News Release
Mumbai, May 22, 2000
ICICI sharpens focus on WAP; Launches WAP based Mobile Banking services
ICICI Limited (NYSE: IC and IC.d), the leading financial intermediary,
has taken several initiatives in the field of high technology to bring
world class convenience to its customers.
After becoming the first organisation to introduce WAP technology in
India in April 2000, ICICI today launched mobile banking/commerce services
for ICICI Bank customers using Wireless Application Protocol (WAP) technology.
ICICI became the first organisation in India to offer services based
on WAP when, in April 2000, it launched the offering of real time stock
quotes and the ability to monitor the performance of equity portfolio
on-line. Subsequently, ICICI introduced the ATM and branch locator facility
for WAP phone users, which provides a menu driven facility for identification
of an ICICI ATM closest to the subscriber's current location.
In the coming weeks ICICI proposes to launch a range of its Personal
Financial Services on WAP including personal banking services, on-line
information tracking of utility bills, travel and ticketing information
etc. The WAP solution to be offered by ICICI includes enhanced security
mechanisms as compared to SMS. Going forward, WAP technology will be used
for undertaking on-line transactions, making it truly mobile commerce.
ICICI has achieved the first milestone of this road map today, by launching
various banking services for ICICI Bank customers. These include online
balance update, cheque book request, details of last 5 transactions, statement
request and verification of TIFD status in the demat account. In addition,
ICICI's WAP solution would also enable an ICICI Bank credit card customer
to check his outstanding balance, payment status, cash/ credit limits
and details of last 3 transactions. Payment services to certain standard
utilities are expected to be launched shortly.
Mobile banking/commerce using Wireless Application Protocol (WAP) technology
allows secure on-line access of web using mobile devices as opposed to
using the SMS (short messaging service) technology, which works on e-mail,
thereby entailing a time lag.
For the WAP technology project, ICICI has partnered with ICICI Infotech
Services Limited (a group company) which has provided the technology,
design, software solution and implementation of the project. The WAP server
was provided by www.wabot.com
Customers could dial into 022 - 4913000 for further information
on the service offering as well as the procedure for registration.
Except for the historical information contained herein,
statements in this release which contain words or phrases such as "will",
"aim", "will likely result", "believe", "expect", "will continue", "anticipate",
"estimate", "intend", "plan", "contemplate", "seek to", "future", "objective",
"goal", "project", "should", "will pursue" and similar expressions or
variations of such expressions may constitute "forward-looking statements".
These forward-looking statements involve a number of risks, uncertainties
and other factors that could cause actual results to differ materially
from those suggested by the forward-looking statements. These risks and
uncertainties include, but are not limited to our ability to successfully
implement our strategy, future levels of non-performing loans, our growth
and expansion, the adequacy of our allowance for credit losses, technological
changes, investment income, cash flow projections, our exposure to market
risks as well as other risks detailed in the reports filed by ICICI Limited
with the Securities and Exchange Commission of the United States. ICICI
undertakes no obligation to update forward-looking statements to reflect
events or circumstances after the date thereof.
For further queries contact:
Contact: A.P Singh at 91-22-653 6262 or email at singhap@icici.com