NRIs want customized product offerings, round-the-clock customer support by Indian banks: Survey

Non-Resident Indians (NRIs) play an instrumental role in bolstering India’s economy. With inward gross remittances, they are fueling the country’s investment scenario and fattening foreign exchange reserves. Being a progressive economy, India has established itself as a leader in inward remittances by becoming the first country to touch the $107.5-billion mark in 2022.

Owing to flexibility in services, private Indian banks have made it easier for NRIs to optimistically invest in a myriad of opportunities available in the country. As the NRI investments continue to witness a steep surge in the country, SBNRI — an NRI-focused FinTech platform — has recently conducted a survey to reveal the top private Indian banks preferred and trusted by NRIs.

As per the survey report, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank are the top four most trusted private Indian banks by NRIs based in Australia, Canada, the US, Singapore, and other 10 countries. Around 43% of Australia-based NRIs followed by 30% in Canada and the UK prefer HDFC Bank, followed by other banks, whereas, 38% of Canada-based NRIs followed by 30% in the USA repose their trust in ICICI Bank.

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Talking about the Indian banking scenario, Mudit Vijayvergiya, Founder of SBNRI, said, “Earlier, the Indian banking sector lacked the global service standards for NRIs to park their funds in the country. Issues like safety, flexibility and certain limitations restricted NRIs to experience a seamless investment process in the country. With the emergence of a few private banks, inward remittances from NRIs have crossed the threshold in 2022.”

A multitude of reasons contribute to NRIs expressing their confidence in private Indian banks. The survey highlights that 37% of the UK and Canada-based NRIs appreciate the accessibility and security measures provided by Indian banks that help them in parking their funds with greater efficiency. On the other hand, 35% of the US-based NRIs consider online banking to provide them the ease of transferring their funds in the country.

Considering the difference in time zones, the SBNRI survey reveals that 42% of the US-based and 37% of Australia-based NRIs expect round-the-clock customer services to tackle customer queries and issues more promptly.

Traditionally, Indian banks were struggling to maintain high-level technical capabilities that play a crucial role in gaining the confidence of NRIs. Private banks have streamlined their operational structures which makes Axis, HDFC, ICICI and Yes Bank the most preferred banks by NRIs.

According to the survey, a whopping 42% of Australia-based NRIs, followed by other countries, consider transparency in charges, fees and competitive interest rates in trusting a bank. On the other hand, 50% of Canada-based NRIs look for financial stability, a strong reputation and the best security measures.

The survey reveals that around 42% of the US-based NRIs consider a comprehensive range of services, including internet and mobile banking services, in trusting a bank for their remittances.

“The NRI fraternity is spread across geographies. There is also diversity across cultures that requires customized product offerings to meet their specific banking needs. Indian private banks are focusing on their digital transformation that proves to be a major driver of ease and convenience offered to NRIs,” he added.