Technology has been upgrading ever since in the banking sector. It is the largest financial institution amongst others. Banking is one of the largest sectors that is constantly exploring the power of technology and delivering better services for customer experience and convenience.
Mobile banking is surely doing amazingly by actively utilizing a part of the IT domain. The mobile phones penetration in India is about 33.4% of specifically the smartphones.
Since the use of mobile phones in India, use of mobile banking has spiked up too. People like to keep it simple and prefer using phones for instant banking nowadays. India ranks 2nd in the telecom market, with the capability to expand further. Customer interests are changing with the changing telecom landscape.
Share of Mobile Banking & Top Players
According to a recent Financial Express article, 17.2% of the market is covered by Axis Bank and the first highest is for Paytm at 22% with the largest share.
Mobile Banking Transactions
Mobile banking transactions are divided into 2 different services.
- Pull-Push type is 1 street communication sent out by the bank for updating the customers
- Push-Pull type is 2 way street where the individual contacts the bank and puts in a request transaction.
The upsurge of mobile banking has triggered the retail and corporate clientele to expand their usage for digital processes. Indian citizens prefer to access mobile services found out a recent survey.
Indian customers are totally inclined towards mobile use, also compared to other locations with the same service. If they like, they refer the service and if not then complain about it too.
What counts more than anything else is the level of satisfaction the services provide?
Customer experience and satisfaction are the most important criteria to decide upon what services to upgrade.
The only negative about mobile banking is that it is not picking up on the complexities of the banking system. But it is gradually taking off. Currently, India is at the pinnacle of digital growth in the financial industry with companies trying to deliver with different touchpoints for improved services and progression.
Many recent statistics highlight how people and their mindsets are changing with time. The HDFC Bank previously conducted 45%-50% banking work inside the premises and now it’s hugely dropped to 18%. This is majorly owing to the mobile device in the trend. 82% of HDFC banking is done outside the branches. Whereas with State Bank of India, the number is 5.2 million mobile banking users and the number is ever increasing.
Banks are working on the all-encompassing planning to deliver smooth services. All that is required is some next gen technology to straighten out processes fantastically for customers. Customers need solutions, real time and mobile banking is still upgrading to match that expectation.
The future will be created with quick banking and that can be enabled with mobile banking as it is cost effective and reachable to even people in the remote places. Though, this is a gradual process.