8 out of 10 Indians use mobile banking apps during pandemic, report says
More than eight in ten Indians with a bank account in metropolitan cities are now using mobile banking apps which have seen a surge amid the Covid-19 pandemic, according to a new report.
Mobile banking apps are the most popular banking channel in Asia, with 83% of metropolitan Indians and 78% of online metropolitan Chinese adults with a bank account using their mobile banking app at least once a month, according to the firm. Forrester Global Market Research.
“The pandemic has redefined the way customers interact with banks and has accelerated digital transformation in the banking industry,” the report adds.
ATM usage is on the decline as digital payments skyrocket and the Covid-19 pandemic has pushed consumers towards digital payments.
Fintechs and tech giants are disrupting the industry by innovating with technology.
“Tech titans Amazon, Ant Group, Apple, Google, Meta, Ping An and Tencent use digital technologies such as mobile, cloud, application programming interfaces, real-time data and flexible architecture to enable collaboration and co-create broader platforms and ecosystem for businesses,” the report states.
However, banks are struggling to transform quickly.
“Many banks now recognize that digital transformation is never-ending, with 35% of global bank decision makers saying their organization is expanding its digital transformation and 19% saying it is transforming,” the report said.
Security is also a concern, with 25% of bank decision makers saying security is one of the biggest barriers to executing their digital transformation.
As Covid-19 reshapes customer expectations and competition intensifies, a growing number of banks have embraced end-to-end transformation, focusing more on improving their IT to promote agility and innovation, notes the report.
(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)