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Banking clients go digital big time
The annual FIS Performance Against Customer Expectations (PACE) findings offer a clear view into how well banking service providers are meeting the needs of their varied customers from across segments
By
migrator
migrator
Chennai
A survey by banking and payment technology provider FIS showed Indian banking consumers have embraced digital banking by adopting mobile wallets and virtual cards as favourable payment methods. Since digital access is at a mature level in India, banks have been expanding their digital capabilities in the past year.
FIS’ fourth annual Performance Against Customer Expectations (PACE) study, which surveyed more than 1,000 banking consumers in India, found that 86 per cent 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 rise in adoption of digital banking clearly demonstrates the need for banks to understand customers’ needs to strategically prioritise the areas where digital makes most sense.
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. 82 percent of Indian consumers are satisfied with their primary bank with customers from private sector banks being more satisfied than public sector banks.
PRIVATE SECTOR BANKS RECEIVE HIGH MARKS
Overall, 8 in 10 (82 percent) Indian banked customers are “extremely satisfied” or “very satisfied” with their primary banking providers.
Customers from private sector banks are more satisfied while customers of public sector banks report being the least satisfied
- More than 8 out of 10 Indian banked consumers are satisfied with their banking relationships. Unlike consumers in other countries, Indians primarily value and desire digital banking solutions
- Mobile is now the main branch. Following the demonetisation push, all generations now in urban areas bank on their phones and tablets more than via desktop PCs, ATMs or physical branches
- Payments fragmentation is rampant with dozens of technology companies competing with banks to provide consumers with online, mobile and person-to-person payment options
- Security is a major pain point, as 18 percent of consumers experienced fraud in the prior 12 months— more than any other county surveyed this year
- Indian consumers are well aware of forthcoming inheritance and would turn to their banks first for help with a wealth transfer. Some 65 percent of consumers already have a financial advisor
- It’s older consumers (age 53 and older) that use digital channels most frequently. This is a clear indicator of just how rapidly India is moving toward a digital-first economy and banking system
- All consumer segments now primarily use mobile devices (phones, tablets, even wearables) to interact with their banks far more than via desktop PCs, ATMs, and physical bank branches
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