More Indians using mobile apps for banking

A recent survey by global banking and payment technology provider FIS, a financial services technology firm, showed that Indian banking consumers have adopted mobile wallets and virtual cards as payment methods. Since digital access is at a mature level in India, banks have been expanding their digital capabilities in the past year, said the press release from FIS.

FIS' fourth annual Performance Against Customer Expectations (PACE) study, which surveyed more than 1,000 banking consumers in India, found that 86% of Indian banking consumers use financial mobile apps mainly to check their bank account and make financial transactions which is more than they did a year ago.

The FIS PACE report also highlights that banks in India are successfully meeting the expectations of their customers by offering various digital channels and convenient branch locations. Of those surveyed, 82% of the consumers are satisfied with their primary bank with customers from private sector banks being more satisfied than public sector banks. The report additionally suggests that banks could further boost satisfaction level by introducing reward programs.

"Since the Indian economy is poised to transition into a less cash economy, banks are providing their customers with digital capabilities that facilitate an extensive range of financial activities. With digitalisation evolving, banks need to strategically prioritise individual customer needs and willingness in order to boost customer satisfaction," said Ramaswamy Venkatachalam, Managing Director – India, FIS.

KEY FINDINGS

• 18% of respondents experienced fraud in the previous year
   
• 94% of respondents used alternative financial services than those provided by their primary banks