Mobile apps could hit banks as clients shift to alternative financial services

By: | Published: May 31, 2018 4:23 AM

Mobile is now the main branch with all generations in urban areas banking on their phones and tablets, more than via desktop personal computers, ATMs or physical branches.

Mobile apps,  Indian banks, PACE, FIS, digital technologiesMobile and online wallets are emerging as the most sought after service, says a study carried out by FIS, a global banking and payment technology provider.

Mobile is now the main branch with all generations in urban areas banking on their phones and tablets, more than via desktop personal computers, ATMs or physical branches. Around 58% of all contact with Indian banks is being done digitally. And its not just the young as older customers above age 53 are using digital channel more frequently. A majority of around 86% of Indian consumers are using mobile apps more than they did a year ago. And consumers are not waiting for their banks to deploy digital technologies and are using alternative financial services.

Mobile and online wallets are emerging as the most sought after service, says a study carried out by FIS, a global banking and payment technology provider. So banks could be losing out to third parties for mobile and online payments. A majority of banking customers surveyed are using financial mobile apps mainly to check their bank accounts and make financial transaction which is more than what they did a year ago, says the FIS study.

The FIS Performance Against Customer Expectations (PACE) study surveyed 1,018 banking consumers in India for their report. The report provides a snapshot of how well banking providers are meeting the expectation of customers.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition