India

Consumer banking insights

India is moving toward a digital-first economy, due in part to the government's demonetisation effort that started in 2016 and forced consumers to embrace non-traditional banking services.

See how mobile capabilities enhance customer engagement.

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Digital is the Norm

In general, 58 percent of all contact with Indian banks is done digitally, whether online or via mobile banking. Interestingly, it's older consumer (age 53 and older) that use digital channels most frequently.

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Security a Clear Pain Point

Nearly 18 percent of consumers surveyed experienced fraud in the prior 12 months. The number jumps to as high as 25 percent for senior Gen Yers. This is the highest fraud rate of any country in this year's PACE research.

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See how customers are rewarded by the bank for their loyalty.

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Customers Aren't Getting the Recognition They Deserve

Indian banks record their weakest performance in the area of customer recognition (with 39 percent of consumers are either somewhat satisfied or unsatisfied). In time, this may threaten overall customer satisfaction and loyalty as digital banking becomes commoditized.

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PACE 2018 Findings India Consumer

Now in its fourth year, the annual FIS'" Performance Against Customer Expectations (PACE) findings offer a clear view into how well banking providers are meeting the needs of their customers. For 2018, FIS surveyed Indian consumers and asked them to rank the importance of nine key attributes - simplified from the 18 attributes of previous years - and then score their primary banking provider's performance in those areas.

These nine key attributes are built into FIS' RUN CONNECT GROW model, which represents a bank's levels of service and the steps to achieve success.

 
 
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