Indians embrace mobile banking

20th August 2017
Indians embrace  mobile banking

August 20, 2017: Demonetization seems to have achieved at least one of its  --belatedly  -- stated aims. Indians  left with few other choices, have embraced mobile banking with an enthusiasm, matched by few other places  in the world.
Specifically, Indian customers are more likely to use a mobile banking app than their counterparts in the UK, Australia, and the UAE. They are also more voluble  when they encounter lousy service. Some 44%  will  complain to friends and family, and on social media. More than a third ( 37%) , will not hesitate to change banks
This is one of the revealing findings of a  ‘Customer Experience in Banking’ survey  carried out by YouGuv on behalf of  global communications solutions provider, Avaya.
Indians have transited  speedily from the old  face to face banking: One in four Indian customers -- 26 % to be exact --  use their bank's website and prefer a mobile app to talking with a human agent -- a number higher than Australia (19%), UK ( 21%) and UAE ( 24%).
When they are forced to attempt a contact with an agent, Indians seem to be getting a worse deal  than the other countries surveyed: 32% of respondents in India said they have been kept waiting on the phone for lengthy periods. So it is paradoxical that 93% of Indians surveyed, professed themselves to be satisfied overall -- the highest percentage  where UAE   had the lowest number of  happy customers at 83%.
Indians have a 'we are like that only' attitude that is different in one interesting facet. Worldwide,  customers don't generally want to be disturbed with unsolicited information like news about new services. The number of  such 'don't call me, I'll call you' customers is highest in the UK ( 90%). But  nearly half the customers in India ( 47%)  welcome such information.
There are lessons for the banking industry in such findings, feels Vishal Agrawal, Managing Director, India and SAARC, Avaya:  “With India being on the tip of digital revolution, organizations need to digitally transform to meet the ever-increasing demands of their customers  -- and banking is one of the leading sectors."
He warns: " Customers today are looking for elevated and seamless services, and if they don’t get them, they will look elsewhere. Banks needs to equip themselves with next-generation technology solutions, deliver actionable insights to enhance customer experience.”   
One possible solution that India-based banks need to  consider: Virtual Financial Advisors (VFAs) – representatives from the bank who engage customers through virtual means and service them remotely with online tools.