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UTI Bank plans big e-com push

Our Bureau

MUMBAI, June 23

UTI Bank Ltd is undertaking some big initiatives for its e-commerce strategy and has appointed KPMG to draw up the road map for the same.

The bank will start e-broking in two-three months. For this, it has tied up with three portals so far and is in talks with several others. ``Since this not our core expertise, we are getting help from these portals,'' said Mr. Hemant Kaul, Vice-President , Marketing, UTI Bank. The bank is targeting a 50 per cent increase in its customer base through Internet banking.

It is working on several B2B and B2C initiatives which it plans to launch shortly. Recently, the bank has been aggressively targeting its retail clients by launching several new products such as the consumer loan package besides reworking some old produc ts.

The bank's co-branded credit card, which was launched five months ago, has done ``reasonably well''. The bank is also planning a smart card soon.

The bank started cross-selling UTI products in April. It is in talks with several other corporates for selling mutual funds.

The bank is also planning to distribute insurance products. It plans to initially go in for non-life insurance products. Several corporates have already approached the bank in this regard.

As on March 31, 2000, the bank had 49 branches and 69 ATMs. It plans to take its ATM count to 250 by the end of November, spending approximately Rs. 50 crores on its ATM initiatives. The bank is also planning to increase its branch count to 70 in the nex t two months.

``We are planning to leverage our ATM network for utility bill payment and encashments for all credit card holders,'' said Mr. Kaul.