and the online media agency, Mediaturf Worldwide (India) Pvt. Ltd. IAMAI now boasts of a
membership that is 32 strong and growing.
Executive Council Members (2005-2006)
• Neville Taraporewalla – Chairman
• Mahendra Swarup – Vice Chairman
• Avnish Bajaj - Secretary
• Velu Kulandai - Treasurer
• Preeti Desai – President
Primary Members Associate Members
1. BharatMatrimony.com Pvt. Ltd 1. Bharti Televentures Ltd.
2. Ebay India Pvt. Ltd 2. Cox and Kings India Pvt. Ltd.
3. Google Online India (P) Ltd. 3. Enpocket
4. HT Media Ltd. * 4. Group M Media India Pvt. Ltd.
5. IRCTC** 5. Iqara Telecoms India Private Limited
6. Mahamaza Ecomm Ltd 6. Malayala Manorama Company Ltd
7. Mediaturf Worldwide ( India ) (Pvt) 7. NDTV Media Ltd
Ltd. * 8. Starcom Worldwide
8. Microsoft Corporation India Pvt. Ltd. *
9. People Interactive (I) Pvt. Limited.
Individual Members
10.Pinstorm Technologies Pvt Ltd. 1. Anil Wanvari- Indian Television Dot
11.Rediff.Com India Limited. * Com Pvt. Ltd.
12.Sify Ltd. * 2. Anupama Salvi- Avenues India Pvt Ltd
13.Times Internet Ltd. * 3. Dhruv Shenoy- Monster.Com India
14.Yahoo Web Services India Pvt. Ltd. * Pvt. Ltd.
*Founder Members 4. Hari Nair - Leisure & Lifestyle
** On Invitation Information Services Pvt Ltd
5. Manish Vij- Quasar Media Pvt Ltd
Affiliate Members 6. Neeraj Roy- Virtual Marketing Pvt Ltd
1. ISPAI 7. Sachin Bhatia- Makemytrip (India) Pvt
2. MAIT Ltd
8. Sanjeev Bikhchandani – Info Edge (I)
Pvt. Ltd
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