A recent study from FIS has revealed an increase in the use of mobile devices and digital banking channels in India due to demonetisation.
The report, Performance Against Customer Expectations (PACE), surveyed 1000 banking consumers in India and found that more than 60% of the respondents have used mobile devices in 2017 to check their account balances, view recent transactions, pay bills or transfer funds. The finding is up from 39% of survey respondents in 2016 and 34% in 2015.
Other key findings of the survey include:
• Nearly 18% of the respondents use their primary bank’s credit cards exclusively;
• The importance of the primary bank providing digital payment is on the rise;
• 30% say they use mobile apps to carry out their payments, compared to cash, cheque or cards;
• Gen Y consumers want to better connect with their banks at their convenience, at any time and from anywhere;
• The biggest pain point for banked Gen Y is getting time to physically visit a branch;
• Gen Y are less satisfied than older generations with their current banking providers.
The research also uncovers the fact that Indian banks continue to underperform their peers in other countries in terms of meeting their customers’ expectations. Indian financial institutions scored 75% in the 2017 PACE study, 1% higher than in 2016, but 7% below the global average PACE score.