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Bring home the bank

Through Internet, phone and mobile, banks are ready to reach you anywhere, any time. Learn how to get the most out of branchless banking.

By Sushmita Choudhury | Print Edition: September 6, 2007

In the past few months Madhur Vohra’s financial life has shrunk into the 15-inch monitor of his computer screen. What started as a tentative step into online banking two years ago has transformed into his anywhere, anytime one-click personal finance manager.

From tracking and paying for his three credit cards, to sending money to his parents in Indore, to repaying his home and personal loans to settling all his utility bills, the Delhibased back-office employee does everything from home—or office—at no cost to his time or money.

He is neither a tech geek nor a financial wizard, but he has achieved what the masters in technology and finance haven’t: organised all his finances under one simple webpage. The benefits are much more than savings in time, hassle, paperwork and money.

The middle-income class Vohra is not only banking easy, he is also banking more than ever before. “All I wanted was to take banking out of the bank. What I have achieved in the process is nothing short of financial empowerment and in some ways, even financial emancipation,” he says.

He is the average urban Indian with ordinary income and unenviable investments, but by using home banking (a combination of online, phone and mobile banking) intelligently he has organised his finances in a way that he now knows exactly where, when and how much he spends. What Vohra unintentionally stumbled upon is something most Indians are unintentionally not embracing. The power of banking from outside the branch.

Some are aware of it, some are even into it partly, but very few have adopted it to get the most out of it. That’s surprising, because it’s free and being aggressively offered by all banks—private or public, small or big, old or new. And these virtual bank interfaces have no opening and closing hours.

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