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.
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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.Go beyond the summary and access the full report >
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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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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.Go beyond the summary and access the full report >
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.